JUST EAT, the world’s leading digital marketplace for takeaway food, connecting 11.0 million Active Users to over 59,000 takeaway restaurants, reported another period of excellent growth in the six months ended 30 June 2015 with revenue up 54% to £107.8 million and Underlying EBITDA up 62% to £25.8 million.
Financial Highlights
- Revenue up 54% to £107.8 million (H1 2014: £69.8 million), up 58% on a forex neutral basis
- Orders up 52% to 41.9 million (H1 2014: 27.5 million), like-for-likei orders up 47%
- Underlying EBITDAii up 62% to £25.8 million (H1 2014: £15.9 million)
- Basic earnings per share up 42% to 1.7p (H1 2014: 1.2p)
- Adjusted basic earnings per shareiii up 41% to 3.1p (H1 2014: 2.2p)
- Operating Cashflow of £26.5 million, (H1 2014: £15.4 million), representing 103% of Underlying EBITDA
Operational and Strategic Highlights
- Active Usersiv up 59% to 11.0 million (as at 30 June 2014: 6.9 million)
- Orders via mobile devices account for over 60% of total orders (H1 2014: over 50%)
- The platform processed orders worth over £700 million for our takeaway restaurants (H1 2014: £465 million)
- Acquisition of the Menulog Group completed on 15 June 2015; business progressing to plan
- Seven other M&A deals completed
David Buttress, Chief Executive Officer, commented:
“JUST EAT has made a very strong start to 2015, increasing the numbers of active users, takeaway restaurants and orders. We have seen the success of our ongoing strategy to reinvest profits above target to drive additional growth. I am particularly pleased to see the results of our mobile strategy which has already created a much improved experience for our app and mobile users. We have acquired market-leading operations in three new rapidly growing markets of scale: Mexico, Australia and New Zealand. I would like to thank the entire JUST EAT team, who have worked tirelessly to achieve these results.”
Current Trading and Outlook
“Our focus on driving incremental revenue by further investing in technology and marketing is expected to continue into the second half of the year, alongside additional investment into the exciting early-stage Brazilian and Mexican markets. As a result of the additional orders delivered by this extra investment, management now expects revenue for 2015 of around £230 million, with such revenue over-performance expected to continue into 2016. By the end of the current financial year, we intend to invest an additional £8 million in marketing in our core markets, together with an additional £5 million of investment into technology and our Latin American teams. Notwithstanding this significantly increased investment, we remain on track to deliver EBITDA for the current year in line with expectations.”