Just Eat Q1 revenue jumps 46%

Online food delivery company Just Eat reported a 46% jump in first-quarter revenues and reiterated its full-year guidance.

For the three months to the end of March, revenue rose to £118.9m from £81.5m. On a currency neutral, like-for-like basis, revenue was up 40%, driven by strong order growth and last year's commission increases, including the UK, and the inclusion of SkipTheDishes.

Total orders were up 25% on a LFL basis to £39m, but this was slightly below the 30% growth achieved in the prior quarter, which is perhaps the chief reason why shares in the company fell more than 2% on Tuesday.

UK orders increased to £24m from £20.6m in the first quarter of last year. Taking into account the benefits associated with the additional leap year trading day and Easter falling into the first quarter of 2016, order growth would have been 19%.

Meanwhile, international orders were 38% higher at 15m, or 43% on a LFL basis.

Interim chief executive officer Paul Harrison 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 2017, for full year 2017 revenues of between £480-495m, and underlying earnings before interest, taxes, depreciation and amortisation of £157-163m."