July 23, 2017

Just Eat sees Q1 revenues leap but strong order growth slows from previous quarter

Just Eat new logo unveiled in September of 2016
By Just Eat (Just Eat) [CC BY-SA 4.0], via Wikimedia Commons

Just Eat PLC ( LON:JE. ) saw its shares fall today as analysts highlighted a slight slowdown in total orders, although the online food delivery company reported a leap in first-quarter revenues and reiterated its full-year guidance.

In a trading update for the three months to March 31, the FTSE 250-listed firm said its reported revenue jumped by 46% to £118.9mln, up from £81.5mln a year earlier as its total orders rose by 25% on a like-for-like basis in the period to £39mln.

George Salmon, equity analyst, Hargreaves Lansdown said: “Despite reiterating its previous expectations for full year sales and profit growth, there was a whiff of disappointment following Just Eat ’s trading update. Orders are up 25% on a like-for-like basis, slightly below the 30% growth achieved in the prior quarter.”

In reaction, in early afternoon trading, Just Eat shares were 2.3%, or 13.0p lower at 564.0p.

In its quarterly statement, Just Eat said UK orders increased by 17% to £24mln from £20.6mln. However, after taking account of an additional leap year trading day and Easter falling into the first quarter of 2016, UK order growth would have been 19%.

The firm’s international orders were 38% higher at 15mln, up from 10.9mln orders […]

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