Just Eat revenue up 49% as it serves 400 millionth UK order
Performance helped by acquisition of Hungryhouse and increased orders over Easter
Just Eat swung into the red last year when it took a large hit on its Australian and New Zealand business. Photograph: Simon Dawson/Bloomberg
Online takeaway delivery firm Just Eat has served up its 400 millionth order in the UK, helping the firm post rising first-quarter sales.
Revenue across the group rose 49 per cent to £177.4 million (€201.3 million) in the three months to March 31st as it booked a 32 per cent jump in orders to 51.6 million.
Just Eat said the performance was helped by its acquisition of Hungryhouse and increased orders over Easter.
UK orders increased by 24 per cent to 29.7 million, with 1.4 million of those coming from Hungryhouse following Just Eat’s takeover of the firm in January.
The inclusion of part of the Easter holiday weekend in the period added an estimated 1 per cent to UK order growth.
Just Eat reiterated full year guidance of revenue of between £660 million (€749 million) and £700 million (€794 million) and underlying earnings of £165 million (€187 million) to £185 million (€210 million) in 2018.
Chief executive Peter Plumb said: “Just Eat has had a strong start to the year.
“We delivered our 400 millionth order in the UK, grew well in Italy and Spain, whilst powering continued momentum in our Canadian delivery service SkipTheDishes.”
International orders were up 46 per cent to 21.9 million, driven by “triple digit” order growth in Canada and strong performances in Italy and Spain, although the firm flagged “softness” in the Australia market.
The comments come after Just Eat swung into the red last year when it took a large hit on its Australian and New Zealand business.
The group – recently promoted to the FTSE 100 Index – slumped to a £76 million (€86 million) pre-tax loss in 2017 against profits of £91.3 million (€103.6 million) in 2016 after taking a £180.4 million (€204.7 million) charge on the acquisition of its Australian and New Zealand arm.
The group cautioned at the time that competition was “intensifying” across some of its markets, such as Australia and New Zealand.