REG - Domino's Pizza Grp - Half year results
Today 07:02
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RNS Number : 9256T Domino's Pizza Group PLC 05 August 2025
5 August
2025
LEI: 213800Q6ZKHAOV48JL75
This announcement contains Inside Information
Domino's Pizza Group PLC ("DPG")
Half year results for the 26 weeks ended 29 June 2025
Continued market share gains in a tougher operating environment
H1 25(1) H1 24(1) % change
System sales(2) £777.8m £767.8m +1.3%
Group revenue £331.5m £326.8m +1.4%
Underlying(3) EBITDA £63.9m £69.0m (7.4)%
Underlying(3) profit before tax £43.7m £51.3m (14.8)%
Statutory profit before tax £40.5m £59.4m (31.8)%
Underlying(3) basic EPS 8.4p 9.8p (14.3)%
Statutory basic EPS 7.6p 10.7p (29.0)%
Interim dividend per share 3.6p 3.5p +2.9%
Tougher operating environment results in lower Underlying FY25 EBITDA guidance
· Weaker consumer sentiment
o H1 25 total orders flat
o H1 25 like-for-like sales(4) down 0.1% with Q2 down 0.7%
· Lower than expected store openings; franchisees cautious given
increased employment costs
o 11 stores opened year-to-date
o FY25 new store openings now expected to be mid-twenties; healthy pipeline
for 2026
· H1 25 Underlying EBITDA down 7.4% to £63.9m
· Now expect FY25 Underlying EBITDA in range £130m to £140m
Resilient business model and strength of Domino's system drives market share
gains
· DPG taking significant market share in H1 25
o DPG's share of UK takeaway market +20bps to 7.2%(5)
o DPG's share of UK pizza takeaway market +560bps to 53.7%(5)
· Outstanding supply chain delivering to 1,381 stores
o Automation projects under way and on track to deliver further efficiencies
· Customer service continues to improve with average delivery times
down across UK
o H1 25 down to 24.1 minutes (H1 24: 24.6 minutes)
· Loyalty trial performing ahead of expectations in all customer
cohorts, on track for 2026 launch
· Successful completion of ERP system across all supply chain
centres
· Significant growth opportunity in Republic of Ireland due to
under penetration vs. UK
Highly cash-generative business model with clear capital allocation policy
· H1 25 Underlying free cash flow of £28.7m before £8.5m capex
invested in core business
· 2.9% increase in interim dividend, to 3.6p per share reflecting
confidence in the business
· Increased stake in Victa DP, our JV in Northern Ireland, from 46%
to 70% in March 2025(7)
· Continued balance sheet strength with refinance successfully
completed, securing an extended and expanded RCF facility(6) on improved terms
· Assessing opportunities for second brand within strict financial
& strategic guardrails
o No opportunities under current consideration would require equity issuance
o Whilst a second brand remains a core part of the strategy, if no
acquisition announced by end of 2025, Board expects to resume share buybacks
Commenting on the results, Andrew Rennie, CEO said:
"Against a more difficult market backdrop, Domino's is significantly
increasing its market share by offering great value, innovative products and
even faster delivery times. This is a result of a relentless focus from our
colleagues and franchise partners, and I'd like to thank them all for their
hard work.
"There's no getting away from the fact that the market has become tougher both
for us and our franchisees, and that's meant that the positive performance
across the first four months didn't continue into May and June. Given weaker
consumer confidence, increased employment costs and uncertainty ahead of the
Autumn Statement, franchisees are taking a more cautious approach to store
openings for the time being.
"Despite these near-term challenges we remain confident in our strategy and
the prospects for our resilient, market-leading business. That confidence is
demonstrated by our decision to increase the interim dividend, and we also
continue to assess a range of accretive growth opportunities."
Current trading and outlook
We have seen total orders and like-for-like sales improve towards the end of
July after a softer start due to the tough comparator period with the Men's
Euro 2024 knockout stages. Consumer confidence remains weak impacting sales
growth, and with employment costs increasing and the uncertainty ahead of the
Autumn Statement, we now expect FY25 Underlying EBITDA to be in the range of
£130m to £140m(8).
We remain confident that our investments in key areas such as our loyalty
programme and automation, as well as our growth ambitions in Ireland, will
deliver sustainable growth and returns going forward.
Our technical guidance for FY25 is as follows:
· Underlying depreciation & amortisation of between £20m to
£23m
· Underlying interest (excluding foreign exchange movements) in the
range of £17m to £19m
· Estimated underlying effective tax rate of c.25% for the full
year
· Capital investment of c.£22m
· Net debt at year-end between £260m and £280m
This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014 as it forms part of domestic law of the United Kingdom
by virtue of the European Union (Withdrawal) Act 2018, as amended (together,
"MAR").
The person responsible for making this notification is Adrian Bushnell,
Company Secretary.
Contacts
For Domino's Pizza Group plc:
Investor Relations
Will MacLaren, Director of Investor Relations +44 (0) 7443 192 118
Media:
Tim Danaher, Emilia Smith - Brunswick +44 (0) 207 404 5959
Results meeting
A results meeting and Q&A for investors and analysts will be held at 09:30
BST today. The webcast and presentation can be accessed here
(https://url.uk.m.mimecastprotect.com/s/OJZpCgLYJt5Qgz7hNf8i4k3SQ?domain=investis-live.com)
and will also be available on the Results, Reports and Presentations page of
our corporate website.
In addition, we will replay the webcast and Q&A at 16:00 BST today for
North American based investors not able to join the live presentation at 09:30
BST this morning.
About Domino's Pizza Group
Domino's Pizza Group plc is the UK's leading pizza brand and a major player in
the Irish market. We hold the master franchise agreement to own, operate and
franchise Domino's stores in the UK and the Republic of Ireland. As of 5
August 2025, we had 1,381 stores in the UK and Ireland. We also have a 12%
shareholding in Domino's Pizza Poland.
Cautionary statement
Certain statements made in this announcement are forward-looking statements.
Such statements are based on current expectations and assumptions and are
subject to a number of risks and uncertainties that could cause actual events
or results to differ materially from any expected future events or results
expressed or implied in these forward-looking statements. Persons receiving
this announcement should not place undue reliance on forward-looking
statements. Unless otherwise required by applicable law, regulation or
accounting standard, Domino's does not undertake to update or revise any
forward-looking statements, whether as a result of new information, future
developments or otherwise.
Notes
1. H1 25 is the 26 weeks to 29 June 2025. H1 24 is the 26 weeks to 30
June 2024
2. System sales represent the sum of all sales made by both franchised
and corporate stores to consumers in UK & Ireland. These are excluding VAT
and are unaudited.
3. Underlying is defined as statutory performance excluding items
classified as non-underlying which includes significant irregular costs,
significant impairments of assets and other costs associated with acquisitions
and disposals as set out in note 4 to the financial information.
For H1 25, underlying excludes reacquired right amortisation of £3.0m and
£0.2m in strategy costs, which represent legal and professional fees of
£1.7m offset with a fair value gain of £1.5m on the remeasurement of the
original 46% Victa DP investment prior to acquiring control. Taxation credit
of £0.1m.
4. Like-for-like (excluding splits) system sales performance is
calculated for UK & Ireland against a comparable period in the prior
period for mature stores which were not in territories split in the current
period or comparable period. Mature stores are defined as those opened prior
to 31 December 2023. Excluding splits means that stores which have lost
delivery territory to enable a new store opening are not included in
like-for-like system sales.
5. Copyright © Kantar UK Limited 2025. All use is subject to Kantar
UK Limited's terms and conditions. Kantar shall not be liable for any loss
howsoever arising from or in connection with the interpretation of, or any
action taken by it based on, any conclusions, findings or recommendations
which are required of Kantar as part of the Syndicated Services. Kantar shall
not be liable for any losses, third party claims, demands, damages, costs,
charges, expenses or liabilities (or actions, investigations or other
proceedings in respect thereof) whether direct or indirect, arising from or in
connection of the Syndicated Services being provided and used beyond the
Client's internal use.
6. The Group successfully amended and extended the RCF facility in
July 2025, increasing the available facility to £300m and extending the
facility to July 2030. The unsecured multi-currency revolving credit facility
incurs interest at a margin over SONIA of between 165bps and 265bps depending
on leverage, plus a utilisation fee of between 0bps and 30bps of the aggregate
amount of the outstanding loans. The previous RCF incurred a margin over SONIA
of between 185bps and 285bps.
7. In March 2025, DPG purchased an additional 24% in Victa DP Ltd for
£25.5m (£7.0m equity, £18.5m debt funding), our joint venture in Northern
Ireland, bringing DPG's shareholding to 70%.
8. Current mean of FY25 Underlying EBITDA expectations is £146.1m
with a range of £140.8m - £149.2m. Based on 9 analysts' forecasts.
H1 25 performance review - market share gains in a tougher market
System sales were up 1.3% to £777.8m and like-for-like sales, excluding
splits, were down 0.1%, with positive performance in Q1 offset by a 0.7%
decline in Q2. Delivery orders grew in Q1 but weakened in Q2 in line with the
wider market. Pleasingly, collection orders returned to growth in Q2, after
five consecutive quarters of decline, driven by our first ever national
advertising campaign highlighting the value in the collection channel.
We made significant market share gains in H1 25 in a tougher market. DPG's
share of the UK takeaway market(5) increased by 20 basis points to 7.2% and
our share of the UK pizza takeaway market(5) increased by 560 basis points to
53.7%(.)
Underlying(3) EBITDA was £63.9m, down 7.4% driven primarily by lower supply
chain volumes.
Statutory profit before tax was £40.5m, down 31.8%, substantially driven by
the one off profit of £11.2m from the disposal of the London corporate stores
in H1 24 and lower Underlying EBITDA.
Underlying profit after tax reduced by 14.7% to £33.0m, with Underlying
earnings per share down 14.3% to 8.4p reflecting the lower number of shares in
issue following share buyback programmes executed in FY24.
Underlying free cash flow generated by the business was £28.7m, a small
decrease from £32.7m in H1 24, primarily due to lower underlying EBITDA,
increased interest payments and a working capital outflow which is largely
expected to reverse in H2 25.
The Board has declared an interim dividend of 3.6p per share, a 2.9% increase
vs. H1 24.
Continued Strategic progress
We have a clear strategy to create value for shareholders and maximise the
value of our strong market position and key competitive advantages in a
capital disciplined manner.
Pillar 1: Maximising value in the UK & Ireland business
We have 1,381 stores across the UK & Ireland with around 95% operated by
our franchise partners and our first strategic priority is to maximise the
value in this core business.
We do this by growing system order volume, maximising profit through
efficiency both within DPG and our franchise network and close alignment with
our franchise partners.
Increasing our customers' order frequency and opening stores are the two
primary drivers of growing the total order count.
Grow order volume - increasing frequency through digital, service, loyalty,
innovation
Our c.13m customers order on average 4.3 times a year. We have c.9m customers
who now order on our app and c.75% of all digital orders are placed on the
app. Our technology platform enables us to interact with our customers and
tailor offers in a far more targeted manner, leveraging our customer base in a
compelling way. This is a key driver in growing system order volume.
We pride ourselves on giving outstanding customer service and constantly
strive to make continuous improvements. Once again average delivery times
improved across the UK, reducing by half a minute to 24.1 minutes. This is a
direct result of intense focus from our franchise partners with outstanding
support and training from DPG's operations team. We believe that giving
customers consistently fast delivery times is a key competitive advantage and
a driver of growing frequency and system volume.
We are the largest Quick Service Restaurant ("QSR") in the UK without a
loyalty programme and we continue to make good progress with our trial. It is
important that this is done effectively to ensure that it is profitable for
both DPG and our franchise partners and enhances our value proposition for our
customers.
The first trial of our loyalty programme began in August 2024 performed ahead
of our expectations, driving incremental orders. We have now moved to a second
phase trial with c.3m customers invited to participate. So far c.1m customers
have signed up. Order incrementality across both low, medium and high
frequency cohorts continues to perform ahead of expectations and we are
progressing well with capabilities to advance on this trial further. We
continue to target a full roll out in FY26.
Innovation continues to be important in growing volumes and to differentiate
us from our competitors. We bring fresh experiences and on trend flavours to
our menu, giving customers a reason to keep choosing us. Early in H1 we again
delighted customers with our Domino's Cookies with Crème Egg for Easter and
brought back a fan favourite with the Ultimate Chicken Mexicana. We have
recently seen exceptional demand for our Ultimate Hot Honey Pepperoni Pizza
and have some even more exciting flavours to come in the second half of the
year as we tap into trends and bring new products to seasonal occasions.
