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Interim Results

Just Eat upgrades FY revenue guidance

27 July 2017 07:38

Just Eat has upgraded its full year revenue guidance after a strong first half.

Revenues for the six months to the end of June were up 44% to £246.6 million (H1 2016: £171.6 million), up 38% on a constant currency basis.

Underlying EBITDA rose by 38% to £73.6 million (H1 2016: £53.4 million).

Other highlights:

- Orders up 24% to 80.4 million (H1 2016: 64.9 million), like-for-like orders up 25%

- Profit before tax up 46% to £49.5 million (H1 2016: £33.8 million)

- Basic earnings per share (up 49% to 5.5p (H1 2016: 3.7p)

- Adjusted basic EPS up 39% to 7.8p (H1 2016: 5.6p)

- Cash generated by operations up 35% to £68.1 million (H1 2016: £50.4 million)

Interim chief executive Paul Harrison said: "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."

Looking ahead he said: " 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, uEBITDA for the Full Year is still expected to be between £157 - £163 million."

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