Good morning!

Lots to digest today.

This list is final:



DP Poland (LON:DPP)

  • Share price: 8p (-5%)
  • No. of shares: 250 million
  • Market cap: £20 million

Final Results

Let's see how DP Poland is progressing. 

Paul has written some very critical (but fair comments) in recent months - see the archives.

So far, the business model is taking a very long time to bear the fruit of profits.

Ongoing losses and the need for more marking spend created the need for a placing at 6p last month, raising almost £6 million before expenses.


It sounds like 2018 was a miss in terms of store openings. According to my notes from last May, DPP was targeting 70 stores by the end of the year.

DPP currently has 66 stores, which includes 3 stores opened during 2019 year-to-date.

Revenues are up by 24% to £15 million.

The EBITDA loss for 2018 is £1.92 million, slightly bigger than the loss in 2017. The total loss, including share-based bonuses for staff, depreciation and amortisation, is £3.8 million. This is considerably bigger than the loss in 2017.

I also note that £200k of costs relating to software and other intangible assets were capitalised instead of expensed, so they are not included in the loss figuresabove.

We knew that losses were in the works. At its trading update last month, DPP said it was looking to achieve positive EBITDA and cash flow breakeven in 2022.

Like-for-like sales growth at stores was 6% (this figure is adjusted so that it doesn't include the cannibalisation effect of opening two stores in the same area).

Factors - the World Cup was a positive, but "exceptionally warm and dry weather" didn't help.


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