Home News Just Eat positive on trading, forecasts revenue higher than market estimates

Just Eat positive on trading, forecasts revenue higher than market estimates

Just Eat positive on trading, forecasts revenue higher than market estimates

Just Eat (LON:JE) released a trading on Monday that suggested the groups earning were going to be ahead of market estimates.

The group also announced Peter Plumb would be stepping down as CEO to be replaced by Peter Duffy as interim CEO. Peter Duffy is currently the chief customer officer.

Just Eat said 2018 had been ‘transformational’ and now expected full year revenue to be £780 million. This would represent a near doubling in revenue from just two years ago (2016FY revenue £375m)

Revenue growth is to be driven by an anticipated 221 million orders.

Just Eat predicts the grow in orders and revenue will produce EBITDA in the region of £172 -£174 million.

Chairman Mike Evans commented on the update:

“The Board would like to thank Peter Plumb for setting Just Eat on a new course which better places it to address a much larger and rapidly expanding market. We wish him well for the future.

“Peter Duffy and the senior leadership team will continue to drive the execution of our strategy, which has the full backing of the Board. Peter Duffy and Paul Harrison, Chief Financial Officer, will provide a full update to the market at our full year results.”

Peter Plumb, outgoing CEO said:

“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.”

Following pressure from shareholders, Just Eat said it will exclude joint venture operations in Brazil and Mexico from 2019 FY results onwards.

Despite this omission, the group expects revenue for 2019FY to be in the £1 billion – £1.1 billion region, representing a slowing in top line sales from prior year’s growth.

Just Eat is set to release 2018 full year earnings 6th March.