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Just Eat CEO Peter Plum Steps Down

Just Eat plc (JE.L) said that Peter Plumb is stepping down as Chief Executive Officer and a Director of the Company. Peter Duffy, Chief Customer Officer, is being appointed as Interim Chief Executive Officer and a Director of the Company. These changes take place with immediate effect.

The search for a permanent replacement will begin immediately, the company said.

The company now anticipates reporting full year 2018 orders of 221 million, revenue of around 780 million pounds and underlying EBITDA in the range of 172 million pounds - 174 million pounds.

In 2019, the company will leverage the improvements it has made in marketplace business to drive order and revenue growth, while it now also expects to grow marketplace EBITDA margins year on year. Furthermore, it anticipates 2019 will see Canadian business, SkipTheDishes, report its first full year profit, confirming the route to profitability for delivery services.

The company noted that the operations in Mexico and Brazil are managed by our joint venture partner and will be excluded from our reported underlying EBITDA from full year 2019 onwards.

The company expects to report full year 2019 revenue in the range of 1 billion pounds to 1.1 billion pounds and underlying EBITDA (both excluding Brazil and Mexico) in the range of 185 million pounds to 205 million pounds. Under iFood's latest plan, the Board expects Just Eat's LatAm operations (being Brazil and Mexico together) to report an EBITDA loss in the range of 80 million pounds to 100 million pounds.

The Group noted that it will provide further detail on its plans at its full year 2018 results on 6 March 2019.

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