REG - DP Poland PLC - Interim Results & Trading Update
17/09/2024 07:00
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RNS Number : 3901E DP Poland PLC 17 September 2024
This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the Directors of the Company are responsible for
the release of this announcement
DP Poland plc
("DP Poland", the "Group" or the "Company")
Interim Results for the Period Ended 30 June 2024 and Trading Update
DP Poland, the operator of pizza stores and restaurants across Poland and
Croatia, is pleased to announce its unaudited results for the six months ended
30 June 2024.
Unaudited Financial Information
Currency: £000 H1 2024 H1 2023 % change
Group System Sales 27,274 21,386 27.5%
Group Revenue 26,392 20,960 25.9%
EBITDA* 2,052 1,051 95.2%
EBITDA margin % 7.8% 5.0% N/A
EBITDA*(Pre-IFRS 16) 180 (720) N/A
Loss for the period (496) (1,592) N/A
*excluding non-cash items, non-recurring items and store pre-opening expenses
Financial highlights
· Group revenue increased by 25.9% to £26.4m (H1 2023: £21.0m).
o Poland revenue increased by 24.0% to £24.9m (H1 2023: £20.0m) mainly
driven by a strong order count and despite the planned closure of five stores
in the first half of 2024.
o Croatia revenue increased by 69.1% to £1.5m (H1 2023: £0.9m) driven by
store openings.
· Group system sales were up 27.5% to £27.3m (H1 2023: £21.4m).
· Poland system sales increased by 20.6% to PLN 130.2m (H1 2023: PLN
108.0m).
o Strong Poland LFL (Like-for-Like) revenue growth of 22.2% in H1 2024
compared to H1 2023 is mainly driven by increased LFL order count of 18.8%,
and increased customer order frequency.
o Growth of both delivery and non-delivery Poland LFL System Sales of 23.7%
and 19.1%, respectively, compared to prior period.
· Strong average weekly order count of over 800 in the first half, an 18.2%
increase on H1 2023, with a record weekly average of 921 orders per store in
June 2024.
· Group EBITDA improved by 95.2% to £2.1m (H1 2023: £1.1m).
· Group loss for the period reduced to £(0.5)m in H1 2024 from £(1.6)m in
H1 2023.
· Cash at bank of £15.8m as at 30 June 2024 (£2.7m as at 30 June 2023) as a
result of a successful fundraise in April 2024 (gross proceeds of £20.5m)
partially offset by repayment of outstanding Loan Notes from Malaccan Holdings
Ltd (£4.0m) and capital investments for new stores to be completed in 2024.
· Net cash excluding IFRS 16 leases of £12.7m as at 30 June 2024 (compared
to net debt of £4.0m as at 30 June 2023).
Operational highlights
· The Group operated 111 stores at the end of June 2024, comprising of 106
Domino's Pizza stores across Poland and 5 across Croatia.
· One new store was opened in Poland in the first half of 2024. During the
period, five stores were closed as part of the store network optimisation
plan. Whilst the total number of stores as at the end of June 2024 has
decreased by four since the end of December 2023, group revenue performance
increased mainly due to LFL growth.
· Underpinned by the strong performance in H1 2024, the Group has started an
aggressive store opening rollout. In Poland, seven stores have been already
opened this year (1 in February, 6 in August) and 9 additional stores are on
track to be completed in 2024.
· Average delivery times showed continuous reductions (27.5 minutes on
average during H1 2024 fell to an average of 26.2 minutes in June 2024). These
efficiencies, alongside perfecting the product, operational excellence and
renowned value, resulting in improved Net Promoter Scores, and increased
customer counts
· During H1 2024 the Group experienced upward pressure on food costs,
particularly dairy products. Despite this, the Group continue to grow market
share without sacrificing store level profitability due to sales growth driven
by order count, cost optimization and network revision.
· Investment into the commissary has commenced to expand capacity by the end
of 2024.
· Post period end completed the sale of 4 stores to franchisees, in line with
our strategy to transition to a franchise model.
Nils Gornall, CEO, commented:
"The Group continues to benefit from our High Volume Mentality strategy, the
ongoing upgrade of the store network and control over the costs. These have
enabled the Group to improve profitability significantly. An enhanced product,
improved service, faster delivery times and the overall brand image of the
Group resulted in improved customer satisfaction and increased order. Order
levels are now regularly exceeding 800 orders per store per week with the peak
weeks being above 900 orders per store. The Group continues to show strong
momentum and we are gaining market share in Poland. Continued growth and
strong business fundamentals positions the company well to commence an
aggressive store opening roll out, now under way in H2 2024
The results achieved, together with the support from investors demonstrated in
our fundraise during the period put the Group on a strong financial footing
for ongoing market share expansion. We are on track to open 16 new stores in
2024, , expanding our current 111 store count.
