Revenue at Just Eat rises 59% in first half of 2016

Online takeaway ordering service Just Eat said revenues rose 59 per cent to £171.6 million (€203 million) in the first half of the year.

The company, headquartered in London, said orders rose 55 per cent during the period, with underlying orders up 40 per cent. Mobile now accounts for about 70 per cent of the orders placed on the site, up from 60 per cent in the first half of 2015.

Underlying earnings before interest, tax, depreciation and amortisation rose 107 per cent to £53.4 million.

Just Eat, which operates in Ireland, does not break out financial data for Ireland specifically.

The company has almost 16 million active users globally, with 66,200 takeaway restaurants signed up. Some 1,800 of those are in Ireland, where the app has been downloaded more than 600,000 times since it was launched.

Just Eat chief executive David Buttress said the company had made a strong start to the year.

“Particularly pleasing has been the continued scaling of our international markets in the period, highlighted by our success in creating the clear market leaders in Spain, Italy and Mexico,” he said.

Overseas acquisitions

Just Eat completed acquisitions in businesses in Italy, Brazil and Mexico in February, with a Spanish deal closed on April 4th.

The company increased its forecasts for the full year, saying it was in a good position both operationally and financially. It expects revenues to be £368 million for the year, up from an earlier forecast of £358 million, provided exchange rates remain balanced for the rest of the year. The company said £7 million of that upgrade could be attributed to improved trading, with the remaining £3 million down to foreign exchange fluctuations.

“Our determination to enhance the Just Eat service for both consumers and restaurants is paying off and gives us the confidence to increase our revenues and Ebitda guidance for the full year as we continue to lead the sector,” Mr Buttress said.