Just Eat reports 28% rise in group revenues to £227.9m in Q1
Reported group orders, meanwhile, saw a 21% increase to 61.4 million.
Just Eat released its Q1 earnings, reporting group revenues having increased by 28% to £227.9 million.
The company’s reported group orders saw a 21% increase to 61.4 million, including a 7.4% rise in the UK orders to 31.9 million and a 40% growth to 29.5 million in orders outside the country.
Their growth in Q1 was reportedly impacted by a strong comparator, including Hungryhouse before integration and expected attrition of their customer base; the “unseasonably” warm weather in February; and Easter falling in Q2 this year.
UK orders increased by 7.4% to £31.9 million, while orders grew outside the UK by 40% to £29.5 million fuelled by good growth in Canada, Italy, Switzerland and Ireland.
In addition, the company has maintained its expectations for the full year of 2019, with group revenue in the range of £1 to £1.1 billion, and uEBITDA in the range of £185 billion to £205 billion.
"Many of our international markets have performed very well in the period although, as expected, we saw softer UK order growth in the quarter. We are making good progress and continue to execute at pace," Just Eat plc interim CEO Peter Duffy explained.
Reacting to Just Eat’s report, shareholder and investment firm Cat Rock Capital continued to urge the delivery company to consider merger opportunities.
“Just Eat has a strong competitive position and significant growth potential, but the Company needs management with relevant industry experience to deliver on this potential,” Cat Rock Capital Management LP founder and managing partner Alex Captain said.