In parallel, we have begun to implement another strategic initiative -
building up our franchisee department. The first four stores have been sold to
franchisee in July and in August. I am personally excited to see that these
stores were sold to a very experienced and successful franchisee who relocated
from Australia to Poland with his family, helping validate the potential we
see in the country. We remain committed to our strategy of transforming the
business to a franchised model. Franchisee performance is already
accelerating, with an EBITDA margin of 13% to July YTD, and we will continue
to focus on this strategy.
I remain very optimistic about the outlook and excited by our prospects. The
Group continues to demonstrate what can be achieved in its owned stores, and
the planned transition to a franchisee model will accelerate growth and
increase return on capital."
Post period end trading update
Trading in Poland remains strong with double digit sales and order count
growth. Polish LFL sales grew by 20.3% and 22.8% in July and August
respectively, compared to the same period in 2023. The growth is visible
across all sales segments, with delivery revenue up by 27.6% and 28.8% and
non-delivery up by 8.0% and 13.0% in July and August respectively. The
increase is mainly driven by strong LFL order count growth of 15.1% and 15.9%
in July and August respectively.
In the year to August 2024, the Polish market has seen double-digit revenue
growth compared to 2023:
· 22.1% increase in LFL system sales driven by increased order count (17.8%
increase in LFL order count).
·19.5% increase in total system sales (15.9% increase in total order count),
despite the planned closure of 5 stores in the first half of 2024.
The Croatian market has been impacted by consumers visiting the Croatian coast
over the summer period, which is not an area covered at present. This resulted
in LFL sales growth in July and August of (0.9%) and 0.8% respectively
compared to 2023. Total system sales increased by 36.7% and 36.0% in July and
August, respectively, due to the fifth store opened at the end of 2023. In the
year to August 2024, Croatia's total system sales increased by 63.1% and LFL
system sales increased by 6.7% with an encouraging outlook for the rest of the
year.
Strong LFL revenue growth is expected to continue throughout the remainder of
H2 and the Group is confident in delivering full year performance in line with
expectations. In addition, the Group expects to accelerate the new store
opening program to further drive market share.
Enquiries:
DP Poland plc
Nils Gornall, CEO
Tel: +44 (0) 20 3393 6954
Email: ir@dppoland.com
Singer Capital Markets (Nominated Adviser and Broker)
Shaun Dobson / Jen Boorer / Oliver Platts
Tel: +44 (0) 20 7496 3000
Notes for editors
About DP Poland plc
DP Poland, has the exclusive right to develop, operate and sub-franchise
Domino's Pizza stores in Poland and Croatia. The group operates 111 stores and
restaurants throughout cities and towns in Poland and Croatia.
Chief Executive Officer's Review
I am pleased to share with you insights into the improved performance in the
first half of 2024. This is now the third year of our commitment to the High
Volume Mentality strategy, transforming the network and control over the
costs. We have built a very solid foundation to enter into the next stage of
our transformation plan in the second half of the year, concentrating on
further company expansion and transition towards a franchisee model. I feel
confident that these next steps will allow us to accelerate growth, expand
market share and sales volumes, which will ultimately improve results in the
periods ahead
Store performance
Underlying trading in the first six months of 2024 showed strong double-digit
growth across delivery and non-delivery. Group System Sales saw a remarkable
increase of 27.5% to £27.3m in H1 2024. Like-for-Like (LFL) sales grew by
22.2% in Poland and mainly driven by an 18.8% increase in LFL order count as a
result of high product quality and falling delivery times.
Our stores in H1 2024 regularly exceeded 800 orders per store weekly in
Poland, (an 18.2% increase on H1 2023) with a record of 921 average weekly
orders per store in June 2024. Average weekly order count per store in Croatia
exceeded 1,200 orders on average in the first six month of 2024 and sets an
aspirational benchmark for the Polish team. Accelerated growth in the first
half of 2024 provides optimism for the future. Order counts and sales are
typically strong in Q4, which underpins our confidence in full year
performance.
Value for money
Delivery is at the heart of our business and is what we are best known for.
Delivery sales represented 68% of Polish System sales in the first half of
2024 showing considerable growth of 24.2% year on year (LFL), driven by
increased order count, excellent service standards and low delivery times.
Although our delivery times are already at the European average for Dominos
stores showing 26.2 minutes in June 2024, we are introducing GPS technologies
to improve driver route planning to further reduce delivery times to a
targeted 22 minutes.