Our partnerships with aggregators Just Eat and Uber Eats continue to serve us
well. We started the roll-out on Just Eat in 2022 and Uber Eats in 2024 and
both have delivered incremental customers and orders. We will continue our
unique operating model with orders sourced through the aggregator platforms
but the order is delivered to the customer using the outstanding Domino's
delivery drivers. Presence on Uber Eats complements our existing partnership
with Just Eat, with Uber Eats performing well in London, the South and major
city centre locations.
Grow system order volume - new store openings
New store openings continue to be a driver of growth and we remain
under-penetrated compared to large QSR competitors in the UK and also other
successful, international Domino's systems.
At the start of FY24, we undertook a detailed review of the growth potential
in the UK & Ireland and identified opportunities across new territories as
well as splitting existing geographies. Since our review, the UK & Ireland
operating environment has become tougher through increased employment costs,
weaker consumer confidence and a slow planning system. And, as a result, so
far in 2025 we have opened 11 new stores with 9 different franchise partners.
FY25 new store openings now expected to be mid-twenties, with a healthy
pipeline for 2026.
Despite this short-term slowdown, we continue to see opportunity in smaller
address count territories. These territories often have limited competition,
our strong national brand is a significant competitive advantage, and we
believe there remains over 400 available territories with less than 10,000
addresses. Since the start of 2024 we have opened 20 stores in territories
with less than 10,000 addresses. All of the 20 stores have average sales per
address greater than the national average.
Maximise profit through efficiency - outstanding national supply chain and
procurement
Our supply chain is the backbone of our system. It is the primary driver of
the Group's revenue and EBITDA and its very high service levels are vital in
helping our franchise partners remain competitive.
We have consistently invested in the supply chain over the last 40 years and
now have four supply chain centres ("SCC's") in Milton Keynes, Warrington,
Cambuslang and Naas. These SCCs deliver goods to our 1,381 stores three times
a week and in H1 25 maintained 99.96% accuracy and 99.99% availability. These
results are testament to the expertise and dedication of all our colleagues in
the supply chain.
We have started the process for building our fifth SCC in Avonmouth. This will
underpin the future expansion of the system with increased warehouse &
distribution capacity, allow for more efficient deliveries to stores in the
Southwest and South Wales, and free up capacity in the other mainland UK SCCs.
We constantly assess ways to improve the efficiency of our supply chain
operation. Over the last four years we have made efficiency gains with the
roll out of cages and dollies as a delivery platform across the system. We
have also improved the efficiency of our transport operations, the largest
cost base in the supply chain. In 2024 we made c.14,000 more deliveries to
stores with the same size fleet as in 2022 driven by route optimisation
software.
The next area where we see attractive efficiencies is automation within our
warehouses. We have started a number of automation projects which will improve
margins and also expand our capacity within our existing SCCs. These projects
include automated de-boxing of goods arriving at the SCCs, storage and
picking. and automated dough mixing. In addition, we are increasing automation
levels in dough production, including the use of a robot technology at our SCC
in Cambuslang. We expect automation projects to start benefitting DPG in 2026
and from 2028 we expect c.10% annual labour cost efficiency across the supply
chain mitigating inflationary cost increases in our supply chain centre
operations.
We have a world-class procurement function and are able to secure attractive
pricing for our franchise partners across all ingredients and supplies. Our
ERP system has been successfully rolled out across all our SCCs and combined
with our procurement excellence we believe these will continue to help improve
margins.
Franchisee partnership - winning together
Our franchise partners are operating in a tougher environment with increased
employment costs and weaker consumer confidence.
Having faced a 10% minimum wage increase in H1 24, our franchise partners
faced a further significant labour cost increase in H1 25. As a result,
franchise partner profitability declined in H1. Average UK store EBITDA
(unaudited) in H1 25 was down 5% to £77k (H1 24: £81k), generating a 13%
EBITDA margin (H1 24: 14%).
In December 2024 we agreed a five-year Profitability & Growth Framework
("PGF") to ensure alignment and drive growth. We continue to work with
franchise partners to create cost efficiencies through procurement and best
practice sharing.
Pillar 2: Driving growth in Ireland
Ireland currently is a significant revenue growth opportunity as we are
underpenetrated compared to England, Scotland and Wales. Over the last two
years we have implemented key strategic actions to support this growth.
Firstly, we invested in the Supply Chain Centre in Naas so that we have
capacity to support the growth and maintain the current levels of outstanding
service as we and our franchise partners grow the estate.
In April 2024 we acquired full control of Shorecal, the largest Domino's
franchise business in the Republic of Ireland and Northern Ireland, operating
34 stores. This, alongside growth from our franchise partners, enabled us to
deliver a record year of store openings in 2024, double the previous record.
In March 2025 we purchased an additional 24% of Victa DP Ltd, our joint
venture in Northern Ireland, bringing DPG's shareholding to 70%. This is
consistent with our strategy of unlocking growth in Northern Ireland and
Republic of Ireland following the acquisition of Shorecal and the investment
in the Ireland supply chain centre.
We are the number one pizza delivery company in Ireland and market dynamics
are attractive. There is a clear opportunity to give customers increasingly
good value, particularly in the Dublin area. Within Shorecal, we have
delivered value to customers through targeted promotions and there remains an
opportunity to bring these value offers across Ireland.
There is no change to our capital light model and we continue to evaluate our
corporate store portfolio. We are now in an even stronger position to
accelerate our growth, open new stores, and provide great service and great
tasting products to our customers.
Pillar 3: Accretive second brand opportunities
We continue to explore second brand options, where we can leverage the scale
and unique capabilities of the Group and deliver attractive returns to
shareholders.
We have a c.13m active customer base, an outstanding national supply chain
which already delivers to 1,381 stores and the necessary digital, IT &
marketing capability, alongside world-class franchise partners.
The Board is rigorous in applying guardrails to potential opportunities. Any
acquisition would need to have a significant growth runway, synergies with
DPG's assets, the potential to be a strong national brand and be profitable.
Above all, a potential opportunity must be earnings accretive to DPG and the
Board applies strict internal hurdle rates.
We are focusing on opportunities which are in line with our guardrails and no
opportunities under current consideration would require equity issuance.
Whilst a second brand remains a core part of the strategy, if no acquisition
is announced by the end of 2025, the Board expects to resume share buybacks.
Capital discipline
Domino's is a highly cash generative business and we will continue to apply
our four-point capital allocation framework, introduced in March 2021, to
deploy free cashflow generated by the business and recycled capital from
divestments.
Investment to drive growth in the core UK & Ireland business remains our
number one priority and we invested £8.5m in capital expenditure in H1 25.
This was focused on supply chain automation projects and the initial work on
our new supply chain centre in Avonmouth.
Secondly, in line with our commitment to pay a sustainable and progressive
dividend, we will pay an interim dividend of 3.6p per share, an increase of
2.9% vs. H1 24.
Thirdly, as previously outlined, we continue to assess accretive opportunities
for a second brand, where we can leverage the scale and capabilities of the
Group and deliver attractive returns to shareholders.
Finally, operating within a normalised leverage range of 1.5x - 2.5x net debt
to Underlying EBITDA, we remain committed to returning any surplus cash to
shareholders. Net debt was £306.6m at June 2025, with leverage of 2.32x.
Sustainability strategy
In the first half of 2025, we made further progress in our sustainability
journey at Domino's. We published our updated Sustainability Report, which
provides an overview of our progress in 2024 and introduced a set of
streamlined priorities, chosen for both risk mitigation and our potential for
positive impact, these are: emissions reduction, balanced choices and modern
slavery risk mitigation. Fleet emissions contribute 85% of our Scope 1
emissions and we have made great strides against our priorities to reduce
this: we are now operating several electric trucks in the fleet with more
deliveries due later in the year. We are also collaborating with key
suppliers, who account for 65% of our total Scope 3 purchased goods and
services emissions, to drive reductions. Under our nutrition strategy, we are
working to expand our lighter menu. Following the successful rollout of Cheeky
Little Pizzas, we launched under 400 calorie Thin & Crispy and under 600
calorie personal options, plus two new vegetable sides which are under 200
calories. We have appointed our first nutritionist who is working with our
suppliers on how to approach reformulation to increase our range of HFSS
compliant offers. Finally, we continue strengthening our modern slavery risk
mitigation processes through Sedex, supplier audits and the EQS system rolled
out across all colleagues and Shorecal stores; rollout to franchisees is
targeted for later this year.
H1 25 trading summary
System sales represent all sales made by both franchised and corporate stores
to customers. Total system sales were £777.8m, up 1.3% on H1 24.
Like-for-like system sales across UK & Ireland were down 0.1%, with the
positive performance in Q1 25 more than offset by like-for-like sales
declining 0.7% in Q2.
Q1 25 Q2 25 H1 25 Q1 24 Q2 24 H1 24
UK & ROI
LFL exc. splits(*) +0.5% (0.7)% (0.1)% (0.5)% (0.5)% (0.5)%
* Like-for-like (excluding splits) system sales performance is calculated for
UK & Ireland against a comparable period in the prior period for mature
stores which were not in territories split in the current period or comparable
period. Mature stores are defined as those opened prior to 31 December 2023.
Total orders were flat compared to H1 24. Delivery orders were down 0.6% with
a soft performance in Q2 driven by a weaker market. Collection orders returned
to growth in Q2 after five consecutive quarters of decline and were up 1.0% in
H1 25. This recovery was driven by DPG's first ever national advertising
campaign highlighting the value in the Collection channel. We still believe
Collection orders have the potential to be c.50% of total orders in the long
term, currently at c.35%.
UK & ROI Total Total (All Stores)
Sales Volume Price Orders (m) YOY Order Growth
Total
Q1 2.1% (1.3)% 3.4% 17.8m 0.5%
Q2 0.5% (2.9)% 3.4% 17.3m (0.6)%
H1 1.3% (2.2)% 3.5% 35.1m 0.0%
Delivery only
Q1 2.4% (1.1)% 3.5% 11.6m 1.3%
Q2 (0.7)% (4.5)% 3.8% 10.8m (2.6)%
H1 0.9% (2.9)% 3.7% 22.5m (0.6)%
Collection only
Q1 1.2% (1.7)% 2.9% 6.2m (0.9)%
Q2 4.2% 1.2% 3.0% 6.5m 2.9%
H1 2.7% (0.3)% 3.0% 12.6m 1.0%
Total orders represent the total amount of orders placed by customers with
Domino's. The table above shows total orders, also split by the delivery and
collection channel. Volume represents total orders, the amount of items in
each order and product mix within each order.
Financial review
· The Group successfully completed the acquisition of a controlling
stake in Victa DP which is now fully consolidated into our results.
· Underlying EBITDA was £63.9m, down £5.1m, primarily driven by
lower supply chain centre EBITDA of £4.8m and a £4.3m increase in net
overheads, partially offset by lower technology costs of £2.0m and full year
corporate store benefit of £1.7m.
· Underlying EBIT decreased by £7.0m to £53.1m due to lower
EBITDA and higher depreciation and amortisation following investment in the
business in previous years.
· Underlying profit before tax of £43.7m, a decrease of £7.6m,
which includes net finance costs of £9.4m, an increase of £0.6m on the
previous year due to increased interest on the Group's debt facilities as a
result of higher average net debt.
· Underlying profit after tax of £33.0m, a decrease of £5.7m on
H1 24. This includes taxation of £10.7m, down from £12.6m.
· Non-underlying loss after tax of £3.1m includes £3.0m
amortisation of reacquired rights, £1.7m strategy related costs offset by a
£1.5m fair value gain on the deemed disposal of the Group's equity investment
in Victa DP prior to obtaining controlling shareholding in March 2025.
· Statutory profit after tax was £29.9m, a decrease of £12.4m
from H1 24, largely due to the one-off profit on disposal of the London
Corporate stores recognised in the prior period.
· Free cash flow before non-underlying items decreased by £4.0m to
£28.7m, primarily due to lower underlying EBITDA, increased interest payments
and a working capital outflow.
· Capital allocation items of £66.7m includes capital expenditure
of £8.5m, dividend distributions of £29.4m and the acquisition of Victa DP
of £25.5m.
· Overall net debt increased by £21.2m, resulting in a pre-IFRS 16
leverage ratio of 2.32x up from 2.16x in H1 24, which is expected to reduce by
year end.
