Just Eat (LON:JE.) is to ramp-up its promotional and investment spending to offset growing competition from the likes of Deliveroo and Uber Eats.
Underlying profits rose by 42% to £164mln in 2017, but Just East said that with the planned investments in brand, developing markets and delivery services, 2018's profits will between £165-185mln on a similar basis.
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Without the additional spending, underlying profits would be £215 - 235 mln in 2018, implying the incremental costs might be as much as £70mln.
Shares fell heavily on the news even though 2017 was another bumper year for the takeway app group as growth overseas powered revenues higher.
"2017 was a record year for Just Eat,” said Peter Plumb, chief executive.
“We helped 21.5mln customers order 172mln takeaways around the world, growing group revenue by 45% to £546mln. Just Eat’s roster now includes 82,000 restaurants.”
Revenue in 2018 is forecast at between £600-700mln.
Shares dropped 11% to 761p.