We aim to attract and retain consumers with strong pipeline of promotions and
new products to increase order count.
Net promoter score (NPS) increased by 21.9% for regular customers in the first
half 2024 vs H1 in 2023 and by 69.9% vs H1 2022, showing the ongoing and
significant strengthening of the Domino's brand.
Digital
We continued to work on the Digital Experience Platform improving content and
user experience in all of our points of contacts - webpage, mobile and apps.
In the first half of 2024, more than 90% of delivery orders were placed
online. The Domino's app is the key driver of our digital growth strategy and
is a material contributor to system sales growth. Attracting more customers to
the app continues to be a key focus and we are pleased that in July 2024 app
orders as a percentage of online orders increased to 38.5%.
Fundraise
In April we completed a highly successful Fundraise which is a clear
indication of support for both the plan and execution capability by the team
as well as the confidence felt by investors in the opportunity ahead. The
Group has made considerable progress on its strategy to deploy the proceeds to
accelerate growth. In Poland, we are on track to open 16 locations across 2024
with 12 new sites and 4 stores relocated, from which two stores have been
opened so far, six rent contracts for new stores has been signed and five rent
contracts are in the process of signing. Also, the Group has started a set of
investments into commissary to double the capacity by the end of 2024.
Franchise model
We have started the second half of the year with considerable progress in
transforming the business to a franchisee model. Four stores have been sold to
franchisee in July and August 2024, and three more stores are expected to be
sold in the following months. The strong performance of our stores allows the
franchisees both to gain confidence in the potential returns from their
investment, and, crucially, to borrow against the purchased assets. This
availability of third-party capital should allow us to rapidly accelerate the
franchise model as results from the first sales demonstrate what can be
achieved. As described above, H1 performance from these franchised stores
showed EBITDA margins of 13% - clearly sufficient to build a significant
franchise business.
Outlook
We have made a strong start to the second half of the year and expect to see a
continued improvement in profitability in 2024, which is the priority for the
entire team. By delivering high quality product, in high volumes and to
delighted customers, we have built the foundation for a material increase in
scale of the business. This will be driven in part by new store openings, and
in part by sale of existing or new stores to sub-franchisees. The group's
ongoing exceptional performance, and its strong balance sheet, should allow us
to demonstrate material progress in both these avenues to expansion across H2
2024 and beyond. I remain very optimistic about the outlook. We are on the
right track to further solidify the strong position of Domino's in Poland and
Croatia.
FINANCIAL STATEMENTS
Group Income Statement
for 6 months to 30.06.2024
Unaudited Unaudited Audited
6 months to 30.06.2024 6 months to 30.06.2023 Year to 31.12.2023
Notes £ £ £
Revenue 2 26,392,438 20,959,825 44,622,983
Cost of goods sold (7,761,263) (6,953,399) (13,431,506)
Materials and energy (1,146,826) (1,117,256) (2,580,342)
External services (4,890,548) (3,665,249) (7,776,912)
Payroll and social charges (10,352,462) (8,039,918) (17,086,986)
Other operating costs (188,945) (132,620) (218,327)
Group adjusted EBITDA* - excluding non-cash items, non-recurring items and 2,052,394 1,051,383 3,528,910
store pre-opening expenses
Store pre-opening expenses (19,317) - (64,018)
Other non-cash and non-recurring items 517,806 191,282 (1,439,723)
Depreciation and amortisation (2,432,053) (2,406,520) (4,732,001)
Share based payments (182,427) (198,483) (323,602)
Foreign exchange gains 95,618 290,825 448,522
Finance income 11,707 13,199 205,683
Finance costs (502,127) (499,865) (1,122,883)
Loss before taxation (458,399) (1,558,179) (3,499,112)
Taxation 3 (37,563) (33,806) (43,155)
Loss for the period (495,962) (1,591,985) (3,542,267)
Loss per share Basic 4 (0.06 p) (0.22 p) (0.50 p)
Diluted 4 (0.06 p) (0.22 p) (0.50 p)
All of the loss for the year is attributable to the owners of the Parent
Company.
* Group adjusted EBITDA - earnings before interest, taxes, depreciation and
amortization excluding non-cash items, non-recurring items and store
pre-opening expenses
Group Statement
of comprehensive income
for 6 months to 30.06.2024
Unaudited Unaudited Audited
6 months to 30.06.2024 6 months to 30.06.2023 Year to 31.12.2023
£ £ £
Loss for the period (495,962) (1,591,985) (3,542,267)
Currency translation differences (176,036) (192,317) (164,880)
Other comprehensive expense for the period, net of tax to be reclassified to (176,036) (192,317) (164,880)
profit or loss in subsequent periods
Total comprehensive income for the period (671,998) (1,784,302) (3,707,147)
All of the comprehensive expense for the year is attributable to the owners of
the Parent Company.
