Just Eat records 52% revenue rise in 2016
Online food ordering service Just Eat saw a 52% rise in revenues to £375 million (€432 million) last year. The London-headquartered company recorded earnings before day-to-day expenses (EBITDA) of £115 million (€132 million), representing a 93% increase.
The company also said orders rose 55% during the period, with underlying orders up 40%. Mobile now accounts for about 70% of the orders placed on the site, up from 60% in the first half of 2015.
Operating in 13 markets, Just Eat offers its service to 17.6 million users through 68,500 restaurant partners. In Ireland Just Eat has more than 1,900 restaurant partners, including the likes of Milano’s, Eddie Rockets, Real Gourmet Burger and Supermacs. The App has been downloaded in Ireland more than 600,000 times since it was launched.
Just Eat chief executive David Buttress said the company had made a strong start to the year. “Particularly pleasing has been the continued scaling of our international markets in the period, highlighted by our success in creating the clear market leaders in Spain, Italy and Mexico,” he said. Just Eat completed acquisitions in businesses in Italy, Brazil and Mexico in February, with a Spanish deal closed in April.
The company increased its forecasts for the full year, saying it was in a good position both operationally and financially. It expects revenues to be £368 million for the year, up from an earlier forecast of £358 million, provided exchange rates remain balanced for the rest of the year.
“Our determination to enhance the Just Eat service for both consumers and restaurants is paying off and gives us the confidence to increase our revenues and Ebitda guidance for the full year as we continue to lead the sector,” Mr Buttress said.