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Just Eat ups sales target as takeaway demand keeps growing

Orders leapt by 64% or by 48% on a like-for-like basis.

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Three–quarters of orders are now made through a mobile phone or tablet.

Just Eat (LON:JE.), the food takeaway app, continues to pile on the pounds with another impressive sales performance in its latest quarter.

Orders leapt by 64% or by 48% on a like-for-like basis with three–quarters now made through a mobile phone or tablet.

That compared with growth of 52% and 47% in the first half of the year.

As a result management increased its 2015 revenue forecast by £10mln to £240mln, though increased spending on shifting its main channel to mobile will mean underlying profits [EBITDA] staying in line with forecasts.

David Butress, chief executive, said  investing in technology and marketing led to boost in orders and higher revenue guidance for the full year.

Broker Peel Hunt said it was a solid thrid quarter and as expected the top line outperformance was being reinvested into the business.

“Longer term we do feel there is a challenge to the pricing model but for now we expect the positive momentum to continue.”

Shares eased 3% to 427p.

Quick facts: Just Eat PLC

Price: 880.6 GBX

LSE:JE.
Market: LSE
Market Cap: £6.02 billion
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