Food delivery service Just Eat has reported an £80 million profit for 2018, reversing the losses it made in 2017.
Revenues jumped 43% to £779.5m as four million customers joined the service. Just Eat said a fifth of the UK's adult population now uses its service and it expects revenues to hit £1 billion in 2019.
It comes as the company faces pressure from US fund manager Cat Rock, which owns a 2% share, to merge with a competitor. Cat Rock has complained about the speed of decision making and planning, claiming it would "result in competitors eroding Just Eat's leading market position". Uber Eats is cutting the fees it charges restaurants and has reportedly considering a merger with Deliveroo.
Just Eat's chairman Mike Evans said the company's results are proof that the "strategy set out last year is working".
Interim chief executive, Peter Duffy, said: "We have a clear plan for the year ahead as our highly experienced team works hard to accelerate the execution of our strategy and we remain focused on long-term returns for shareholders."
