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
* 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 29 June 2025 £m
26 weeks ended 30 June 2024 £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 29 June 2025 £m
26 weeks ended 30 June 2024 £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 £m
Amortisation and impairment £m
Profit before tax £m
Capital expenditure £m
ERP
(1.5)
-
(1.5)
-
eCommerce platform
-
(0.7)
(0.7)
-
Total
(1.5)
(0.7)
(2.2)
-
H1 FY24
EBITDA £m
Amortisation and impairment £m
Profit before tax £m
Capital expenditure £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
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 29 June 2025 £m
At 29 December 2024 £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 29 June 2025 £m
26 weeks ended 30 June 2024 £m
52 weeks ended 29 December 2024 £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 29 June 2025 £m
26 weeks ended 30 June 2024 £m
52 weeks ended 29 December 2024 £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
Share capital £m
Share premium account £m
Capital redemption reserve £m
Capital Reserve - own shares £m
Currency translation reserve £m
Other reserve £m
Accumulated losses £m
Total shareholders' equity £m
Non- controlling interests £m
Total £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 othercomprehensive 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 othercomprehensive 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 othercomprehensive 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 29 June 2025 £m
26 weeks ended 30 June 2024 £m
52 weeks ended 29 December 2024 £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 £m
At 30 June 2024 £m
At 29 December 2024 £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 £m
International £m
Total £m
UK & Ireland £m
International £m
Total £m
UK & Ireland £m
International £m
Total £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 £m
International £m
Total underlying £m
Non-underlying £m
Total reported £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 £m
International £m
Total underlying £m
Non-underlying £m
Total reported £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 £m
International £m
Total underlying £m
Non-underlying £m
Total reported £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 29 June 2025 £m
26 weeks ended 30 June 2024 £m
52 weeks ended 29 December 2024 £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
Note
26 weeks ended 29 June 2025 £m
26 weeks ended 30 June 2024 £m
52 weeks ended 29 December 2024 £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 29 June 2025 £m
26 weeks ended 30 June 2024 £m
52 weeks ended 29 December 2024 £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 29 June 2025 £m
26 weeks ended 30 June 2024 £m
52 weeks ended 29 December 2024 £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 29 June 2025 £m
26 weeks ended 30 June 2024 £m
52 weeks ended 29 December 2024 £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 29 June 2025 £m
26 weeks ended 30 June 2024 £m
52 weeks ended 29 December 2024 £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 29 June 2025 £m
26 weeks ended 30 June 2024 £m
52 weeks ended 29 December 2024 £m
Reduction in current tax liability as a result of the exercise of share options
(0.3)
-
(0.1)
Origination and reversal of temporary differences in relation to unexercised share options
0.2
-
0.2
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 29 June 2025 £m
26 weeks ended 30 June 2024 £m
52 weeks ended 29 December 2024 £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 29 June 2025 Number
At 30 June 2024 Number
At 29 December 2024 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 29 June 2025
26 weeks ended 30 June 2024
52 weeks ended 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 29 June 2025 £m
26 weeks ended 30 June 2024 £m
52 weeks ended 29 December 2024 £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 29 June 2025 £m
At 30 June 2024 £m
At 29 December 2024 £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 29 June 2025 £m
26 weeks ended 30 June 2024 £m
52 weeks ended 29 December 2024 £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 29 June 2025 £m
At 30 June 2024 £m
At 29 December 2024 £m
Property
201.0
202.2
206.7
201.0
202.2
206.7
Lease liabilities
At 29 June 2025 £m
At 30 June 2024 £m
At 29 December 2024 £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 29 June 2025 £m
At 30 June 2024 £m
At 29 December 2024 £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 10th 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 29 June 2025
26 weeks ended 30 June 2024
52 weeks ended 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 29 June 2025
At 30 June 2024
At 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 29 June 2025 £m
26 weeks ended 30 June 2024 £m
52 weeks ended 29 December 2024 £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 29 June 2025
26 weeks ended 30 June 2024
52 weeks ended 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 29 June 2025
26 weeks ended 30 June 2024
52 weeks ended 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 29 June 2025 £m
26 weeks ended 30 June 2024 £m
52 weeks ended 29 December 2024 £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 30 December 2024 £m
Net cash flow £m
Exchange differences £m
Non-cash movements £m
At 29 June 2025 £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 1 January 2024 £m
Net cash flow £m
Exchange differences £m
Non-cash movements £m
At 30 June 2024 £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 1 January 2024 £m
Net cash flow £m
Exchange differences £m
Non-cash movements £m
At 29 December 2024 £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 impairments of assets, together with fair value movements and other costs associated with acquisitions or disposals.
Group income statement, note 4
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 activities including share of profits from associates and joint ventures.
Not applicable
Revenue measures
System sales
System sales represent the sum of all sales made by both franchised and corporate stores to consumers.
Not applicable
Like-for-like (LFL) sales growth excluding splits
LFL sales performance is calculated against a comparable 26 week period in the 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.
Not applicable
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 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.
Not applicable
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 10th 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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