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Just Eat shares plunge as £76m loss leaves sour taste

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Shares in Just Eat have plunged by 14% after it slumped into the red thanks to a £180m hit from its Australia and New Zealand operations and warned of higher investment across the group.

The fast-expanding takeaway delivery platform reported a £76m loss for 2017, compared to a £91m profit the year before.

It also said it would ramp up spending in 2018 in the face of intensifying competition, resulting in an earnings outlook lower than markets have been forecasting.

Chief executive Peter Plumb hailed the wider success of the group’s performance, saying it enjoyed a record year with 21.5 million customers ordering 172 million takeaways around the world.

In the UK, it saw its highest single day of orders in December on the night of the X Factor final, when more than 500,000 were processed.

Group revenues rose 45% to £546m, while Just Eat said that its underlying measure of earnings was up 42% to £164m.

But it added that while it had enjoyed a strong performance in 2017, the market was evolving with competition “intensifying in certain markets”, including Australia and New Zealand, and customers expecting an “ever-better experience”.

The company said it would make “considered investments to position the business for the future” in addition to already-planned spending.

It now expects underlying earnings of £165m-£185m for 2018, below market expectations of £226m.

In Australia, where Just Eat bought the Menulog business in 2015, it has been consolidating its range of brands and plans further investment to adapt to the “highly competitive” market.

Just Eat said the “rapid evolution…and the transformation under way in our business” would result in it writing down the “goodwill” value of the 2015 deal by £180m.

Founded in Denmark in 2001, Just Eat has expanded rapidly, moving in to territories across the globe from Brazil to Switzerland and gobbling up rivals.

Late last year it was promoted to the FTSE 100 Index of the highest value UK-listed companies.

In the UK, Just Eat’s biggest market, 2017 revenues rose 28% to £304m while orders rose 195 to 105 million, helped by new tie-ups with Burger King and KFC.

The delivery platform recently faced criticism after it imposed a new 50p service charge on its orders, at the same time as it removed a 50p fee for debit and credit card charges to comply with a change in the law.

Commenting on the latest results, Laith Khalaf, senior analyst at Hargreaves Lansdown, said: “There is nothing in these numbers to suggest that customers remain anything other than wildly enthusiastic for the group’s services.

“But the market’s initial reaction… is one of shock and concern that the move may in fact represent an admission that competition is intensifying for Just Eat.”

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Christian Eriksen may not play football professionally again, says sports cardiologist | World News

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Danish footballer Christian Eriksen is unlikely to play professionally again after suffering what was reported to be a cardiac arrest, a leading sports cardiologist has said.

The midfielder collapsed on the pitch during his country’s Euro 2020 game against Finland and had to be resuscitated before being taken to hospital.

Eriksen, 29, was in a stable condition on Saturday night but it has not yet been publicly confirmed what was behind his illness.

Professor Sanjay Sharma is professor of sports cardiology at St George’s University in London and worked with Eriksen during his time at Tottenham Hotspur.

He said: “Clearly something went terribly wrong.

“But they managed to get him back, the question is what happened? And why did it happen?

“This guy had normal tests all the way up to 2019 so how do you explain this cardiac arrest?”

UK football bodies were likely to be “very strict” about allowing Eriksen to play again, he added.

“His cardiac arrest has rocked the entire nation today and that’s what happens. It’s not just them that it affects, it’s the psyche of so many people.

“The good news is he will live, the bad news is he was coming to the end of his career, so would he play another professional football game? That I can’t say.

“In the UK he wouldn’t play. We’d be very strict about it.”

Prof Sharma chairs the FA’s expert cardiac consensus group and is a consultant for charity Cardiac Risk In The Young.

He said the causes of Eriksen’s cardiac arrest could include an unidentified health condition or a high temperature, but reports that the footballer was awake in hospital were “a very good sign”.

“The fact he’s stable and awake, his outlook is going to be very good,” he told the PA news agency.

