March 6, 2019, 3:07 a.m. EST

Just Eat swings to profit, sees more growth in '19

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By Oliver Griffin

Just Eat PLC (JE.LN) on Wednesday reported a swing to pretax profit in 2018 after seeing strong order growth of 28% during the year and forecast further growth in 2019.

The online food-delivery company made a pretax profit of 101.7 million pounds ($133.8 million) in the year ended Dec. 31, compared with a pretax loss of GBP76 million in the previous year.

Just Eat, which will return to the FTSE 100 index in March, said 2018 underlying earnings before interest, taxes, depreciation and amortization--management's preferred measurement which strips out certain costs--rose to GBP173.9 million, from GBP163.5 million in 2017.

The company attributed the rise in underlying Ebitda to a GBP51 million investment in strategic initiatives.

Revenue for the year rose 43% to GBP779.5 million, Just Eat said, beating the company's earlier guidance.

Orders during the year rose 28% to 221 million in 2018, the company said.

Just Eat said it expects revenue and underlying Ebitda--both excluding its operations in Brazil and Mexico--in 2019 to be in ranges of GBP1 billion-GBP1.1 billion and GBP185-GBP205 million respectively.

Dow Jones Newswires

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