JUST EAT plc 1st Quarter Results (1679X)

TIDMJE.

RNS Number : 1679X

JUST EAT plc

26 April 2019

Just Eat plc

("Just Eat", the "Company" or the "Group")

Q1 2019 Update - Full year guidance reiterated

Just Eat plc (LSE: JE.), a leading global hybrid marketplace for online food delivery, today updates the market on its performance over the three months to 31 March 2019 ("First Quarter" or "Q1").

 
                                 Q1            Growth y-o-y 
 Group orders              61.4 million(1)        +21% 
                         ------------------  -------------- 
 Group revenues (GBPm)    227.9 million(2)        +28% 
                         ------------------  -------------- 
 

Key Highlights

-- Reported Group orders increased by 21%([1]) to 61.4 million in Q1 on a like for like basis, driven by continued marketplace leverage and an acceleration of delivery initiatives

   --    Reported and constant currency Group revenues increased by 28% year-on-year to GBP227.9m 

-- UK orders increased by 7.4% to 31.9 million. Q1 growth was impacted by three factors: a strong comparator, including Hungryhouse before integration and expected attrition of their customer base; the unseasonably warm weather in February; and Easter falling entirely in Q2 this year. We would expect an improvement in UK order growth during the remainder of the year

-- Outside the UK, orders grew by 40%([2]) to 29.5 million, fuelled by good growth in Canada, Italy, Switzerland and Ireland

-- Canada continues to be the standout performer delivering strong growth in the period and SkipTheDishes is on track to report its first full year uEBITDA profit, demonstrating the route to profitability for delivery

-- iFood continues to see exceptionally strong growth and we are delighted by its performance year to date

-- We reiterate our guidance of full year 2019 revenue in the range of GBP1.0 billion to GBP1.1 billion and uEBITDA in the range of GBP185 million to GBP205 million (both excluding Brazil and Mexico)

Peter Duffy, Interim CEO commented:

"Just Eat is on the right path to be the leading hybrid marketplace for online food delivery and we are confident in the delivery of our strategy. 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."

Enquiries

Just Eat

Paul Harrison, CFO [phone]

Chris Dyett, Natalia Dyett, Investor Relations

Ralph Charlton, Corporate Communications

Brunswick Group

   Sarah West, David Litterick                                                    [phone] 

About Just Eat:

Just Eat plc (LSE: JE) operates a leading global hybrid marketplace for online food delivery. Headquartered in London, we use proprietary technology to offer a quick and efficient digital ordering service for over 26 million customers and more than 100,000 Restaurant Partners across the UK, Australia & New Zealand, Canada, Denmark, France, Ireland, Italy, Mexico, Norway, Spain, Switzerland and Brazil.

([1]) Excluding Mexico, 23% growth, if included

([2]) Excluding Mexico

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

TSTCKPDNFBKDCQB

(END) Dow Jones Newswires

April 26, 2019 02:01 ET (06:01 GMT)