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Jan. 21, 2019, 2:52 a.m. EST

Just Eat narrows earnings guidance; CEO to leave

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By Adam Clark

Just Eat PLC (JE.LN) said Monday that Chief Executive Peter Plumb has stepped down with immediate effect and narrowed its earnings guidance for 2018.

The food-delivery platform said Chief Customer Officer Peter Duffy will take up the role of interim CEO as it searches for a permanent replacement.

Chairman Mike Evans said the board still had "full backing" for Just Eat's strategy, after the company said last year that it intends to invest in providing its own delivery services.

Just Eat now expects revenue of around 780 million pounds ($1.00 billion) for 2018, and underlying earnings before interest, tax, depreciation and amortization between GBP172 million and GBP174 million.

The company had previously guided for revenue of around GBP770 million and underlying Ebitda at the lower end of a GBP165 million to GBP185 million range.

Just Eat said that in 2019 it expects to improve Ebitda margins and see its Canadian business report its first annual profit. Overall, the company forecasts 2019 revenue of GBP1.0 billion to GBP1.1 billion, and underlying Ebitda of between GBP185 million and GBP205 million.

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