· Interim dividend of 3.6p per share to be paid on 26 September
2025 to shareholders on the register as at 15 August 2025.
26 weeks ended 26 weeks ended
29 June 2025
30 June 2024
£m
£m
Group Revenue 331.5 326.8
Underlying EBITDA 63.9 69.0
Depreciation, amortisation and impairment (10.8) (8.9)
Underlying EBIT 53.1 60.1
Underlying net finance costs (9.4) (8.8)
Underlying profit before tax 43.7 51.3
Underlying tax charge (10.7) (12.6)
Underlying profit after tax 33.0 38.7
Non-underlying items (3.1) 3.6
Statutory profit after tax 29.9 42.3
Reported Revenue
Our key metric for measuring the revenue performance of the Group is system
sales, rather than our Group revenue. System sales are the total sales to end
customers through our network of stores, for both franchise partners and
corporate stores. Our Group revenue consists of food and non-food sales to
franchise partners, royalties paid by franchise partners, contributions into
the National Advertising Fund ('NAF') and ecommerce funds, rental income and
end-customer sales in our corporate stores.
Within our Group revenue, the volatility of food wholesale prices, together
with the combination of different revenue items, means that analysis of margin
generated by the Group is less comparable than an analysis based on system
sales. We consider that system sales provide a useful alternative analysis
over time of the health and growth of the business.
Reported system sales in the period were £777.8m, up 1.3% from H1 24.
The table below shows the Group's reported revenue:
26 weeks ended 26 weeks ended
29 June 2025
30 June 2024
£m
£m
Supply chain revenue 210.3 217.6
Royalty, rental & other revenue 40.4 40.6
Corporate stores revenue 38.2 26.2
NAF & ecommerce 42.6 42.4
Total 331.5 326.8
Reported revenue increased by £4.7m to £331.5m, primarily driven by an
increase in Corporate Stores revenue offset by a decrease in supply chain
revenue due to lower volumes.
Royalty, rental and other revenues primarily relate to the royalty revenue we
receive from our franchise partners based on a percentage of system sales and
rental income.
Revenue for our directly operated corporate stores increased by £12.0m due to
increased revenue from Shorecal in the period and the acquisition of Victa DP
on 10 March 2025. Revenue from Shorecal in the period includes a full half
year contribution when compared to the prior period which includes a revenue
contribution from 10 April 2024.
NAF and ecommerce revenue is recognised based on costs incurred which
increased to £42.6m during the period.
Underlying EBITDA
The Group generated an underlying EBITDA of £63.9m, a decrease of £5.1m on
H1 24 which is primarily driven by a decrease in supply chain centre EBITDA of
£4.8m partly due to lower volumes and a £4.3m increase in net overheads
which includes investment in skills and capabilities.
This is offset by £2.0m lower technology costs due to successful roll out of
the Group's ERP system, and £1.7m net corporate store benefit from a full
half year of trading. EBITDA from royalties increased by £0.2m as a result of
increased system sales in the period,
Interest
Net underlying finance costs in the period increased by £0.6m to £9.4m,
which includes interest on net debt of £8.5m and net lease interest payable
of £0.9m.
In June 2024, the Group increased its debt facilities with an additional
£100m in Private Placement Loan Notes due in 2034 at a fixed rate of 5.97%,
which largely replaced the Group's variable rate borrowings. In addition, in
July 2025 the Group extended the RCF facility as set out in the Treasury
Management section below. The Group currently has combined debt facilities of
£600m.
Taxation
The underlying effective tax rate for H1 2025 was 24.5% (H1 24: 24.6%). The
decrease in the effective tax rate was due to a one-off adjustment made in the
prior year to reflect historical services provided between our UK and Irish
subsidiary.
Underlying profit after tax decreased to £33.0m driven by a decrease in
underlying EBIT combined with higher net finance costs offset by a decrease in
the underlying tax charge outlined above.
Non-underlying items
Non-underlying loss after tax of £3.1m include a £3.0m amortisation charge
incurred on reacquired rights recognised upon the acquisition of Shorecal and
Victa DP.
Costs associated with our strategy of £0.2m were recognised, which represents
legal and professional fees of £1.7m offset with a fair value gain of £1.5m
recognised on the deemed disposal of the Group's equity investment in the
Northern Ireland Joint Venture prior to obtaining a 70% controlling interest.
In H1 24, a non-underlying profit after tax of £3.6m was recognised. This
included a £11.2m profit on disposal of the corporate stores offset with
Shorecal acquisition costs of £2.2m, amortisation on reacquired rights of
£1.0m and taxation of £4.5m.
Statutory profit after tax and earnings per share
Statutory profit after tax was £29.9m, a decrease of £12.4m from H1 24.
Statutory EPS decreased to 7.6p from 10.7p, largely due to a decrease in
underlying profit after tax and the profit on disposal of the London Corporate
stores in the first half of 2024 which generated a profit on disposal of
£11.2m.
Underlying basic EPS decreased to 8.4p as a result of lower underlying profit
after tax partially offset by a lower number of weighted average shares due to
the share buyback programme executed in 2024.
Technology platform costs
H1 FY25 EBITDA Amortisation and impairment Profit Capital expenditure £m
£m
£m
before
tax
£m
ERP (1.5) - (1.5) -
eCommerce platform - (0.7) (0.7) -
Total (1.5) (0.7) (2.2) -
H1 FY24 EBITDA Amortisation and impairment Profit Capital expenditure £m
£m
£m
before
tax
£m
ERP (3.5) - (3.5) -
eCommerce platform - (0.7) (0.7) -
Total (3.5) (0.7) (4.2) -
During the period, we completed the roll-out of our new cloud-based ERP system
across all our SCCs. The new ERP enables us to drive efficiencies across the
system.
Within EBITDA, costs of £1.5m have been recognised which relate to the ERP.
These represent costs spent on development of these assets, which are expensed
through the income statement rather than capitalised as intangible assets, as
they relate to cloud platforms. This represents the full spend on the project
in the year to date.
Amortisation of £0.7m was incurred on the ecommerce platform.
Free cash flow and Net debt
26 weeks ended 26 weeks ended
29 June 2025
30 June 2024
£m
£m
Underlying EBITDA 63.9 69.0
Add back non-cash items
- Contribution of investments (1.3) (1.2)
- Other non-cash items 1.7 0.7
Working capital (12.1) (10.7)
IFRS 16 - net lease payments (3.9) (3.3)
Dividends received 0.4 1.2
Net interest (8.1) (7.8)
Corporation tax (11.9) (15.2)
Free cash flow before non-underlying cash items 28.7 32.7
Non-underlying cash (3.0) (2.2)
Free cash flow 25.7 30.5
Capex (8.5) (7.1)
Acquisitions and disposals (25.5) (42.5)
Dividends (29.4) (28.1)
Share transactions - Buybacks - (6.2)
Share transactions - EBT share disposals/(purchases) (3.3) 0.3
Total capital allocation items (66.7) (83.6)
Movement in net debt (41.0) (53.1)
Opening net debt (265.5) (232.8)
Movement in capitalised facility arrangement fee (0.3) 0.4
Forex on net debt 0.2 0.1
Closing net debt (306.6) (285.4)
Last 12 months net debt/Underlying EBITDA ratio (excl. IFRS 16) 2.32x 2.16x
Net debt increased by £21.2m with a free cash flow before non-underlying
items of £28.7m, non-underlying outflow £3.0m and capital allocation items
outflow of £66.7m.
Free cash flow
Free cash flow before non-underlying items was £28.7m, a decrease of £4.0m
on the previous year. Underlying EBITDA was £63.9m, a decrease of £5.1m as
outlined above.
There was a working capital outflow of £12.1m (H1 24: outflow of £10.7m).
This predominantly relates to decreases in overall accruals and accrued income
of £5.1m, an outflow of £4.4m due to the unwind of the timing of cash
receipts and payments for online sales, a £2.9m decrease in overall trade
payable and an increase in the NAF debtor of £1.4m. This is offset by a
£1.3m decrease in inventory due to seasonal levels from year end. These
movements are expected mostly to reverse in H2 25.
Net IFRS 16 lease payments increased by £0.6m to £3.9m following the
acquisition of our Investment in Victa DP. Dividends received of £0.4m were
from our associate investment in West Country.
Net interest payments of £8.1m increased from £7.8m as a result of increased
net debt.
Corporation tax payments decreased by £3.3m to £11.9m primarily due to
increased payments made in the prior year relating to transfer pricing between
our UK and Irish subsidiaries.
Non-underlying payments of £3.0m were made during the year, which includes
£3.1m in terminated acquisition costs incurred in the prior year, a £1.0m
outflow relating to the historical driver case exposure to the tax authorities
in Ireland and corporation tax payments of £0.5m, this is offset by £2.1m
reversionary scheme compensation.
Capital allocation items
Capital allocation items decreased by £16.9m to £66.7m.
Capital expenditure increased to £8.5m which includes £2.6m relating to
automation across the supply chain centres, £1.0m relating to our fifth SCC
in Avonmouth and £3.2m relating to total investment in digital and ecommerce
development.
Acquisitions and disposals of £25.5m relate to the acquisition of a
controlling interest in Victa DP. Included in this amount is the £7.0m
consideration for the additional 24% shareholding, £20.7m relating to the
repayment of debt on acquisition offset by a £2.2m capital contribution by
the minority interest.
In H1 24, acquisitions and disposals cash outflow of £42.5m included a
£48.7m acquisition of Shorecal, of which £16.3m related to repayment of debt
on acquisition. In addition, the Group invested £11.4m for a 12% investment
in DP Poland Plc. This was offset by the £17.3m in proceeds received on the
disposal of the London corporate stores.
Dividends paid of £29.4m relates to the final FY24 dividend paid in May 2025.
Share transactions of £3.3m relate to share purchases made by the Employee
benefit trust.
Capital employed and balance sheet
At At
29 June 2025 29 December 2024
£m
£m
Intangible assets 138.1 98.1
Property, plant and equipment 109.0 103.5
Investments, associates and joint ventures 30.9 37.5
Deferred consideration 2.0 2.0
Right-of-use assets 26.9 20.8
Net lease liabilities (29.2) (23.0)
Provisions (5.5) (5.7)
Working capital (35.0) (40.3)
Net debt (306.6) (265.5)
Tax (13.5) (9.6)
Net liabilities (82.9) (82.2)
Intangible assets increased by £40.0m to £138.1m. The primary movement
relates to the addition of £41.4m of goodwill and intangibles relating to the
Victa DP acquisition.
Property, plant and equipment increased by £5.5m to £109.0m, which include
additions of £4.8m and £4.1m acquired through the acquisition of Victa DP.
This was offset by £3.6m in depreciation during the period.
Additions of £4.8m include £2.6m relating to automation across the supply
chain centres, £1.0m relating to our fifth SCC in Avonmouth and £0.6m
relating to corporate stores.
Investments, associates and joint ventures decreased by £6.6m primarily due
to the derecognition of Victa DP following the group's controlling share
acquisition during the period.
Deferred consideration of £2.0m relates to amounts owed to the Group
following our disposal of the London Corporate Stores during the year. This is
expected to be received in 2026.
Right-of-use assets of £26.9m represent the lease assets for our corporate
stores both in the UK and Ireland, warehouses and equipment leases recognised
under IFRS 16 in the current period. The net lease liability is £29.2m. The
lease portfolio has increased as a result of the acquisition of Victa DP.
The net working capital liability has decreased from £40.3m to £35.0m as a
result of the factors outlined in the cash flow section above.
Total equity has decreased by £0.7m, to a net liability position of £82.9m,
largely due to the profit after tax generated of £29.9m offset by dividend
payments of £29.4m. There are sufficient distributable reserves in the
standalone accounts of Domino's Pizza Group plc for the proposed dividend
payment.
Treasury management
At 29 June 2025, the Group held £500m in debt facilities, of which £200m
relates to an unsecured multi-currency revolving credit facility (RCF) and
£300m relates to US Private placement loan notes. The total undrawn facility
at 29 June 2025 was £177.0m.
The Group successfully amended and extended the RCF facility in July 2025,
increasing the amount to £300m and extending the facility to July 2030. The
Group now holds £600m in debt facilities, of which £300m relates to the
amended RCF and £300m relates to US Private Placement loan notes.
The US Private Placement loan notes consist of £200m which incur interest at
a fixed rate of 4.26% and expire in July 2027, and £100m which incurs
interest at a fixed rate of 5.97% and expires in June 2034. Interest is
payable every six months.
