Just Eat targets £1bn revenue after strong year of growth
Just Eat is targeting £1 billion in revenue in 2019 after its 2018 results showed significant growth.
Revenue at the online food delivery marketplace grew 43 per cent in 2018.
The listed firm also announced order growth of 28 per cent year-on-year and said it has 24 million active customers on its platform.
The London-based company saw UK orders grow by 17 per cent in 2018, a year in which it acquired restaurant platform Flyt for £22 million, integrated its HungryHouse brand and increased tech investment in its Canadian subsidiary SkipTheDishes.
Its revenue in Canada has more than doubled, with a 186 per cent increase following the launch of multilingual capabilities and partnerships with branded restaurants.
“Just Eat’s continued strong growth and strategic investments saw more than four million new customers join us in 2018,” said Peter Duffy, interim CEO.
Just Eat invested £51m last year to help deliver what it called a ‘hybrid’ strategy, including a £21m investment in the UK to help restaurants fulfil their deliveries.
“This gives our growing customer base access to the greatest choice of restaurants and drives even more orders to our restaurant partners, ultimately strengthening the network effects of our business,” said Duffy.
“We have a clear plan for the year ahead as our highly experienced team works hard to accelerate the execution of our strategy and we remain focused on long-term returns for shareholders.”
Just Eat chair Mike Evans added: “The board is pleased to see that the strategy set out last year is working and already delivering strong results.”
“The board’s search to identify Just Eat’s next permanent CEO is underway and we will provide a further update when a decision has been taken.”