“I don’t know whether he’ll ever play football again.

“Without putting it too bluntly, he died today, albeit for a few minutes, but he did die and would the medical professional allow him to die again?

“The answer is no.”

Bolton Wanderers footballer Fabrice Muamba experienced a similar collapse after suffering a cardiac arrest during a match against Tottenham Hotspur in March 2012.

He had hoped to resume his career but retired from professional football five months later on medical advice.

One of his doctors, Sam Mohiddin, told the BBC: “The cardiac arrest is a moment of extreme peril.

“If you don’t get someone out of cardiac arrest things are over. You will not survive.

“The ongoing risk to an individual to an extent depends on the precise cause of that cardiac arrest.”

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G7 summit: Sir David Attenborough to tell G7 leaders they face biggest climate change decisions ‘in human history’ | Politics News

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Sir David Attenborough will warn G7 leaders the decisions they make this decade are “the most important in human history” as he urges them to take action on climate change.

The 95-year-old environmentalist will address the heads of the world’s leading democracies at their summit in Carbis Bay on Sunday.

During their final day of discussions, Sir David will call on them to take steps to secure the future of the planet which he says may be on the “verge of destabilising’.

David Attenborough attends a conference about the COP26 UN Climate Summit, in London
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Sir David will address G7 leaders on the final day of their summit

It comes after various climate groups staged protests across Cornwall to lobby G7 leaders on environmental issues this weekend.

In their conclusions from this weekend’s summit, G7 leaders are expected to include a pledge to almost halve their emissions by 2030 relative to 2010.

This will also include promises to end almost all direct government support for fossil fuels and the phasing out of petrol and diesel cars.

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Red arrows fly over Cornwall for G7 summit

And the G7 is also expected to commit to increasing their contributions to international climate finance to $100bn (£70bn) a year to help developing countries deal with the impact of climate change and support sustainable growth.

More on David Attenborough

Ahead of his address to world leaders, Sir David said: “The natural world today is greatly diminished. That is undeniable.

“Our climate is warming fast. That is beyond doubt. Our societies and nations are unequal and that is sadly is plain to see.

British Prime Minister Boris Johnson, U.S. President Joe Biden, France's President Emmanuel Macron, Canadian Prime Minister Justin Trudeau, Australia's Prime Minister Scott Morrison, German Chancellor Angela Merkel, South Africa's President Cyril Ramaphosa and South Korea's President Moon Jae-in attend a working session during G7 summit in Carbis Bay, Cornwall, Britain, June 12, 2021. Leon Neal/Pool via REUTERS
Image:
On Sunday, G7 leaders will again be joined by guest nations Australia, South Korea, South Africa and India.

“But the question science forces us to address specifically in 2021 is whether as a result of these intertwined facts we are on the verge of destabilising the entire planet?

“If that is so, then the decisions we make this decade – in particular the decisions made by the most economically advanced nations – are the most important in human history.”

The G7 is also set to endorse an agreement on halting and reversing biodiversity loss by 2030, including a target to conserve or protect at least 30% of land and 30% of ocean globally by the end of the decade.

Meanwhile, Prime Minister Boris Johnson has used the summit to launch a £500m fund to support countries, including Ghana, Indonesia and Pacific island states, to tackle unsustainable fishing, protect and restore coastal ecosystems like mangroves and coral reefs, and reduce marine pollution.

“Protecting our planet is the most important thing we as leaders can do for our people,” he said.

Climate protesters march along Carbis Bay near St Ives
Image:
Climate protesters march along Carbis Bay near St Ives

“There is a direct relationship between reducing emissions, restoring nature, creating jobs and ensuring long-term economic growth.

“As democratic nations we have a responsibility to help developing countries reap the benefits of clean growth through a fair and transparent system.

“The G7 has an unprecedented opportunity to drive a global Green Industrial Revolution, with the potential to transform the way we live.”

