Impressive growth figures are a given for any startup on its way to the stock exchange, but more than a year after floating Just Eat is still booming. The online takeaway service, which acts as a middleman between hungry customers and independent restaurants, said its orders in the three months to March were up an impressive 51%.
That was partly thanks to new ventures in France and Mexico, but like-for-likes were still up a not-insignificant 47%. There was no word on revenues, but Just Eat’s latest annual results reported sales up by 62% to £157m.
‘I am delighted with the company’s performance over the first quarter,’ said its CEO David Buttress. ‘The team has worked very hard in all our markets to achieve these results. I am also pleased to see the continued shift of consumers to the ease and convenience of ordering food through Just Eat’s apps and websites.’
Just Eat’s figures are looking pretty tasty, but with a market cap of around £2.6bn they ought to be. Investors weren’t left feeling hungry – the company’s shares were up 3.84% this morning to 473.5p, not far below its peak of 489.2p a couple of weeks ago.
The valuation may seem generous, and it’s not impossible we will see Just Eat hit hard by another dotcom crash. But the takeaway market is vast – some estimate it’s worth £30bn per year in Britain alone – and while most of that remains offline Just Eat’s got plenty of room left to grow.