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 […]