TOP NEWS: Just Eat Third Quarter Growth Strong; Holds 2019 Forecasts

(Alliance News) - Online food ordering platform Just Eat PLC said Monday its third quarter ...

Alliance News 21 October, 2019 | 8:56AM
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(Alliance News) - Online food ordering platform Just Eat PLC said Monday its third quarter revenue growth was "strong" with rising despite changing consumer tastes, with the firm retaining full year forecasts.

For the three months ended September, revenue grew 25% on the year prior to GBP247.5 million with orders up 16% to 62 million during the period. Within the UK, orders rose 8% to 33 million.

Over the nine months ended September, revenue was 28% higher on the year before at GBP717.8 million.

For 2019, Just Eat remains confident of achieving revenue of between GBP1.0 billion and GBP1.1 billion with underlying earnings before interest, taxes, depreciation & amortisation between GBP185 million and GBP205 million.

In 2018, Just Eat generated underlying Ebitda of GBP173.9 million on revenue of GBP779.5 million.

"We are seeing strong growth in many of our markets, including Canada, Europe and pleasingly Australia, where we are starting to reap the benefits of our turnaround plan," Just Eat Interim Chief Executive Officer Peter Duffy said.

"Our UK marketplace business is a strong and clear leader; however, we are seeing a structural shift, with increasing demand on our platform from customers for broader cuisine choice and more meal occasions, led by quick service restaurant chains," Duffy added. "The strong growth in our UK delivery business shows that we can successfully meet these needs."

Just Eat said it expects the merger with NV will complete around the end of 2019, subject to receiving required approvals.

In August, and Just Eat proposed an all-share combination to create one of the largest food delivery companies in the world with a market capitalisation around EUR10 billion and processing orders worth over EUR7 billion per year.

Shares in Just Eat were 6.0% lower at 587.20 pence in London on Monday, one of the worst performers in the FTSE 100.

By Ahren Lester;

Copyright 2019 Alliance News Limited. All Rights Reserved.

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