JUST EAT has reported another period of excellent growth in the six months ended 30 June 2014 with revenue up 58% to £69.8m and Underlying EBITDA up 591% to £15.9m.
As the infographic above indicates, Just Eat has also taken the opportunity to reveal some insights on the UK’s consumers and their ordering habits over the previous six months!
As the world’s largest online and mobile marketplace for takeaway, JUST EAT connects 6.9 million Active Users to over 40,000 takeaway restaurants in 13 countries, and David Buttress, Chief Executive Officer, commented on the results::
“I am delighted with our excellent progress across the business in the first six months of 2014. Revenue has grown 58% on the same period last year to £69.8 million, we have significantly improved profitability and continued to deliver strong cash conversion. We are accelerating our mobile strategy across all our geographies and in the UK over 56% of orders are already being placed via apps or through a mobile device.
“Our growing network of more than 40,000 restaurant partners combined with 6.9 million active users provides further momentum to fuel our expansion through the remainder of 2014 and beyond. It has been an exciting period for JUST EAT, with our IPO in April and inclusion in the FTSE 250 in June. I would like to thank the whole team for their continued passion and commitment.”
Current Trading and Outlook
“July’s results continue to show significant year on year growth and we are confident that this momentum will be maintained. Our inherently strong operational leverage should result in full year margin improvement in the UK. In our earlier stage geographies we also expect to see these leverage benefits continue even with substantial on-going investment. We remain focused on the opportunity ahead of us, both in our core takeaway delivery market and the untapped collection/ pick-up space.”
Financial Highlights
- Revenue up 58% to £69.8m (H1 2013: £44.1m)
- Orders up 50% to 27.5m (H1 2013: 18.3m)
- Underlying EBITDA up 591% to £15.9m (H1 2013: £2.3m)
- Basic earnings per share up 200% to 1.2p (H1 2013: 0.4p)
- Adjusted basic earnings per share increases to 2.1p (H1 2013: loss 0.1p)
- Operating Cashflow of £15.4m, (H1 2013: £8.7m), representing 97% of Underlying EBITDA
Operational and Strategic Highlights
- Active Users up 35% to 6.9m (as at 30 June 2013: 5.1m)
- 4,400 net increase in contracted takeaway restaurants to 40,800 (H1 2013: increase of 4,200)
- Orders via mobile devices are now over 50% of total orders for the first time
- The platform processed orders worth £465m for takeaway restaurants (H1 2013: £311m)
- EPOS provider Meal2Go acquired in February 2014; Collection app Orogo acquired in July 2014