The unsecured multi-currency revolving credit facility incurs interest at a
margin over SONIA of between 165bps and 265bps depending on leverage, plus a
utilisation fee of between 0bps and 30bps of the aggregate amount of the
outstanding loans. The previous RCF incurred a margin over SONIA of between
185bps and 285bps.
The financial covenants under all financing agreements are materially
consistent. These covenants relate to measurement of adjusted EBITDAR against
consolidated net finance charges (interest cover) and adjusted EBITDA to net
debt (leverage ratio) measured semi-annually on a trailing 12-month basis at
half year and year end. The interest cover covenant under the terms of both
agreements cannot be less than 1.5:1, and leverage ratio cannot be more than
3:1. Figures used in the calculation of both covenants exclude the impact of
IFRS 16.
As at 29 June 2025 the Group has Net debt of £306.6m, and the last 12 months
Net debt/EBITDA ratio excluding the impact of IFRS 16 increased to 2.32x from
1.93x, largely as a result of the cash outflow on the acquisition of Victa DP.
Underpinning treasury management is a robust Treasury Policy and Strategy that
aims to minimise financial risk. Foreign exchange movement arising from
transactional activity is reduced by either agreeing fixed currency rates with
suppliers or pre-purchasing the currency spend.
Group income statement
26 weeks ended 29 June 2025
26 weeks ended 29 June 2025 26 weeks ended 30 June 2024 52 weeks ended 29 December 2024
Note £m £m £m £m £m £m £m £m £m
Underlying Non-underlying* Total Underlying Non-underlying* Total Underlying Non-underlying* Total
Revenue 3 331.5 - 331.5 326.8 - 326.8 664.5 - 664.5
Cost of sales (177.8) - (177.8) (169.9) - (169.9) (345.6) - (345.6)
Gross profit 153.7 - 153.7 156.9 - 156.9 318.9 - 318.9
Distribution costs (20.8) - (20.8) (20.6) - (20.6) (42.4) - (42.4)
Administrative costs 4 (81.1) (4.7) (85.8) (77.4) (3.1) (80.5) (155.3) (8.8) (164.1)
Share of post-tax profits of associates and joint ventures 12 1.3 - 1.3 1.2 - 1.2 3.3 - 3.3
Other income 4 - 1.5 1.5 - 11.2 11.2 0.5 26.4 26.9
Profit before interest and taxation 53.1 (3.2) 49.9 60.1 8.1 68.2 125.0 17.6 142.6
Finance income 5 6.7 - 6.7 7.1 - 7.1 14.0 - 14.0
Finance costs 6 (16.1) - (16.1) (15.9) - (15.9) (31.7) - (31.7)
Profit before taxation 43.7 (3.2) 40.5 51.3 8.1 59.4 107.3 17.6 124.9
Taxation 7 (10.7) 0.1 (10.6) (12.6) (4.5) (17.1) (27.0) (7.7) (34.7)
Profit for the period 33.0 (3.1) 29.9 38.7 3.6 42.3 80.3 9.9 90.2
Profit attributable to:
- Equity holders of the parent 32.9 (3.1) 29.8 38.7 3.6 42.3 80.3 9.9 90.2
- Non-controlling interests 0.1 - 0.1 - - - - - -
Profit for the period 33.0 (3.1) 29.9 38.7 3.6 42.3 80.3 9.9 90.2
Earnings per share
- Basic (pence) 8 8.4 7.6 9.8 10.7 20.4 22.9
- Diluted (pence) 8 8.4 7.6 9.7 10.6 20.3 22.8
*Non-underlying items are disclosed in note 4.
Group statement of comprehensive income
26 weeks ended 29 June 2025
Note 26 weeks ended 26 weeks ended 52 weeks ended
29 June 30 June 29 December
2025 2024 2024
£m £m £m
Profit for the period 29.9 42.3 90.2
Other comprehensive income/(expense):
Items that will not subsequently be reclassified to profit or loss
- (Loss)/gain on investment held through other comprehensive income/(expense) 17 (0.7) 0.5 0.1
- Taxation on investment held through other comprehensive income/(expense) 0.2 (0.1) -
Items that may be subsequently reclassified to profit or loss
- Exchange gain/(loss) on retranslation of foreign operations 2.0 (0.4) (3.1)
Other comprehensive income/(expense) for the period, net of tax 1.5 - (3.0)
Total comprehensive income for the period 31.4 42.3 87.2
Total comprehensive income attributable to:
- Equity holders of the parent 31.3 42.3 87.2
- Non-controlling interests 0.1 - -
Total comprehensive income for the period 31.4 42.3 87.2
Group balance sheet
At 29 June 2025
Note 26 weeks ended 26 weeks ended 52 weeks ended
29 June 30 June 29 December
2025 2024 2024
£m £m £m
Non-current assets
Intangible assets 10 138.1 103.3 98.1
Property, plant and equipment 10 109.0 99.2 103.5
Right-of-use assets 11 26.9 20.6 20.8
Lease receivables 11 184.2 186.2 189.5
Trade and other receivables 3.5 4.9 9.1
Investments 17 10.8 11.9 11.5
Investments in associates and joint ventures 12 20.1 25.4 26.0
Deferred consideration receivable 2.0 - 2.0
494.6 451.5 460.5
Current assets
Lease receivables 11 16.8 16.0 17.2
Inventories 7.9 8.4 9.2
Trade and other receivables 58.8 53.4 60.3
Current tax assets 3.3 3.4 3.5
Cash and cash equivalents 21 14.4 25.9 52.2
Assets held for sale 15 - 11.9 -
101.2 119.0 142.4
Total assets 595.8 570.5 602.9
Current liabilities
Lease liabilities 11 (22.8) (22.1) (22.3)
Trade and other payables (104.9) (104.6) (118.4)
Current tax liabilities - (4.4) (1.4)
Provisions (1.6) (2.3) (3.0)
Liabilities held for sale 15 - (5.0) -
(129.3) (138.4) (145.1)
Non-current liabilities
Lease liabilities 11 (207.4) (202.5) (207.4)
Trade and other payables (0.3) (0.1) (0.5)
Financial liabilities 16 (321.0) (311.3) (317.7)
Deferred tax liabilities (16.8) (11.1) (11.7)
Provisions (3.9) (2.4) (2.7)
(549.4) (527.4) (540.0)
Total liabilities (678.7) (665.8) (685.1)
Net liabilities (82.9) (95.3) (82.2)
Shareholders' equity
Called up share capital 2.1 2.1 2.1
Share premium account 71.9 71.9 71.9
Capital redemption reserve 0.5 0.5 0.5
Capital reserve - own shares (13.5) (11.9) (10.3)
Currency translation reserve (3.7) (3.0) (5.7)
Other reserve (0.6) 0.4 0.1
Accumulated losses (138.7) (155.3) (140.8)
Total equity shareholders' deficit (82.0) (95.3) (82.2)
Non-controlling interests (0.9) - -
Total equity (82.9) (95.3) (82.2)
Group statement of changes in equity
26 weeks ended 29 June 2025
Note Capital
Share Capital Reserve Currency Total Non-
Share premium redemption - own translation Other reserve Accumulated shareholders' controlling
capital account reserve shares reserve £m losses equity interests Total
£m £m £m £m £m £m £m £m £m
At 31 December 2023 2.1 49.6 0.5 (12.5) (2.6) - (171.1) (134.0) - (134.0)
Profit for the period - - - - - - 42.3 42.3 - 42.3
Other comprehensive income/(expense)
- exchange differences - - - - (0.4) - - (0.4) - (0.4)
- gain on investment held through other comprehensive income/(expense) 17 - - - - - 0.5 - 0.5 - 0.5
- taxation on investment held through other comprehensive income/(expense) 7 - - - - - (0.1) - (0.1) - (0.1)
Total comprehensive income for the period - - - - (0.4) 0.4 42.3 42.3 - 42.3
Proceeds from share issues - - - 0.3 - - - 0.3 - 0.3
Share issued on acquisition of subsidiaries 13 - 22.3 - - - - - 22.3 - 22.3
Impairment of share issues - - - 0.3 - - (0.3) - - -
Share buybacks - - - - - - (6.2) (6.2) - (6.2)
Share buyback obligation satisfied - - - - - - 6.1 6.1 - 6.1
Share options and LTIP charge 18 - - - - - - 2.0 2.0 - 2.0
Equity dividends paid 9 - - - - - - (28.1) (28.1) - (28.1)
At 30 June 2024 2.1 71.9 0.5 (11.9) (3.0) 0.4 (155.3) (95.3) - (95.3)
Profit for the period - - - - - - 47.9 47.9 - 47.9
Other comprehensive expense
- exchange differences - - - - (2.7) - - (2.7) - (2.7)
- loss on investment held through other comprehensive expense 17 - - - - - (0.3) - (0.3) - (0.3)
Total comprehensive income for the period - - - - (2.7) (0.3) 47.9 44.9 - 44.9
Proceeds from share issues - - - 0.1 - - - 0.1 - 0.1
Impairment of share issues - - - - - - (1.5) (1.5) - (1.5)
Share buybacks - - - 1.5 - - (20.1) (18.6) - (18.6)
Share options and LTIP charge 18 - - - - - - 2.0 2.0 - 2.0
Tax on employee share options 7 - - - - - - 0.1 0.1 - 0.1
Equity dividends paid 9 - - - - - - (13.9) (13.9) - (13.9)
At 29 December 2024 2.1 71.9 0.5 (10.3) (5.7) 0.1 (140.8) (82.2) - (82.2)
Profit for the period - - - - - - 29.8 29.8 0.1 29.9
Other comprehensive income/(expense)
- exchange differences - - - - 2.0 - - 2.0 - 2.0
- loss on investment held through other comprehensive income/(expense) 17 - - - - - (0.7) - (0.7) - (0.7)
- taxation on investment held through other comprehensive income/(expense) 7 - - - - - - 0.2 0.2 - 0.2
Total comprehensive income for the period - - - - 2.0 (0.7) 30.0 31.3 0.1 31.4
Impairment of share issues - - - 0.1 - - (0.1) - - -
Share buybacks - - - (3.3) - - - (3.3) - (3.3)
Share options and LTIP charge 18 - - - - - - 1.7 1.7 - 1.7
Tax on employee share options 7 - - - - - - (0.1) (0.1) - (0.1)
Equity dividends paid 9 - - - - - - (29.4) (29.4) - (29.4)
Acquisition of subsidiaries - - - - - - - - (3.2) (3.2)
Capital contribution from non-controlling interest - - - - - - - - 2.2 2.2
At 29 June 2025 2.1 71.9 0.5 (13.5) (3.7) (0.6) (138.7) (82.0) (0.9) (82.9)
Group cash flow statement
26 weeks ended 29 June 2025
Note 26 weeks ended 26 weeks ended 52 weeks ended
29 June 2025 30 June 2024 29 December 2024
£m £m £m
Cash flows from operating activities
Profit before interest and taxation 49.9 68.2 142.6
Amortisation and depreciation 3 13.7 9.9 21.7
Share of post-tax profits of associates and joint ventures 12 (1.3) (1.2) (3.3)
Profit on disposal of property, plant and equipment - - (0.2)
Profit on disposal of trade and assets 14 - (11.6) (21.9)
Fair value gain on deemed disposal of previously held interest 13 (1.5) - -
Share option and LTIP charge 18 1.7 2.0 4.0
Decrease in provisions (1.6) (1.3) (1.1)
Decrease in inventories 1.5 3.0 2.2
Decrease/(increase) in receivables 4.6 (1.0) (8.2)
(Decrease)/increase in payables (17.4) (12.5) 2.8
Cash generated from operations 49.6 55.5 138.6
Corporation tax paid (12.4) (15.2) (35.1)
Net cash generated from operating activities 37.2 40.3 103.5
Cash flows from investing activities
Purchase of property, plant and equipment 10 (5.6) (4.1) (11.6)
Purchase of intangible assets 10 (2.9) (3.0) (6.9)
Proceeds from sale of property, plant and equipment - - 0.5
Net consideration received on disposal of subsidiaries - - 0.2
Proceeds from sale of trade and assets 14 - 17.3 32.8
Acquisition of subsidiaries, net of cash received 13 (7.0) (32.5) (32.5)
Receipt of principal element on lease receivables 8.4 8.2 16.2
Receipt of interest element on lease receivables 6.3 6.6 13.0
Interest received 0.2 0.5 0.8
Purchase of investments 17 - (11.4) (11.4)
Other 21 0.4 1.4 (1.3)
Net cash used in investing activities (0.2) (17.0) (0.2)
Cash inflow before financing 37.0 23.3 103.3
Cash flows from financing activities
Interest paid (8.3) (8.3) (16.5)
Share purchases 21 (3.3) (6.2) (26.3)
Consideration received on exercise of share options - employee benefit trust - 0.3 0.4
New bank loans and facilities drawn down 28.0 278.1 323.1
Facility arrangement fees paid - - (0.7)
Repayment of borrowings (45.6) (267.2) (306.2)
Repayment of principal element on lease liabilities (11.5) (11.0) (20.7)
Repayment of interest element on lease liabilities (7.2) (7.1) (14.1)
Proceeds from capital contribution by non-controlling interest 2.2 - -
Equity dividends paid 9 (29.4) (28.1) (42.0)
Net cash used in financing activities (75.1) (49.5) (103.0)
Net (decrease)/increase in cash and cash equivalents (38.1) (26.2) 0.3
Cash and cash equivalents at beginning of period 52.2 52.1 52.1
Foreign exchange gain/(loss) on cash and cash equivalents 0.3 - (0.2)
Cash and cash equivalents at end of period 21 14.4 25.9 52.2
Notes to the interim financial statements
26 weeks ended 29 June 2025
1. General information
Domino's Pizza Group plc ('the Company') is a public limited company
incorporated in the United Kingdom under the Companies Act 2006 (registration
number 03853545). The Company is domiciled in the United Kingdom and its
registered address is 1 Thornbury, West Ashland, Milton Keynes, MK6 4BB. The
Company's ordinary shares are listed on the Official List of the FCA and
traded on the Main Market of the London Stock Exchange. Further copies of the
interim report and Annual Report and Accounts may be obtained from the address
above.
