Just Eat revenues climb 46%, confirms profit forecasts

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A series of disruptions among the senior management team at Just Eat didn’t stop the takeaway group from recording strong growth in the first quarter, as it announced another sharp rise in revenues.

The FTSE 250 group said revenues in the three months to March were 46 per cent higher than the same period last year, at £118.9m.

Revenues grew 40 per cent on a like for like basis, excluding the impact of currency changes.

Orders in its key UK market increased 17 per cent, to 24m, and the company said growth would have been even higher at 19 per cent when taking account of last year’s extra leap year trading day and earlier Easter.

However, the company reiterated its full-year revenue and earnings forecasts given in March.

The company is currently without a permanent chief executive or chairman. David Buttress, who had led the group since 2013, stepped down in February due to “urgent family matters”, while chairman and interim chief John Hughes announced last week that he would be taking a leave of absence for medical reasons.

Paul Harrison, Just Eat interim chief executive and chief financial officer, said:

Just Eat has enjoyed another period of strong growth. In addition to structural market growth, we are also seeing the benefits of ongoing investments in technology and marketing. We are pleased to reiterate guidance given at our 2016 full year results on 7 March, for full year 2017 revenues of between £480-495m, and underlying earnings before interest, tax, depreciation and amortisation of £157-163m.

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