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Just Eat delivers tasty revenue rise as orders drive on

By Frank Prenesti

Date: Monday 21 Oct 2019

Just Eat delivers tasty revenue rise as orders drive on

(Sharecast News) - Third quarter revenue at online food delivery service Just Eat grew 25% to £248m despite as the group reaffirmed full year guidance and losses in its Latin American operations.
Group orders increased 16% to 62m, with an 8% rise in the UK to 33m. The company said it still expected 2019 revenue in the range of £1bn - £1.1bn and underlying core earnings of £185m - to £205m (both excluding Brazil and Mexico).

Underlying earnings before interest, tax, depreciation and amortisation includes the negative impact of recent acquisitions of £10m-12 million, Just Eat said on Monday, adding that it still expected losses in Brazil and Mexico to be in the range of £80m - £100m.

Just Eat said its merger with Dutch rival the Takeaway.com, agreed in August, should close in December pending shareholder approval.

Chief executive Peter Duffy said the company was seeing strong growth in Canada, Europe and Australia "where we are starting to reap the benefits of our turnaround plan".

"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."

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