For their final day of discussions on Sunday, G7 leaders will once again be joined by guest nations Australia, South Korea, South Africa and India.

Please use Chrome browser for a more accessible video player

What is the G7?

On Saturday night, the leaders enjoyed a beach BBQ in Carbis Bay and witnessed a flypast by the Red Arrows.

Critics questioned the display by nine aerobatic jet aircraft amid the summit’s focus on climate change.

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G7 summit: Sir David Attenborough to tell world leaders their decisions are ‘most important in human history’ | Politics News

Published

on

Sir David Attenborough will warn G7 leaders the decisions they make this decade are “the most important in human history” as he urges them to take action on climate change.

The 95-year-old environmentalist will address the heads of the world’s leading democracies at their summit in Carbis Bay on Sunday.

During their final day of discussions, Sir David will call on them to take steps to secure the future of the planet.

It comes after various climate groups staged protests across Cornwall to lobby G7 leaders on environmental issues this weekend.

Please use Chrome browser for a more accessible video player

Red arrows fly over Cornwall for G7 summit

In their conclusions from this weekend’s summit, G7 leaders are expected to include a pledge to almost halve their emissions by 2030 relative to 2010.

This will also include promises to end almost all direct government support for fossil fuels and the phasing out of petrol and diesel cars.

And the G7 is also expected to commit to increasing their contributions to international climate finance to $100bn (£70bn) a year to help developing countries deal with the impact of climate change and support sustainable growth.

More on David Attenborough

Ahead of his address to world leaders, Sir David said: “The natural world today is greatly diminished. That is undeniable.

“Our climate is warming fast. That is beyond doubt. Our societies and nations are unequal and that is sadly is plain to see.

British Prime Minister Boris Johnson, U.S. President Joe Biden, France's President Emmanuel Macron, Canadian Prime Minister Justin Trudeau, Australia's Prime Minister Scott Morrison, German Chancellor Angela Merkel, South Africa's President Cyril Ramaphosa and South Korea's President Moon Jae-in attend a working session during G7 summit in Carbis Bay, Cornwall, Britain, June 12, 2021. Leon Neal/Pool via REUTERS
Image:
On Sunday, G7 leaders will again be joined by guest nations Australia, South Korea, South Africa and India.

“But the question science forces us to address specifically in 2021 is whether as a result of these intertwined facts we are on the verge of destabilising the entire planet?

“If that is so, then the decisions we make this decade – in particular the decisions made by the most economically advanced nations – are the most important in human history.”

The G7 is also set to endorse an agreement on halting and reversing biodiversity loss by 2030, including a target to conserve or protect at least 30% of land and 30% of ocean globally by the end of the decade.

Meanwhile, Prime Minister Boris Johnson has used the summit to launch a £500m fund to support countries, including Ghana, Indonesia and Pacific island states, to tackle unsustainable fishing, protect and restore coastal ecosystems like mangroves and coral reefs, and reduce marine pollution.

“Protecting our planet is the most important thing we as leaders can do for our people,” he said.

Climate protesters march along Carbis Bay near St Ives
Image:
Climate protesters march along Carbis Bay near St Ives

“There is a direct relationship between reducing emissions, restoring nature, creating jobs and ensuring long-term economic growth.

“As democratic nations we have a responsibility to help developing countries reap the benefits of clean growth through a fair and transparent system.

“The G7 has an unprecedented opportunity to drive a global Green Industrial Revolution, with the potential to transform the way we live.”

For their final day of discussions on Sunday, G7 leaders will once again be joined by guest nations Australia, South Korea, South Africa and India.

Please use Chrome browser for a more accessible video player

What is the G7?

On Saturday night, the leaders enjoyed a beach BBQ in Carbis Bay and witnessed a flypast by the Red Arrows.

Critics questioned the display by nine aerobatic jet aircraft amid the summit’s focus on climate change.

Source link

Continue Reading

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