2. Basis of preparation
The condensed consolidated interim financial statements (the 'interim
financial statements') have been prepared in accordance with the UK-adopted
International Accounting Standard 34, 'Interim Financial Reporting' and the
Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's
Financial Conduct Authority. The financial information contained in this
interim report does not constitute statutory accounts within the meaning of
Section 434 of the Companies Act 2006.
The interim results for the 26 weeks ended 29 June 2025 and the comparatives
to 30 June 2024 are unaudited but have been reviewed by the auditors. A copy
of their review report has been included at the end of this report.
The financial information for the 52 weeks ended 29 December 2024 has been
extracted from the Group financial statements for that period. These published
financial statements were reported on by the auditors without qualification or
an emphasis of matter reference and did not include a statement under section
498(2) or (3) of the Companies Act 2006 and have been delivered to the
Registrar of Companies.
The interim financial information is presented in sterling and all values are
rounded to the nearest tenth of million pounds (£0.1m), except when otherwise
indicated. The accounting policies are consistent with those of the previous
financial year and corresponding interim reporting period, except for the
estimation of income tax (see note 7). The financial statements are prepared
using the historical cost basis with the exception of the derivative financial
assets and contingent consideration which are measured at fair value in
accordance with IFRS 13 Fair Value Measurement.
Going concern
The interim financial information has been prepared on a going concern basis.
This is considered appropriate, given the financial resources of the Group
including the current position of banking facilities, together with long-term
contracts with its master franchisor, its franchisees and its key suppliers.
The Directors of the Group have performed an assessment of the overall
position and future forecasts (including the 12 month period from the date of
this report) for the purpose of going concern. The overall Group has seen
market share gains in a tough operating environment.
The Directors of the Group have considered the future position based on
current trading and a number of potential downside scenarios which may occur,
either through reduced consumer spending, reduced store growth, supply chain
disruptions, general economic uncertainty and other risks. This assessment has
considered the overall level of Group borrowings and covenant requirements,
the flexibility of the Group to react to changing market conditions and
ability to appropriately manage any business risks. As at 29 June 2025 the
Group has £500m of banking facilities and a net debt position of £306.6m.
The facilities have leverage and interest cover covenants, with which the
Group have complied. The Group amended and extended the RCF facility in July
2025, increasing the amount to £300m and extending the facility to July 2030.
The Group now holds £600m in debt facilities, of which £300m relates to the
amended RCF and £300m relates to US Private Placement loan notes. The
covenants have remained unchanged.
The scenarios modelled are based on our current forecast projections out to
the end of 2026 and have taken into account the following risks:
- a downside impact of economic uncertainty and other sales risks
over the forecast period, reflected in sales performance, with a c.5%
reduction in LFL sales compared to budget;
- The impact of a reduction of new store openings to half of their
forecast level;
- A further reduction of between 2.5%-3.0% in sales to account for
the potential impact of the public health debate;
- Future potential disruptions to the supply chain through loss of
one of our supply chain centres impacting our ability to supply stores for a
period of two weeks;
- The impact of a temporary loss of availability of our eCommerce
platform for 24 hours during peak trading periods; and
- A significant unexpected increase in the impact of climate change
on our delivery costs.
Notes to the interim financial statements (continued)
26 weeks ended 29 June 2025
2. Basis of preparation (continued)
We have also considered a second 'severe but plausible' scenario, which in
addition to the above-mentioned risks, also includes the risks of:
- A disruption to one of our key suppliers impacting our supply
chain over a period of four weeks whilst alternate sourcing is secured; and
- The impact of fines from a potential wider data breach.
In each of the scenarios modelled, there remains significant headroom
available on net debt. Under the first scenario there remains sufficient
headroom under the covenant requirements of the facilities.
If all the risks under the first scenario were to occur simultaneously with
the additional risks in the second scenario, before any mitigating actions,
the Group would breach its leverage covenants. The Board has a mitigating
action available in the form of delays in dividends to shareholders and share
buybacks which would prevent a breach of leverage covenants.
Based on this assessment, the Directors have formed a judgement that there is
a reasonable expectation the Group will have adequate resources to continue in
operational existence for the foreseeable future.
Accounting policies and new standards
There were no new standards and interpretations effective for the first time
for the reporting period that have a material impact on the Group financial
statements.
Notes to the interim financial statements (continued)
26 weeks ended 29 June 2025
3. Segmental information
For management purposes, the Group has been organised into two geographic
business units based on the operating models of the regions; the UK &
Ireland operating more mature markets with a franchise model, limited
corporate stores and investments held in our franchisees, compared to
International which operated predominantly as corporate stores. The
International segment included legacy Germany and Switzerland holding
companies.
These are considered the Group's operating segments as the information
provided to the Executive Directors of the Board, who are considered to be the
chief operating decision makers, is based on these territories. The chief
operating decision makers review the segmental underlying EBIT and EBITDA
results and the non-underlying items separately. Revenue included in each
segment includes all sales made to franchise stores (royalties, sales to
franchisees and rental income) and by corporate stores located in that
segment.
Following the announcement of the growth framework in 2023, the Group's
operating segments continue to be reviewed and will be updated if there are
any changes in the structure of information provided to the Executive
Directors.
Unallocated assets include cash and cash equivalents and taxation assets.
Unallocated liabilities include the bank revolving facility and taxation
liabilities.
Segment assets and liabilities
At 29 June 2025 At 30 June 2024 At 29 December 2024
£m £m £m
Current tax assets 3.3 3.4 3.5
Cash and cash equivalents 14.4 25.9 52.2
Unallocated assets 17.7 29.3 55.7
Current tax liabilities - 4.4 1.4
Deferred tax liabilities 16.8 11.1 11.7
Debt facilities 321.0 311.3 317.7
Unallocated liabilities 337.8 326.8 330.8
26 weeks ended 29 June 2025 26 weeks ended 30 June 2024 52 weeks ended 29 December 2024
UK & Ireland International Total UK & Ireland International Total UK & Ireland International Total
£m
£m
£m
£m
£m
£m
£m £m £m
Segment assets
Segment current assets 83.5 - 83.5 89.7 - 89.7 86.7 - 86.7
Segment non-current assets 463.7 - 463.7 414.2 - 414.2 423.0 - 423.0
Investment in associates and joint ventures 20.1 - 20.1 25.4 - 25.4 26.0 - 26.0
Investments 10.8 - 10.8 11.9 - 11.9 11.5 - 11.5
Unallocated assets 17.7 29.3 55.7
Total assets 595.8 570.5 602.9
Segment liabilities
Liabilities 340.9 - 340.9 339.0 - 339.0 354.3 - 354.3
Unallocated liabilities 337.8 326.8 330.8
Total liabilities 678.7 665.8 685.1
Notes to the interim financial statements (continued)
26 weeks ended 29 June 2025
Segmental performance for the 26 weeks 29 June 2025
UK & Ireland International Total underlying Non-underlying Total reported
£m
£m
£m
£m
£m
Revenue
Sales to external customers 331.5 - 331.5 - 331.5
Segment revenue 331.5 - 331.5 - 331.5
Results
Underlying result before associates and joint ventures 51.8 - 51.8 (4.7) 47.1
Share of profit of associates and joint ventures 1.3 - 1.3 - 1.3
Other income - - - 1.5 1.5
Profit before interest and taxation 53.1 - 53.1 (3.2) 49.9
Net finance costs (9.4) - (9.4) - (9.4)
Profit before taxation 43.7 - 43.7 (3.2) 40.5
Taxation (10.7) - (10.7) 0.1 (10.6)
Profit for the period 33.0 - 33.0 (3.1) 29.9
Effective tax rate 24.5% - 24.5% - 26.2%
Other segment information
Depreciation 6.9 - 6.9 - 6.9
Amortisation 3.9 - 3.9 2.9 6.8
Total depreciation and amortisation 10.8 - 10.8 2.9 13.7
EBITDA 63.9 - 63.9 (0.3) 63.6
Underlying EBITDA 63.9 - 63.9 - 63.9
Capital expenditure 8.5 - 8.5 - 8.5
Share-based payment charge 1.7 - 1.7 - 1.7
Revenue disclosures
Sales to franchisees 210.3 - 210.3 - 210.3
Royalties, rental and franchise fees 40.4 - 40.4 - 40.4
Corporate store income 38.2 - 38.2 - 38.2
National Advertising and eCommerce income 42.6 - 42.6 - 42.6
Total segment revenue 331.5 - 331.5 - 331.5
Notes to the interim financial statements (continued)
26 weeks ended 29 June 2025
Segmental performance for the 26 weeks ended 30 June 2024
UK & Ireland International Total underlying Non-underlying Total reported
£m
£m
£m
£m
£m
Revenue
Sales to external customers 326.8 - 326.8 - 326.8
Segment revenue 326.8 - 326.8 - 326.8
Results
Underlying result before associates and joint ventures 58.9 - 58.9 (3.1) 55.8
Share of profit of associates and joint ventures 1.2 - 1.2 - 1.2
Other income - - - 11.2 11.2
Profit before interest and taxation 60.1 - 60.1 8.1 68.2
Net finance costs (8.8) - (8.8) - (8.8)
Profit before taxation 51.3 - 51.3 8.1 59.4
Taxation (12.6) - (12.6) (4.5) (17.1)
Profit for the period 38.7 - 38.7 3.6 42.3
Effective tax rate 24.6% - 24.6% - 28.8%
Other segment information
Depreciation 5.6 - 5.6 - 5.6
Amortisation 3.3 - 3.3 1.0 4.3
Total depreciation and amortisation 8.9 - 8.9 1.0 9.9
EBITDA 69.0 - 69.0 9.1 78.1
Underlying EBITDA 69.0 - 69.0 - 69.0
Capital expenditure 7.1 - 7.1 - 7.1
Share-based payment charge 2.0 - 2.0 - 2.0
Revenue disclosures
Sales to franchisees 217.6 - 217.6 - 217.6
Royalties, rental and franchise fees 40.6 - 40.6 - 40.6
Corporate store income 26.2 - 26.2 - 26.2
National Advertising and eCommerce income 42.4 - 42.4 - 42.4
Total segment revenue 326.8 - 326.8 - 326.8
Notes to the interim financial statements (continued)
26 weeks ended 29 June 2025
Segmental performance for the 52 weeks ended 29 December 2024
UK & Ireland International Total underlying Non-underlying Total reported
£m
£m
£m
£m
£m
Revenue
Sales to external customers 664.5 - 664.5 - 664.5
Segment revenue 664.5 - 664.5 - 664.5
Results
Underlying result before associates and joint ventures 121.2 - 121.2 - 121.2
Share of profit of associates and joint ventures 3.3 - 3.3 - 3.3
Other non-underlying items - - - (8.8) (8.8)
Other income 0.5 - 0.5 26.4 26.9
Profit before interest and taxation 125.0 - 125.0 17.6 142.6
Net finance costs (17.7) - (17.7) - (17.7)
Profit before taxation 107.3 - 107.3 17.6 124.9
Taxation (27.0) - (27.0) (7.7) (34.7)
Profit for the year 80.3 - 80.3 9.9 90.2
Effective tax rate 25.2% - 25.2% - 27.8%
Other segment information
Depreciation 11.5 - 11.5 - 11.5
Amortisation 6.9 - 6.9 3.3 10.2
Total depreciation and amortisation 18.4 - 18.4 3.3 21.7
EBITDA 143.4 - 143.4 20.9 164.3
Underlying EBITDA 143.4 - 143.4 - 143.4
Capital expenditure 18.5 - 18.5 - 18.5
Share-based payment charge 4.0 - 4.0 - 4.0
Revenue disclosures
Sales to franchisees 443.7 - 443.7 - 443.7
Royalties, rental and franchise fees 83.3 - 83.3 - 83.3
Corporate store income 53.2 - 53.2 - 53.2
National Advertising and eCommerce income 84.3 - 84.3 - 84.3
Total segment revenue 664.5 - 664.5 - 664.5
Notes to the interim financial statements (continued)
26 weeks ended 29 June 2025
4. Reconciliation of non-GAAP measures
Non-underlying items included in the financial statements
26 weeks ended 26 weeks ended 52 weeks ended
29 June 2025 30 June 2024 29 December 2024
£m £m £m
Underlying profit for the period 33.0 38.7 80.3
Non-underlying (loss)/profit for the period (3.1) 3.6 9.9
Profit for the period 29.9 42.3 90.2
Non-underlying items
26 weeks ended 26 weeks ended 52 weeks ended
29 June 2025 30 June 2024 29 December 2024
Note £m £m £m
Included in administrative costs
- Reacquired rights amortization a) (3.0) (1.0) (3.3)
- Strategy costs b) (1.7) (2.2) (5.5)
- Reversionary scheme costs, net of costs c) - 0.1 -
(4.7) (3.1) (8.8)
Included in other income
- Fair value gain on investment d) 1.5 - -
- Profit on disposal of corporate stores e) - 11.2 21.4
- Reversionary scheme, net of costs c) - - 5.0
1.5 11.2 26.4
Included in profit before taxation (3.2) 8.1 17.6
- Taxation f) 0.1 (4.5) (7.7)
Included in profit for the period (3.1) 3.6 9.9
a) Reacquired rights amortisation
The Group incurred a charge of £3.0m (H1 24: £1.0m; FY 24: £3.3m) in
relation to the amortisation of reacquired rights recognised on the
acquisition of Shorecal and Victa DP Limited (Victa DP). Of the charge, £2.3m
(H1 24: £1.0m; FY 24: £3.0m) relates to Shorecal and £0.7m (H1 24: £nil ;
FY 24: £nil) relates to Victa DP.
