Just Eat shares jump after profits nearly treble

Pre-tax profits grew to ?8.6m in H1 2014 compared to ?3.1m in the same period last year. Revenue jumped 58 per cent to ?69.8m in the same period.?

CEO David Buttress said: ?I am delighted with our excellent progress across the business in the first six months of 2014. Revenue has grown 58 per cent on the same period last year to ?69.8m, we have significantly improved profitability and continued to deliver strong cash conversion.?

The firm’s IPO raised eyebrows with its ?1.5bn valuation but these stats will go some way to assuring investors that the company is still poised to deliver. Its share price grew by as much as 9 per cent this morning, but it is still some way below its original valuation.?

Buttress said that Just Eat is speeding up its mobile strategy, with 56 per cent of orders now being placed through apps or on mobile devices. The platform processed orders worth more than ?465m for its restaurant partners in the six months to June, compared with ?311m in the same period last year.

Just Eat was last year shortlisted in the Growing Business Awards, the UK’s most-established recognition of entrepreneurial businesses. Find out more about how to enter here.?

Image source: Scott J Waldron

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