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Just Eat reported a sharp decline in half-yearly profits amid higher costs as the food delivery company ramped up investments to improve its delivery service.
For the six months to 30 June 2019, Profit before tax down 98% to £0.8m, while revenue was up 30% to £464.5m driven by a 21% jump in orders to 123.8m from a year earlier.
The company ramp up its delivery rollout during the half, serving 5,200 UK and 5,700 Australian delivery restaurants - 50% of the addressable population in both countries.
The company saw a recovery in UK order growth to 11.2% in Q2 thanks to stronger performance in May and June stronger, giving 9.3% order growth in the first half.
'Performance in our UK business strengthened in Q2, our Canadian and European businesses are performing well and Australia has returned to top line growth with our delivery operations achieving gross profitability,' the company said.
The company reconfirmed its guidance for full year 2019 revenue in the range of £1.0bn to £1.1bn and earnings (uEBITDA) in the range of £185m to £205m (both excluding Brazil and Mexico).