Steve Clayton, manager of the HL Select UK Growth Shares fund, which has a 2.9% position in Just Eat plc, said its results were way ahead of analyst expectations.
‘Strength looks to have been across the board, with underlying growth in the UK still in comfortable double digit territory and Skip the Dishes, their Canadian business expanding at triple digit rates,’ he said.
‘The big questions surrounding the group remain unanswered though; in Australia where a revamp of Menulog was mishandled last year, progress is still below par, whilst the profitability of the group’s delivery services is yet to be proven, compared to its wildly successful Marketplace core offering.
‘Just Eat have a major presentation to the City pencilled in for June 27, where they are due to sketch out their vision for how a combined Marketplace and Delivery model will work, and how they can turn the Australian business around.
‘The numbers today are clearly impressive, but the market is likely to wait for answers to the big questions before passing final judgement on the group’s prospects.’