Just Eat leapfrogs Sainsbury’s in market value putting it on track to join FTSE 100

Just Eat’s share price has soared by around 180 per cent since the company listed on the stock exchange in 2014

Just East was founded in 2001 in Denmark and has since expanded to serve 12 markets around the world

Takeaway website Just Eat is on the cusp of entering the FTSE 100 stock index after its market value leapfrogged Sainsbury’s.

Just Eat’s share price has soared by around 180 per cent since the company listed on the stock exchange in 2014. Its recent £200m takeover of Hungryhouse has further inflated its market value, bringing it to more than £5.5bn compared to just over £5bn for Sainsbury’s.

The latter went public in 1973 and its shares have lost around 60 per cent of their value over the last decade, partially as a result of fierce competition from discounters and massive online rivals.

Just East was founded in 2001 in Denmark and now serves 12 markets around the world. It has around 19 million customers. In the UK it works with more than 28,000 restaurants to deliver food.

Late last month the group nudged up its full-year revenue forecast, the second time it did so in just four months, after reporting a 47 per cent revenue increase for the most recent quarter of its financial year.

Total orders during the period rose 29 per cent and it expects revenue for the full financial year to be between £515m and £530m. Its previous forecast had been for revenue to be between £500m and £515m.

The FTSE 100 is made up of the UK’s 100 biggest publicly listed companies. Its constitution changes on a quarterly basis reflecting companies’ growing and reducing market values.

In September, NMC Health and Berkeley Group joined the blue-chip index, pushing out Provident Financial and Royal Mail. The next reshuffle is due to take place next month.

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