Just Eat reported order growth of 36 per cent for 2016, but shares dropped eight per cent

Courtney Goldsmith
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Just Eat takeaway orders were on the rise in 2016
Just Eat takeaway orders were on the rise in 2016 (Source: Getty)

Just Eat today announced like-for-like orders grew 36 per cent in 2016, but shares in the company fell up to eight per cent in early trading.

The share price was down 5.66 per cent to 550p at the time of publishing.

The company said group reported growth, which includes orders from recent acquisitions in Mexico and Australia, reached 42 per cent for the full year of 2016. In the UK, orders grew 31 per cent.

"Just Eat's reported order growth puts us in a strong position to deliver full-year results in line with our previous financial guidance," David Buttress, chief executive, said.

"We enter 2017 with continuing confidence in the business."

But investors were likely disappointed that Just Eat did not upgrade its full-year estimates, analysts at Panmure Gordon said.

In July, when the online food delivery service reported revenue for the first half of the year was up 59 per cent to £171.6m, the firm upped its guidance for the full year by £10m to £368m.

Just Eat snapped up two of its competitors, Hungryhouse and SkipTheDishes, in December. The online takeaway company said the proceeds from the sale would allow the company to pursue further global growth.

The FTSE 250-listed business is scheduled to report full year results for 2016 on 7 March.

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