Just Eat revenue up 47% following acquisitions

Online food delivery service Just Eat has reported a 47 per cent increase in revenues during the third quarter of 2017 compared with the same period last year.

Reported revenues were up to £138.6 million from £94.5 million, driven by strong order growth and the inclusion of SkipTheDishes, a Canadian online food delivery service it acquired for £66.1 million in December.

On a currency neutral basis, revenues grew by 44 per cent. Total orders were up 29 per cent to 43.1 million compared to 33.3 million during the same period last year.

UK orders totalled 26.2 million, up 22 per cent from 21.4 million “against a comparative period that was impacted by unseasonal weather conditions”, the company said.

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International orders were up 43 per cent to 16.9 million from 11.8 million, driven by orders from SkipTheDishes.

The company’s proposed acquisition of Hungryhouse for an initial consideration of £200 million received provisional clearance from the UK’s Competition and Markets Authority.

Just Eat also announced that, following three years as a listed company, it is ceasing publication of its January trading update.

“Just Eat will continue to report full financials at the full and half year, alongside first and third quarter trading updates,” it said. “As such, Just Eat’s next market update will be its full year 2017 results on 6 March 2018.”

In terms of outlook, the company said the “continued strength” of SkipTheDishes, meant it was raising previous revenue guidance for 2017 to £515-530 million, up from £500-515 million. It will also retain an underlying EBITDA of £157-163 million.

Just Eat chief executive Peter Plumb said the company had delivered "another period of strong growth".

"As I get to know the company, it is great to see the UK business in good health and positive momentum across our international markets, particularly in Canada where SkipTheDishes' delivery expertise and relentless focus on customer service are driving excellent results."