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Just Eat expects results to top market expectations; CEO to step down

Monday, 21st January 2019
Just Eat said Monday Chief Executive Office Peter Plumb was set to step down after the company revealed 'strong growth' for year, with performance expected to top market expectations.

Chief Customer Officer Peter Duffy would be appointed as interim CEO, the company confirmed.

Just Eat said it expected to report full year 2018 orders of £221m, revenue of around £780m and underlying earnings (EBITDA) in the range of £172m to 174m, above market expectations for revenue and EBITDA of £775m and £168m, respectively.

For 2019, the company's Canadian division, SkipTheDishes, was expected to report its first full year profit, underpinning overall revenue, which was expected to top analysts' expectations.

Just Eat forecasts revenue for 2019 in the range of £1bn to £1.1bn ahead of analysts' estimates of 995m, and underlying EBITDA in the range of £185m to £205m, in-line with expectations of £204m.

The upbeat consensus outlook for comes despite Just Eat's LatAm operations, Brazil and Mexico, expected to report an EBITDA loss in the range of £80m to £100m.

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