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2017 Interim Results

Just Eat plc

("Just Eat", the "Company" or the "Group")

2017 Interim Results

Strong start to 2017, upgraded Full Year revenue guidance

Just Eat plc (LSE: JE.), a leading global marketplace for online food delivery, today reports its results for the six months ended 30 June 2017 (“H1” or the “First Half”), with revenues up 44% to £246.6 million and Underlying EBITDA1 (“uEBITDA”) up 38% to £73.6 million.

Financial Highlights

  • Revenues up 44% to £246.6 million (H1 2016: £171.6 million), up 38% on a constant currency basis
  • uEBITDA1 up 38% to £73.6 million (H1 2016: £53.4 million)
  • Orders up 24% to 80.4 million (H1 2016: 64.9 million), like-for-like2 orders up 25%
  • Profit before tax up 46% to £49.5 million (H1 2016: £33.8 million)
  • Basic earnings per share (“EPS”) up 49% to 5.5p (H1 2016: 3.7p)
  • Adjusted basic EPS3 up 39% to 7.8p (H1 2016: 5.6p)
  • Cash generated by operations up 35% to £68.1 million (H1 2016: £50.4 million)

Strategic and Operational Highlights

  • Sequential improvement in the UK year-on-year order growth rate in Q2
  • Continued strong momentum across our international markets, including SkipTheDishes in Canada
  • Processed orders worth £1.5 billion for our Restaurant Partners up 36% (H1 2016: £1.1 billion)
  • Active Users4 up 19% to 19.0 million (as at H1 2016: 15.9 million)
  • Orders via mobile devices accounted for 75% of total orders (H1 2016: 70%)

Andrew Griffith, Interim Chairman, commented:

“This has been another excellent period of progress with revenues, profits and earnings all showing strong growth and once again demonstrating the strength of our business model. I would particularly like to commend the Interim Chief Executive Officer, Paul Harrison, and the entire team at Just Eat for their hard work and focus at a time of significant change in senior leadership. Today’s results, the recent appointment of Peter Plumb as Chief Executive Officer and the very substantial headroom for further growth in all of our territories mean that we are exceptionally well-placed as we enter the second half of the year.”

Paul Harrison, Interim Chief Executive Officer and Chief Financial Officer, commented:

“Just Eat’s marketplace connects millions of consumers to thousands of restaurants. The success of our business model is based on delivering ever-greater choice and convenience to customers, while bringing more benefits and services to our Restaurant Partners. We are pleased to see our continued investment in technology and marketing add value to both sides of this marketplace, which is reflected in the strong start we have made to 2017. Our largest competitor remains the telephone in every market where we operate. However, we continue to drive channel shift and are pleased that 75% of total orders are now placed on mobile devices. In the UK, we have seen increased traffic to our website and improved consumer reorder rates , demonstrating the strength of our brand loyalty. Our international businesses, now 43% of Group revenues, have enjoyed further good momentum. In particular, the acquisition of SkipTheDishes has generated revenues above expectations and consolidated our market-leadership in Canada."

Outlook

"Revenues for the First Half were ahead of management’s expectations. Reflecting this more positive outlook for the Group, we are pleased to raise our revenue guidance for 2017 to between £500 – £515 million up from £480 – £495 million. In line with our strategy, we intend to reinvest this revenue outperformance into additional profitable growth opportunities, including further building on the momentum within the business and increased collaboration with branded UK restaurants. Therefore, uEBITDA1 for the Full Year is still expected to be between £157 – £163 million.”

Download results PDF [927kb]

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