LONDON (Reuters) - Just Eat (L:JE), locked in an expensive battle with Deliveroo to be the British takeaway platform of choice, raised its full-year revenue forecasts on Tuesday and said it would increase its investment plans to meet strong demand.
The British company, with a market cap of 5.8 billion pounds, spooked investors in March when it said it would need to invest 50 million pounds in the business to cope with rising orders.
It said on Tuesday it would now spend between 55 and 60 million pounds, but softened the blow by hiking its revenue forecast to between 740 to 770 million pounds, up from 660 to 700 million pounds.
The group said its outlook for earnings remained unchanged.
"Our increased investments in technology, brand and delivery are on track to make our service even easier to use, whilst expanding our customer's choice," Chief Executive Peter Plumb said.
It reported first-half underlying core earnings up 12 percent to 82.7 million pounds, in line with forecasts.