This relates to the valuation of the Standard Franchise Agreements which were
in place before the acquisition, previously issued by the Group to the
Shorecal Limited group and Victa DP when these were independently controlled
franchisees. These are amortised over the remaining life of the franchise
agreements, which is on average 5 years for Shorecal and 8 years for Victa DP.
b) Strategy costs
During the current period, the Group incurred strategy costs of £1.7m which
relate to legal and professional fees associated with delivering the Group's
growth strategy.
In the prior year, strategy costs included legal and advisory costs of £2.3m
associated with the acquisition of Shorecal Limited in the first half of the
year and £3.2m relating to an acquisition which did not complete.
These costs are recognised in non-underlying as they relate directly to
acquisition related activity and are significant enough to distort the
underlying performance of the Group.
c) Reversionary share scheme
In the previous year, the Group recognised income of £5.0m, net of £0.3m
related legal costs, in relation to amounts receivable from beneficiaries of
the reversionary scheme, following the Group's settlement of the employment
tax and related charges with HMRC in 2022 and 2023. £0.7m of cash was
received by the end of the year and a receivable of £4.6m was recognised at
year end.
During the current year £2.1m was received and a further £2.5m is expected
to be received in 2025. This income was recognised in non-underlying results
consistent with the recognition of the expense in previous years.
Notes to the interim financial statements (continued)
26 weeks ended 29 June 2025
d) Fair value gain on investment
Due to the acquisition of Victa DP during the current period, the Group's
existing 46% share ownership was deemed to of been disposed at its fair value
resulting in a gain of £1.5m. The fair value was determined with reference to
the consideration paid for the additional 24% acquisition taking into account
a control premium. For further detail refer to note 13.
e) Profit on disposal of corporate stores
In the previous year, the Group disposed of its London corporate stores in the
previous year, generating a profit on disposal of £21.4m, which includes
£0.5m in transactions costs. For further details refer to note 14. This was
treated as a non-underlying profit as is consistent with the treatment of the
previous impairment to the Corporate Stores recognised in 2019.
f) Taxation
During the current period, the group recognised a £0.5m tax charge relating
to the disposal of the London corporate stores in the prior year and a £0.6
tax credit relating to the amortisation of reacquired rights recognised. No
other tax charge arises in respect of other costs included within
non-underlying items.
During the prior period, the group incurred a £4.5m tax charge which
primarily related to the disposal of the London corporate stores detailed in
note e above. The £7.7m tax charge in FY 24 related to the London corporate
store disposal and the settlement income received in respect of the historical
share-based compensation scheme detailed in note c.
5. Finance income
26 weeks ended 26 weeks ended 52 weeks ended
29 June 2025 30 June 2024 29 December 2024
£m £m £m
Interest receivable on leases 6.3 6.6 13.0
Other interest receivable 0.2 0.4 0.8
Discount unwind 0.1 0.1 0.2
Foreign exchange 0.1 - -
Total finance income 6.7 7.1 14.0
6. Finance costs
26 weeks ended 26 weeks ended 52 weeks ended
29 June 2025 30 June 2024 29 December 2024
£m £m £m
Debt facilities interest payable 8.7 8.5 17.3
Interest payable on leases 7.2 7.1 14.1
Other interest payable 0.2 0.1 0.1
Foreign exchange - 0.2 0.2
Total finance costs 16.1 15.9 31.7
Notes to the interim financial statements (continued)
26 weeks ended 29 June 2025
7. Taxation
Tax charged in the income statement
26 weeks ended 26 weeks ended 52 weeks ended
29 June 2025 30 June 2024 29 December 2024
£m £m £m
Current income tax
UK corporation tax:
- current period 9.3 16.5 33.1
- adjustment in respect of prior periods 0.3 (0.1) (0.2)
9.6 16.4 32.9
Income tax on overseas operations 0.4 0.2 0.3
Total current income tax charge 10.0 16.6 33.2
Deferred tax
Origination and reversal of temporary differences 0.6 0.5 1.4
Adjustment in respect of prior periods - - 0.1
Total deferred tax 0.6 0.5 1.5
Tax charge in the income statement 10.6 17.1 34.7
The tax charge in the income statement is disclosed as follows:
Taxation 10.6 17.1 34.7
Tax (credited)/charged in the statement of other comprehensive
income/(expense)
26 weeks ended 26 weeks ended 52 weeks ended
29 June 2025 30 June 2024 29 December 2024
£m £m £m
Deferred tax:
- Origination and reversal of temporary differences (0.2) 0.1 -
Tax (credit)/charge in the statement of other comprehensive income/(expense) (0.2) 0.1 -
The tax (credit)/charge in the statement of other comprehensive
income/(expense) is disclosed as follows:
- Taxation on investment held through other comprehensive income/(expense) (0.2) 0.1 -
Tax relating to items (charged)/credited to equity
26 weeks ended 26 weeks ended 52 weeks ended
29 June 2025 30 June 2024 29 December 2024
£m £m £m
Reduction in current tax liability as a result of the exercise (0.3) - (0.1)
of share options
Origination and reversal of temporary differences in relation to unexercised 0.2 - 0.2
share options
Tax (charge)/credit in the Group statement of changes in equity (0.1) - 0.1
The total effective tax rate is 26.2% (H1 24: 28.8%; FY 24: 27.8%).
Tax charged for the 26 weeks ended 29 June 2025 has been calculated by
applying the effective rate of tax per jurisdiction to the underlying profit
which is expected to apply to the Group for the period ending 28 December 2025
using rates substantively enacted by 29 June 2025 as required by IAS 34
'Interim Financial Reporting'. Items of an exceptional nature have been
assessed independently.
Notes to the interim financial statements (continued)
26 weeks ended 29 June 2025
8. Earnings per share
Basic earnings per share amounts are calculated by dividing profit for the
year attributable to ordinary equity holders of the parent by the weighted
average number of Ordinary shares outstanding during the year. Diluted
earnings per share is calculated by dividing the profit attributable to
ordinary equity holders of the parent by the weighted average number of
Ordinary shares outstanding during the year plus the weighted average number
of Ordinary shares that would have been issued on the conversion of all
dilutive potential Ordinary shares into Ordinary shares.
Earnings
26 weeks ended 26 weeks ended 52 weeks ended
29 June 2025 30 June 2024 29 December 2024
£m £m £m
Profit after tax for the period 29.9 42.3 90.2
Non-underlying items 3.1 (3.6) (9.9)
Attributable to non-controlling interest (0.1) - -
Underlying profit after tax 32.9 38.7 80.3
At At At
29 June 2025 30 June 2024 29 December 2024
Number Number Number
Basic weighted average number of shares (excluding treasury shares) 390,715,124 395,803,838 393,720,595
Dilutive effect of share options and awards 3,137,909 2,644,857 2,581,313
Diluted weighted average number of shares 393,853,033 398,448,695 396,301,908
The performance conditions relating to share options granted over 5,986,033
shares (H1 24: 5,897,866; FY 24: 5,879,430) have not been met in the current
financial period and therefore the dilutive effect of the number of shares
which would have been issued at the period end has not been included in the
diluted earnings per share calculation.
There were 2,674,628 share options excluded from the diluted earnings per
share calculation because they would be antidilutive (H1 24: 1,750,708; FY 24:
1,867,439).
26 weeks ended 26 weeks ended 52 weeks ended
29 June 2025 30 June 2024 29 December 2024
Statutory earnings per share
Basic earnings per share 7.6p 10.7p 22.9p
Diluted earnings per share 7.6p 10.6p 22.8p
Underlying earnings per share
Basic earnings per share 8.4p 9.8p 20.4p
Diluted earnings per share 8.4p 9.7p 20.3p
9. Dividends paid and proposed
26 weeks ended 26 weeks ended 52 weeks ended
29 June 2025 30 June 2024 29 December 2024
£m £m £m
Declared and paid during the period:
Final dividend for 2024: 7.5p (2023: 7.2p) 29.4 28.1 28.1
Interim dividend for 2024: 3.5p - - 13.9
Dividends declared and paid 29.4 28.1 42.0
The Directors have declared an interim dividend of 3.6p per share. This
dividend will be paid on 26 September 2025 to those members on the register at
the close of business on 15 August 2025.
Notes to the interim financial statements (continued)
26 weeks ended 29 June 2025
10. Intangible assets and property, plant and equipment
During the 26 weeks ended 29 June 2025, the Group acquired assets with a cost
of £8.3m (cash outflow of £8.5m).
Through the acquisition of Victa DP in the current period, the Group acquired
property, plant and equipment of £4.1m. The Group also acquired intangible
assets of £41.4m, of which £22.7m relates to Goodwill and £18.7m relates to
reacquired rights in respect of franchise agreements. These amounts are
provisional.
The reacquired rights of £18.7m represent the value of the Standard Franchise
Agreements previously issued by the Group and reacquired on acquisition. The
valuation of these reacquired rights is an accounting estimate which was
provisionally valued using multiple period excess earnings method over the
remaining contractual term of the franchise agreements. These assets will be
amortised over the period of the franchise agreements, which is on average 8
years, with amortisation recognised in non-underlying results.
Refer to note 13 for additional information.
In the first half of 2024, the Group disposed of 14 London corporate stores
which included intangible assets of £5.9m and property, plant and equipment
of £0.8m. Assets with a carrying value of £7.5m were transferred to assets
held for sale. Refer to notes 14 and 15 for more details.
