Online marketplace, Just Eat, delivers 62% sales growth

JUST EAT, a leading online marketplace for restaurant delivery, connecting 8.1m Active Users to over 45,700 takeaway restaurants, today reports another year of excellent growth with revenues for the year ended 31 December 2014 up 62% to £157.0m and Underlying EBITDA up 131% to £32.6m.

Financial Highlights

  • Revenues up 62% to £157.0m (2013: £96.8m)
  • Orders up 52% to 61.2m (2013: 40.2m)
  • Underlying EBITDA up 131% to £32.6m (2013: £14.1m)
  • Basic earnings per share up 553% to 9.8p (2013: 1.5p)
  • Adjusted basic earnings per share up 200% to 4.2p (2013: 1.4p)
  • Operating cash flow up 98% to £38.1m (2013: £19.2m), representing 117% of Underlying EBITDA
  • Continued investment for long-term growth

Operational and strategic highlights

  • Active users up 37% to 8.1m (2013: 5.9m)
  • The Group processed orders worth over £1bn for our takeaway restaurants
  • Continued progress on our three strategic initiatives of improving consumer experience, bringing greater choice and driving channel shift
  • Mobile strategy success as UK orders placed via mobile devices now 61% of orders (2013: 43%)
  • Seven strategic acquisitions completed in 2014; a further three completed post year-end

David Buttress, chief executive officer, said: “It’s been another excellent year for JUST EAT. Our results demonstrate how we are successfully building market-leading positions as more consumers discover the ease of use and wide choice of cuisines that our marketplaces for takeaway food offer. This would not have been possible without the commitment and passion of all of our teams and I would like to thank them for their hard work and dedication.

I am delighted with the progress we have made both financially and operationally. I remain confident for the year ahead as we focus on our strategic objectives, investing to deliver long-term, sustainable returns for our shareholders.”

Current trading and outlook

Strong trading momentum has continued into 2015. Investment for growth in areas such as technology, marketing and people will continue, and as a result, the Board expects 2015 revenues to marginally exceed £200m, at current exchange rates.