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TOP NEWS: Just Eat CEO Departs; Forecasts GBP1 Billion Revenue 2019

Mon, 21st Jan 2019 09:01

LONDON (Alliance News) - Just Eat PLC on Monday said Chief Executive Officer Peter Plumb is stepping down with immediate effect, and it is expecting significant revenue growth for both 2018 and the year ahead.

Shares in Just Eat were up 4.8% at 661.99 pence on Monday morning.

The online takeaway platform has promoted Chief Customer Officer Peter Duffy into an interim CEO role while it seeks a permanent replacement.

Plumb had came under fire in December from 2% shareholder Cat Rock Capital, which called for the sale of Just Eat's non-core assets and adoption of a three-year financial plan.

Just Eat's share price took a blow in December after a press report that Uber Technologies Inc was in talks to buy Roofoods Ltd, owner of Deliveroo, and combine it with Uber Eats to create a serious rival to Just Eat.

Cat Rock pointed to Just Eat's resulting ejection from the FTSE 100 index as another cause for concern.

Plumb, however, was positive about Just Eat's future, saying on Monday: "2018 was another year of strong growth for the group. The business is in good health, and now is the right time for me to step aside and make way for a new leader for the next exciting wave of growth."

Just Eat expects to report annual revenue of approximately GBP780 million for 2018, up 43% from GBP546.3 million in 2017.

The company is also expecting underlying earnings before interest, taxation, depreciation, and amortization of between GBP172 million and GBP174 million, up from GBP164 million in 2017.

Orders for 2018 are forecast at 221 million, up from 172 million the year before.

These 2018 results include Just Eat's orders and revenue in Mexico, as well as its earnings before interest, taxation, depreciation, and amortization in both Brazil and Mexico.

Just Eat's operations in these two counties are managed by its joint venture partner, iFood, in which it holds a 32% stake.

Moving forward, Just Eat predicted that its 2019 revenue will be in the GBP1.0 billion to GBP1.1 billion range, an increase of up to 41%. It also anticipates underlying Ebitda for 2019 in the GBP185 million to GBP205 million range.

However, the company is expecting an Ebitda loss of around GBP80 million to GBP100 million under iFood's latest plan.

"In 2019, we will leverage the improvements we have made in our marketplace business to drive order and revenue growth, while we now also expect to grow marketplace Ebitda margins year on year. Furthermore, we anticipate 2019 will see our Canadian business, SkipTheDishes, report its first full year profit, confirming the route to profitability for delivery services," Just Eat said.

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20 Mar 2020 11:57

Just Eat offers ?10m support package for restaurants

(Sharecast News) - Online food delivery firm Just Eat said it was launching a ?10m-plus emergency package of support for UK restaurants over the next 30 days to help soften the blow of the Covid-19 pandemic.

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2 Mar 2020 07:49

Just Eat Takeaway starts action against Delivery Hero over share stake

(Sharecast News) - Online food delivery company Just Eat Takeaway on Monday said it had started arbitration proceedings against German rival Delivery Hero, claiming it broke a standstill deal on lifting its stake.

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26 Feb 2020 12:48

Wednesday broker round-up

(Sharecast News) - Associated British Foods: Berenberg downgrades to hold with a target price of 2,700p.

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17 Feb 2020 13:05

Monday broker round-up

(Sharecast News) - Hikma Pharmatheuticals: Citigroup downgrades to neutral with a target price of 1,980p.

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13 Feb 2020 15:18

Thursday broker round-up

(Sharecast News) - Beazley: Jefferies downgrades to hold with a target price of 611p.

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11 Feb 2020 12:24

Tuesday broker round up

(Sharecast News) - Rio Tinto: RBC Capital Markets downgrades to underperform with a target price of 3,300p.

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4 Feb 2020 15:04

CMA orders Just Eat and Takeaway to stay separate

(Sharecast News) - The competition watchdog has told Just Eat and Takeaway.com to keep their businesses separate while it decides whether to refer their merger for investigation.

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4 Feb 2020 13:04

Tuesday broker round-up

(Sharecast News) - Keywords Studios: Berenberg upgrades to buy with a target price of 1,400p.

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31 Jan 2020 18:10

Just Eat Chair, CFO Pause Plans To Join Takeaway.com After CMA Order

Just Eat Chair, CFO Pause Plans To Join Takeaway.com After CMA Order

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28 Jan 2020 08:27

TOP NEWS: Just Eat Partners With McDonald's As 2019 Meets Expectations

TOP NEWS: Just Eat Partners With McDonald's As 2019 Meets Expectations

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28 Jan 2020 07:57

Just Eat earnings seen at top end, McDonald's partnership agreed

(Sharecast News) - Food delivery company Just Eat said on Tuesday that full-year core earnings were set to be at the top end of its guidance, as it announced a partnership with McDonald's.

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27 Jan 2020 14:18

Barclays upgrades Just Eat to 'overweight' ahead of merger

(Sharecast News) - Analysts at Barclays mechanically upgraded food delivery group Just Eat to 'overweight' on Monday ahead of the group's relaunch as Just Eat Takeaway on 31 January.

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27 Jan 2020 13:23

Monday broker round-up

(Sharecast News) - Babcock International Group: Peel Hunt upgrades to add with a target price of 668p.

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24 Jan 2020 09:06

UPDATE: Just Eat, Takeaway.com Shareholder Cat Rock Slams UK Regulator

UPDATE: Just Eat, Takeaway.com Shareholder Cat Rock Slams UK Regulator

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24 Jan 2020 08:33

UPDATE: Just Eat Confident Despite UK Probe Into Takeaway.com Merger

UPDATE: Just Eat Confident Despite UK Probe Into Takeaway.com Merger

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