Through the acquisition of Shorecal in the prior period, the Group acquired
property, plant and equipment of £2.9m. The Group also acquired intangible
assets of £87.1m of which £64.7m related to Goodwill and £22.4m related to
reacquired rights in respect of franchise agreements.
As at 29 June 2025, amounts contracted for but not provided for in the
financial statements for the acquisition of property, plant and equipment
amounted to £0.5m (2024: £0.5m) and for intangible assets amount to £1.2m
(2024: £0.8m) for the Group.
11. Right-of-use assets, lease receivables and lease liabilities
Right-of-use assets
At At At
29 June 2025 30 June 2024 29 December 2024
£m £m £m
Property 13.9 12.7 8.9
Equipment 13.0 7.9 11.9
26.9 20.6 20.8
Amounts recognised in the income statement
26 weeks ended 26 weeks ended 52 weeks ended
29 June 2025 30 June 2024 29 December 2024
£m £m £m
Depreciation - Property 0.6 0.4 0.8
Depreciation - Equipment 2.7 2.2 4.0
3.3 2.6 4.8
Lease receivables
At At At
29 June 2025 30 June 2024 29 December 2024
£m £m £m
Property 201.0 202.2 206.7
201.0 202.2 206.7
Lease liabilities
At At At
29 June 2025 30 June 2024 29 December 2024
£m £m £m
Property 216.6 216.2 217.3
Equipment 13.6 8.4 12.4
230.2 224.6 229.7
Notes to the interim financial statements (continued)
26 weeks ended 29 June 2025
12. Investment in associates and joint ventures
At At At
29 June 2025 30 June 2024 29 December 2024
£m £m £m
Investments in associates 15.7 20.9 21.3
Investments in joint ventures 4.4 4.5 4.7
Total investments in associates and joint ventures 20.1 25.4 26.0
During the period, our investment in Full House Restaurant Holdings,
contributed profits of £1.2m, and our investment in Domino's Pizza West
Country contributed profits of £0.1m along with contributing a dividend of
£0.4m. During the period, the Group increased its investment in Victa DP
which is now a subsidiary of the Group. As a result, the £6.8m value of the
associate investment has been derecognised. For further detail refer to note
13.
13. Business combinations
Acquisition of Victa DP Limited
On the 10(th) of March 2025, the Group acquired an additional 24% of share
capital of Victa DP Limited, a private company registered in the United
Kingdom that operates Domino's franchise stores in Northern Ireland, taking
its ownership to 70%. A total net cash consideration of £7.0m was
transferred.
The acquisition is consistent with the Group's growth strategy of unlocking
growth in Northern Ireland and the Republic of Ireland following the
acquisition of Shorecal in 2024 and the investment in the Ireland supply chain
centre.
The provisional acquisition balance sheet reflects management's initial
assessment of the fair value of identifiable assets and liabilities acquired,
as permitted under IFRS 3 Business Combinations, pending completion of the
measurement period and the finalisation of the purchase price allocation.
Adjustments to the balance sheet primarily relate to recognition of intangible
assets for the reacquired rights relating to the franchise agreements, right
of use assets and lease liabilities, and provisions.
The reacquired rights of £18.7m were valued using multiple period excess
earnings method over the remaining contractual term of the franchise
agreements which is reflective of their useful economic life. These assets
will be amortised over the period of the franchise agreements, with
amortisation recognised in non-underlying results.
Provisions of £1.4m were recognised on acquisition relating to dilapidations
provisions for the acquired leases.
Financial liabilities of £20.7m, representing external debt held
pre-acquisition, were settled by the Group subsequent to the acquisition date.
The resulting Goodwill of £22.7m recognised represents intangible assets that
do not qualify for separate recognition, such as the extensive assembled
workforce, and synergies resulting from the Group's purchase of this company,
and the future growth potential of the company.
Using the proportionate share method, non-controlling interest of £3.2m was
recognised on acquisition, representing the 30% of Victa DP that is not owned
by the Group. A capital contribution of £2.2m was made by the non-controlling
post acquisition.
Immediately prior to the acquisition, the Group held a 46% interest in Victa
DP which had a value of £6.8m. When a business combination is achieved in
stages, IFRS 3 requires an acquirer to remeasure its previously held equity
interest in the acquiree at its fair value on the date of acquisition. As a
result, the 46% interest was remeasured resulting in a fair value gain of
£1.5m which has been recognised as non-underlying within other income in the
Group income statement.
Since the acquisition, Victa DP has contributed £7.3m of Group revenue and
profit before tax of £0.1m. Had the acquisition taken place at the start of
the period, the Group would have revenue of £10.1m and profit before tax of
£0.1m.
Notes to the interim financial statements (continued)
26 weeks ended 29 June 2025
13. Business combinations (continued)
£m
Cash paid on acquisition 7.1
Cash acquired (0.1)
Net cash consideration 7.0
Fair value of net assets acquired
Property, plant and equipment 4.1
Intangible assets 18.7
Right-of-use-assets 4.5
Deferred tax assets 0.3
Inventories 0.2
Trade and other receivables 1.4
Total assets acquired 29.2
Trade and other payables (7.1)
Deferred tax liabilities (5.1)
Corporation tax (1.0)
Lease liabilities (4.5)
Provisions (1.4)
Financial liabilities (20.7)
Total liabilities acquired (39.8)
Net identifiable liabilities acquired at fair value (10.6)
Goodwill arising on acquisition
Consideration transferred 7.0
Previously held investment of 46% at fair value 8.3
Non-controlling interest at its 30% proportionate share (3.2)
Fair value of net liabilities acquired 10.6
Goodwill 22.7
Acquisition of Shorecal Limited
On 10 April 2024, the Group acquired the remaining 85% of the issued share
capital of Shorecal Limited. Details of this business combination were
disclosed in note 28 of the Group's annual financial statements for the year
ended 29 December 2024 and reflect the final fair values of the assets and
liabilities acquired and the consideration paid.
Notes to the interim financial statements (continued)
26 weeks ended 29 June 2025
14. Disposals
There have been no disposals during the interim period. During 2024, the Group
disposed of its London corporate stores with 14 of them sold during the first
half of the year, and the remaining stores sold in the second half of 2024. A
profit on disposal of £21.4m was generated. Details of the disposal were
disclosed in note 27 of the Group's annual financial statements for the year
ended 29 December 2024.
15. Assets and liabilities held for sale
In 2024, the Group proceeded with the sale of its 31 London corporate stores,
of which 14 were sold by 30 June 2024. The table below comprises assets and
liabilities of the stores that had not been sold as at 30 June 2024. The
assets and liabilities held for sale were included in the 'UK & Ireland'
operating segment. The sale of these stores completed in the second half of
2024. Refer to note 14 for details.
£m
Intangible assets 6.0
Property, plant and equipment 1.5
Right-of-use assets 4.2
Deferred tax assets 0.2
Lease liabilities (4.3)
Provisions (0.7)
Net assets disposed 6.9
16. Financial liabilities
Debt facilities
As at 29 June 2025 the Group had a total of £500m (H1 24: £500m; FY 24:
£500m) of banking facilities, of which £177.0m (H1 24: £186.0m; FY 24:
£180.0m) was undrawn. The £500m of banking facilities is made up of a £200m
revolving credit facility and £300m of USPP loan notes.
Bank revolving facility
As at 29 June 2025 the Group had a £200m revolving credit facility with an
original term of five years to July 2027. Arrangement fees of £0.8m directly
incurred in relation to the RCF are included in the carrying values of the
facility and are being amortised over the term of the facility.
Interest charged on the revolving credit facility ranges from 1.85% per annum
above SONIA (or equivalent) when the Group's leverage is less than 1:1 up to
2.85% per annum above SONIA for leverage above 2.5:1. A further utilisation
fee is charged if over one-third is utilised at 0.15% which rises to 0.30% of
the outstanding loans if over two-thirds is drawn. In addition, a commitment
fee is calculated on undrawn amounts based on 35% of the current applicable
margin.
The RCF is secured by an unlimited cross guarantee between Domino's Pizza
Group plc, DPG Holdings Limited, Domino's Pizza UK & Ireland Limited, DP
Realty Limited, DP Pizza Limited, Sell More Pizza Limited, Sheermans SS
Limited, Sheermans Limited, Shorecal Limited, Karshan Limited, K&M Pizzas
Limited and Sarcon No 214 Limited.
An ancillary overdraft and pooling arrangement was in place with Barclays Bank
Plc for £20.0m covering, Domino's Pizza Group plc, DPG Holdings Limited,
Domino's Pizza UK & Ireland Limited, DP Realty Limited, DP Pizza Limited,
Sell More Pizza Limited, Sheermans SS Limited and Sheermans Limited. The
overdraft facility amount is included and part of the £200m revolving credit
facility. Interest is charged on the overdraft at the same margin as
applicable to the revolving credit facility above SONIA.
RCF amendment and extension
On 29 July 2025 the RCF was increased to £300m and its maturity was extended
to July 2030. The margin range above SONIA (or equivalent) on interest charges
has been reduced to 1.65% (when the Group's leverage is less than 1:1) and
2.65% (when the Group's leverage is above 2.5:1). Utilisation fees (from 0.15%
when over one-third is utilised to 0.30% when outstanding loans drawn is more
than two-thirds) and commitment fees (35% of the applicable margin on undrawn
amounts) remain unchanged. The amended RCF is secured by an unlimited cross
guarantee between Domino's Pizza Group plc, DPG Holdings Limited, Domino's
Pizza UK & Ireland Limited, DP Realty Limited, DP Pizza Limited, Shorecal
Limited, Karshan Limited, K&M Pizzas Limited and Sarcon No 214 Limited.
Notes to the interim financial statements (continued)
26 weeks ended 29 June 2025
16. Financial liabilities (continued)
The ancillary overdraft with Barclays Bank plc remains at £20m and is
included and part of the £300m revolving credit facility. Interest is charged
on the overdraft at the same margin as applicable to the amended revolving
credit facility above SONIA.
Private placement loan notes
The USPP loan notes for £200m issued in 2022 mature on 27th July 2027, while
the notes for £100m issued in 2024 mature on 20th June 2034. Arrangement fees
of £1.2m directly incurred in relation to the USPP notes are included in the
carrying values of the loan notes and are being amortised over the term of the
notes. Interest is charged at 4.26% and 5.97% per annum respectively.
Both USPP loan notes are secured by an unlimited cross guarantee between the
same legal entities that are guaranteeing the revolving credit facility.
17. Financial instruments
Investments
In April 2024, the Group acquired 12.1% of the issued ordinary share capital
of DP Poland plc, an AIM-listed company based in the UK, for a cost of
£11.4m, which includes transaction costs of £0.4m. An election was made for
the equity instrument to be designated as fair value through other
comprehensive income. The inputs used to calculate the fair value of the
investment fall within Level 1 of the IFRS 13 hierarchy. Level 1 fair value
measurements use quoted prices in active markets, being the share price of DP
Poland plc. The fair value of the investment at 29 June 2025 is £10.9m
resulting in a fair value loss of £0.7m (H1 24: gain of £0.5m; FY24 gain of
£0.1m) in the period which has been recognised in other comprehensive income.
18. Share-based payments
The expense recognised for share-based payments in respect of employee
services received during the 26 weeks ended 29 June 2025 was £1.7m (H1 24:
£2.0m; FY 24: £4.0m). This all arises on equity-settled share-based payment
transactions.
19. Related party transactions
During the period the Group entered into transactions, in the ordinary course
of business, with related parties. Transactions entered into, and trading
balances outstanding with related parties, are as follows:
26 weeks ended 26 weeks ended 52 weeks ended
29 June 2025 30 June 2024 29 December 2024
£m £m £m
Associates and Joint ventures
Sales to related parties 22.6 25.4 52.5
Amounts owed by related parties 1.4 3.6 7.0
20. Analysis of Net Debt
At At At
29 June 2025
30 June 2024
29 December 2024
£m £m £m
Cash and cash equivalents 14.4 25.9 52.2
Debt facilities (323.0) (314.0) (320.0)
Capitalised facility arrangement fees 2.0 2.7 2.3
Net Debt (306.6) (285.4) (265.5)
The Group's lease liabilities are not included in the Group's definition of
Net Debt. Lease liabilities are measured at the present value of future lease
payments, including variable lease payments and the exercise price of purchase
options where it is reasonably certain that the option will be exercised,
discounted using the interest rate implicit in the lease, if readily
determinable, or alternatively the Group's incremental borrowing rate as a
lessee.
