Just Eat Q3 revenue up 25%

Just Eat

Just Eat (LON:JE) said on Monday that its revenue for the third quarter grew by 25%.

Shares in the online food order and delivery service were down during Monday morning trading.

Just Eat posted a revenue growth of 25% for the three months to 30 September, amounting to £248 million.

Group orders were up 16% to 62 million, the food order and delivery service added.

UK orders were up by 8% to 33 million, Just Eat said, driven by rapid growth in its delivery proposition.

Moreover, the business has confirmed its guidance for full year 2019 revenue in the range of £1.0 billion to £1.1 billion and is also on track to deliver its uEBITDA guidance in the range of £185 million to £205 million. Just Eat said that both exclude Brazil and Mexico.

We are seeing strong growth in many of our markets, including Canada, Europe and pleasingly Australia, where we are starting to reap the benefits of our turnaround plan,” Peter Duffy, Interim CEO of Just Eat, commented on the third quarter results. 

“Our UK marketplace business is a strong and clear leader; however, we are seeing a structural shift, with increasing demand on our platform from customers for broader cuisine choice and more meal occasions, led by quick service restaurant chains. The strong growth in our UK delivery business shows that we can successfully meet these needs,” Peter Duffy continued.

Peter Duffy said that “the winning platform for food delivery will offer customers the broadest range, underlining the importance of our move to the hybrid business model and continuing investments in key markets”.

At the end of July, rivals Just Eat and Takeaway.com agreed in principle on the key terms of an £8.2 billion all-share deal.

It posted a sharp fall in pre-tax profits in its half year results, down 98% from the year prior.

Shares in Just Eat plc (LON:JE) were trading at -5.76% as of 09:33 BST Monday.

Previous articleASOS bounces back and makes efficiency a priority
Next articleAsking prices up only 0.6%, Rightmove