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March 6, 2019

Just Eat announces 2018 profit leap to £101m

UK-headquartered online food delivery service Just Eat has announced its financial results for 2018, which showed a total profit of £101.7m before tax, after recording a loss of £76m in 2017.

By Rosie Lintott

UK-headquartered online food delivery service Just Eat has announced its financial results for 2018, which showed a total profit of £101.7m before tax, after recording a loss of £76m in 2017.

Revenue rose by 43% to £779.5m compared with £546.3m in 2017 and underlying EBITDA (uEBITDA) was up by 6% after the company invested £51 million in strategic initiatives.

The Just Eat app boasts 26 million active users, contributing to an order growth of 28% to 221 million. Just Eat orders were up by 17% in the UK, maintaining the company’s position as the UK number one through successful integration of HungryHouse.

Just Eat results for 2018 has made ‘good progress’ across all regions, with UK revenue up by 27% and Canada revenue by 186%, while Australia and New Zealand revenue remain flat at constant currency. International revenue is up by 31% after strong order growth in countries like Italy, Spain and France.

Interim chief executive officer Peter Duffy said: “Just Eat’s continued strong growth and strategic investments saw more than four million new customers join us in 2018. We are creating a leading hybrid offering founded on our unrivalled marketplace, combined with the targeted roll-out of delivery.

“This gives our growing customer base access to the greatest choice of restaurants and drives even more orders to our restaurant partners, ultimately strengthening the network effects of our business. We have a clear plan for the year ahead as our highly experienced team works hard to accelerate the execution of our strategy and we remain focused on long-term returns for shareholders.”

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Chair Mike Evans said: “The board is pleased to see that the strategy set out last year is working and already delivering strong results. Our experienced management team, led by Peter Duffy, is working to accelerate the implementation of that strategy.

“Our leading hybrid marketplace gives Just Eat a real competitive advantage and we are pleased with the speed at which this is now being rolled out. The Board’s search to identify Just Eat’s next permanent CEO is underway and we will provide a further update when a decision has been taken.”

The board expects revenue for the full year in 2019 to be in the range of £1bn to £1.1bn, with uEBITDA in the range of £185m to £205m.

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