Notes to the interim financial statements (continued)
26 weeks ended 29 June 2025
21. Additional cash flow information
Other cash flows from investing activities
26 weeks ended 26 weeks ended 52 weeks ended
29 June 2025
30 June 2024
29 December 2024
£m £m £m
Dividends received from associates and joint ventures 0.4 1.0 2.5
Dividends received from investments - 0.2 0.1
Deferred consideration received from subsidiary disposal - 0.2 -
Decrease in loans to associates and joint ventures - - (3.9)
0.4 1.4 (1.3)
Share transactions in cash flows from financing activities
26 weeks ended 26 weeks ended 52 weeks ended
29 June 2025
30 June 2024
29 December 2024
£m £m £m
Purchase of own shares - employee benefit trust (3.3) - -
Purchase of own shares - share buyback - (6.2) (26.3)
Consideration received on exercise of share options -
employee benefit trust - 0.3 -
(3.3) (5.9) (26.3)
Reconciliation of free cash flow
26 weeks ended 26 weeks ended 52 weeks ended
29 June 2025
30 June 2024
29 December 2024
£m £m £m
Cash generated from operating activities 37.2 40.3 103.5
Net interest paid (8.1) (7.8) (15.7)
Receipt of principal element on lease receivables 8.4 8.2 16.2
Receipt of interest element on lease receivables 6.3 6.6 13.0
Repayment of principal element on lease liabilities (11.5) (11.0) (20.7)
Repayment of interest element on lease liabilities (7.2) (7.1) (14.1)
Dividends received 0.4 1.2 2.6
Other 0.2 0.1 (0.1)
25.7 30.5 84.7
Cash and cash equivalents
26 weeks ended 26 weeks ended 52 weeks ended
29 June 2025
30 June 2024
29 December 2024
£m £m £m
Cash at bank and in hand 14.4 25.9 52.2
Total cash at bank and in hand 14.4 25.9 52.2
Notes to the interim financial statements (continued)
26 weeks ended 29 June 2025
21. Additional cash flow information (continued)
Reconciliation of financing activities
At Net cash flow Exchange Non-cash At
30 December 2024 £m differences movements 29 June 2025
£m £m £m £m
Debt facilities (317.7) 17.7 - (21.0) (321.0)
Lease liabilities (229.7) 18.7 (0.4) (18.8) (230.2)
(547.4) 36.4 (0.4) (39.8) (551.2)
At Net cash flow Exchange Non-cash At
1 January 2024 £m differences movements 30 June 2024
£m £m £m £m
Debt facilities (284.9) (27.2) 0.4 0.4 (311.3)
Lease liabilities (230.3) 18.1 0.4 (12.8) (224.6)
(515.2) (9.1) 0.8 (12.4) (535.9)
At Net cash flow Exchange Non-cash At
1 January 2024 £m differences movements 29 December 2024
£m £m £m £m
Debt facilities (284.9) (32.5) 0.4 (0.7) (317.7)
Lease liabilities (230.3) 34.8 0.5 (34.7) (229.7)
(515.2) 2.3 0.9 (35.4) (547.4)
22. Principal risks and uncertainties
Details of the principal risks and uncertainties facing the Group, with the
potential to materially impact the successful delivery of our strategy, were
set out on pages 24 to 29 of the Domino's Pizza Group plc Annual Report and
Accounts 2024. These risks are summarised as follows: competitive pressures;
franchisee relationships / operations; supply chain disruption (to either a
key supplier or at one of our SCCs); food safety; loss of business critical
systems; loss of personal / corporate data; failure to deliver on our ESG
commitments; failure to meet public health expectations; and people-related
risks. The Executive Risk Committee, which meets quarterly, has continued to
support an effective risk monitoring process and has considered both the
principal and any emerging risks and uncertainties during the first 26 weeks
of 2025.
Whilst our market share continues to grow, consumer confidence remains a
headwind for further growth, exacerbated by significant increases in our
franchisees operating costs, particularly employment costs. We continue to
focus on growing order volumes through our digital-led customer interaction,
outstanding customer service and strategic initiatives on product innovation;
our loyalty programme; and working with our franchisees to explore new sources
of cost efficiencies, both at a DPG and store-level.
We also continue to monitor and look for ways to mitigate any adverse impacts
resulting from changes in government policy on our business, including those
relating to public health.
Further information on the improvements made in mitigating our principal risks
and uncertainties will be provided in our next Annual Report.
23. Post balance sheet events
On 28 July 2025 the £200m revolving credit facility was increased to £300m
and extended from July 2027 to July 2030. For more details refer to note 16.
Alternative Performance Measures and Glossary
The performance of the Group is assessed using a number of Alternative
Performance Measures ('APMs'). The Group's results are presented both before
and after non-underlying items. Underlying profitability measures are
presented excluding non-underlying items as we believe this provides both
management and investors with useful additional information about the Group's
performance and aids a more effective comparison of the Group's trading
performance from one period to the next and with similar businesses.
Underlying profitability measures are reconciled to unadjusted IFRS results on
the face of the income statement with details of non-underlying items provided
in note 4.
In addition, the Group's results are described using certain other measures
that are not defined under IFRS and are therefore considered to be APMs. These
measures are used by management to monitor on-going business performance
against both shorter term budgets and forecast but also against the Group's
longer term strategic plans. The definition of each APM presented in this
report and, also, where a reconciliation to the nearest measure prepared in
accordance with IFRS can be found is shown below:
Item Definition Location of reconciliation to GAAP measure
Overall terminology
Non-underlying items Non-underlying items relate to significant irregular costs, significant Group income statement, note 4
impairments of assets, together with fair value movements and other costs
associated with acquisitions or disposals.
Profit measures
Group operating profit before tax excluding non-underlying items Group operating profit before tax excluding non-underlying items Group income statement, note 3
Net interest before non-underlying items Group finance costs excluding non-underlying items Group income statement, note 3
Underlying profit before taxation Group profit before tax excluding non-underlying items Group income statement, note 3
Underlying profit for the period Group profit after taxation excluding non-underlying items Group income statement
Earnings before Interest and Tax (EBIT) EBIT is directly comparable to underlying operating profit Not applicable
Underlying basic EPS Group EPS excluding non-underlying items Note 8
Last 12 months (LTM) EBITDA LTM EBITDA for the period from 1 July 2024 to 29 June 2025 based on underlying Not applicable
activities including share of profits from associates and joint ventures.
Revenue measures
System sales System sales represent the sum of all sales made by both franchised and Not applicable
corporate stores to consumers.
Like-for-like (LFL) sales growth excluding splits LFL sales performance is calculated against a comparable 26 week period in the Not applicable
prior year for mature stores opened which were not in territories split in the
year or comparable period. Mature stores are defined as those open prior to 31
December 2023.
Cash flow measures
Net Debt Group cash less bank revolving credit facility and other Note 20
Free cash flow Free cash flow comprises cash generated from operations less dividends Not applicable
received, net interest cash flows and corporation tax. Free cash flow before
non-underlying cash items represents the free cash flow before the inclusion
of the cash impact of items recognised as non-underlying.
Alternative Performance Measures and Glossary (continued)
Other non-financial definitions
Item Definition
eCommerce fund The fund used to recharge costs for the development and maintenance of our
eCommerce platform with franchisees
International Represents our former businesses and investments in Norway, Sweden, Iceland,
Germany and Switzerland.
London corporate stores Relates to the London based corporate stores held following the acquisition of
Sell More Pizza Limited and subsequent corporate store openings and closures
NAF National Advertising Fund
Victa DP Represents our 70% investment in the trading of operations of Victa DP Limited
which was acquired on the 10(th) of March 2025.
Shorecal Represents our 100% interest in the trading operations of Shorecal Limited,
which operates stores in the Republic of Ireland and Northern Ireland.
Responsibility statement
Each of the Directors, whose names and functions appear below, confirm to the
best of their knowledge that the condensed consolidated interim financial
statements have been prepared in accordance with UK adopted International
Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure
Guidance and Transparency Rules sourcebook of the United Kingdom's Financial
Conduct Authority and that the interim management report includes a fair
review of the information required namely:
· DTR 4.2.7 (R): an indication of important events that have
occurred during the 26 week period ended 29 June 2025 and their impact on the
condensed consolidated interim financial statements; and a description of the
principal risks and uncertainties for the remaining 26 weeks of the financial
year; and
· DTR 4.2.8 (R): any related party transactions that have taken
place in the 26 week period ended 29 June 2025 that have materially affected
the financial position or performance of the enterprise during that period;
and any changes in the related party transactions described in the last Annual
Report that could do so.
The Directors of Domino's Pizza Group plc as at the date of this announcement
are as set out below:
Ian Bull*, Chair
Lynn Fordham*, Senior Independent Director
Andrew Rennie, Chief Executive Officer
Edward Jamieson, Chief Financial Officer
Natalia Barsegiyan*
Tracy Corrigan*
Mitesh Patel*
Robyn Perriss*
*Non-executive Directors
A list of the current Directors is maintained on the Domino's Pizza Group plc
website at: corporate.dominos.co.uk.
The Directors are responsible for the maintenance and integrity of the
corporate and financial information included on the Company's website.
Legislation in the United Kingdom governing the preparation and dissemination
of financial information differs from the legislation in other jurisdictions.
This responsibility statement was approved by the Board of Directors on 4
August 2025 and is signed on its behalf by Andrew Rennie, Chief Executive
Officer.
By order of the Board
Andrew Rennie
Chief Executive Officer
4 August 2025
Independent review report to Domino's Pizza Group plc
Report on the condensed consolidated interim financial statements
Our conclusion
We have reviewed Domino's Pizza Group plc's condensed consolidated interim
financial statements (the "interim financial statements") in the interim
report of Domino's Pizza Group plc for the 26 week period ended 29 June 2025
(the "period").
Based on our review, nothing has come to our attention that causes us to
believe that the interim financial statements are not prepared, in all
material respects, in accordance with UK adopted International Accounting
Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and
Transparency Rules sourcebook of the United Kingdom's Financial Conduct
Authority.
The interim financial statements comprise:
· the group balance sheet as at 29 June 2025;
· the group income statement and group statement of comprehensive
income for the period then ended;
· the group cash flow statement for the period then ended;
· the group statement of changes in equity for the period then ended;
and
· the explanatory notes to the interim financial statements.
The interim financial statements included in the interim report of Domino's
Pizza Group plc have been prepared in accordance with UK adopted International
Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure
Guidance and Transparency Rules sourcebook of the United Kingdom's Financial
Conduct Authority.
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410, 'Review of Interim Financial Information Performed by
the Independent Auditor of the Entity' issued by the Financial Reporting
Council for use in the United Kingdom ("ISRE (UK) 2410"). A review of interim
financial information consists of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and
other review procedures.
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and, consequently, does not
enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express
an audit opinion.
We have read the other information contained in the interim report and
considered whether it contains any apparent misstatements or material
inconsistencies with the information in the interim financial statements.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for conclusion section of this report,
nothing has come to our attention to suggest that the directors have
inappropriately adopted the going concern basis of accounting or that the
directors have identified material uncertainties relating to going concern
that are not appropriately disclosed. This conclusion is based on the review
procedures performed in accordance with ISRE (UK) 2410. However, future events
or conditions may cause the group to cease to continue as a going concern.
Responsibilities for the interim financial statements and the review
Our responsibilities and those of the directors
The interim report, including the interim financial statements, is the
responsibility of, and has been approved by the directors. The directors are
responsible for preparing the interim report in accordance with the Disclosure
Guidance and Transparency Rules sourcebook of the United Kingdom's Financial
Conduct Authority. In preparing the interim report, including the interim
financial statements, the directors are responsible for assessing the group's
ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting
unless the directors either intend to liquidate the group or to cease
operations, or have no realistic alternative but to do so.
Our responsibility is to express a conclusion on the interim financial
statements in the interim report based on our review. Our conclusion,
including our Conclusions relating to going concern, is based on procedures
that are less extensive than audit procedures, as described in the Basis for
conclusion paragraph of this report. This report, including the conclusion,
has been prepared for and only for the company for the purpose of complying
with the Disclosure Guidance and Transparency Rules sourcebook of the United
Kingdom's Financial Conduct Authority and for no other purpose. We do not, in
giving this conclusion, accept or assume responsibility for any other purpose
or to any other person to whom this report is shown or into whose hands it may
come save where expressly agreed by our prior consent in writing.
PricewaterhouseCoopers LLP
Chartered Accountants
Birmingham
4 August 2025
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