Group Balance Sheet
at 30 June 2024
Unaudited Unaudited Audited
30.06.2024 30.06.2023 31.12.2023
£ £ £
Non-current assets
Goodwill 15,480,941 15,443,947 15,532,023
Intangible assets 2,911,047 3,724,022 3,263,346
Property, plant and equipment 7,121,890 6,669,521 6,941,009
Leases - right of use assets 6,082,283 6,678,007 6,013,057
Trade and other receivables 475,904 465,140 422,064
32,072,065 32,980,637 32,171,499
Current assets
Inventories 1,118,171 852,198 1,034,187
Trade and other receivables 4,453,814 2,400,864 3,876,432
Cash and cash equivalents 15,830,012 2,715,746 1,888,465
21,401,997 5,968,808 6,799,084
Total assets 53,474,062 38,949,445 38,970,583
Current liabilities
Trade and other payables (7,085,026) (5,341,623) (6,655,591)
Lease liabilities (2,651,494) (2,990,580) (2,901,716)
Borrowings (3,148,231) - (7,065,605)
(12,884,751) (8,332,203) (16,622,912)
Non-current liabilities
Lease liabilities (4,682,967) (5,771,073) (6,005,449)
Deferred tax (616,094) (578,540) (588,003)
Borrowings - (6,715,686) -
(5,299,061) (13,065,299) (6,593,452)
Total liabilities (18,183,812) (21,397,502) (23,216,364)
Net assets 35,290,250 17,551,943 15,754,219
Equity
Called up share capital 4,598,278 3,562,409 3,562,409
Share premium account 66,074,450 47,084,716 47,084,716
Capital reserve - own shares (48,163) (48,163) (48,163)
Retained earnings (24,982,412) (22,843,714) (24,668,877)
Merger relief reserve 23,516,542 23,516,542 23,516,542
Reverse Takeover reserve (33,460,406) (33,460,406) (33,460,406)
Currency translation reserve (408,039) (259,442) (232,003)
Total equity 35,290,250 17,551,943 15,754,219
Group Statement of Cash Flows
for 6 months to 30.06.2024
Unaudited Unaudited
6 months to 30.06.2024 6 months to Audited
30.06.2023 Year to 31.12.2023
£ £ £
Cash flows from operating activities
Loss before taxation for the period (458,399) (1,558,179) (3,499,112)
Adjustments for:
Finance income (11,707) (13,199) (205,683)
Finance costs 502,127 499,865 1,122,883
Foreign exchange movements (527,790) (891,037) (814,216)
Depreciation, amortisation and impairment 2,432,053 2,406,520 4,732,001
Loss on fixed asset disposal - (529) 78,585
VAT refund - interests - - 181,792
Write-off IFRS16 for closed stores* (1,272,493) - -
Dismantling provision 56,615 - 120,706
Share based payments expense 182,427 198,483 323,602
Operating cash flows before movement in working capital 902,833 641,924 2,040,558
(Increase) / decrease in inventories (83,984) 129,912 (52,076)
(Increase) in trade and other receivables (631,222) (76,975) (1,127,321)
Increase / (decrease) in trade and other payables 429,435 (1,405) 1,312,563
Cash generated from operations 617,062 693,456 2,173,724
Taxation payable - - -
Net cash generated from operations 617,062 693,456 2,173,724
Cash flows from investing activities
Payments to acquire intangible assets (145,154) (226,653) (206,556)
Payments to acquire property, plant and equipment (1,040,448) (605,693) (1,395,053)
Proceeds from disposal of property plant and equipment 1,704 23,474 1,355
Interest received on sub-franchisee loans 10,815 8,651 14,402
Net cash (used in) investing activities (1,173,083) (800,221) (1,585,852)
Cash flows from financing activities
Net proceeds from issue of ordinary share capital 20,022,998 441 441
Repayment of lease liabilities (1,221,986) (926,962) (1,795,817)
Repayment of borrowings (4,000,000) - -
Interest paid on lease liabilities (305,232) (305,924) (611,477)
Net cash from/(used in) financing activities 14,495,780 (1,232,445) (2,406,853)
Net increase / (decrease) in cash 13,939,759 (1,339,211) (1,818,981)
Exchange differences on cash balances 1,788 (55,365) (20,731)
Cash and cash equivalents at beginning of period 1,888,465 4,110,322 3,728,177
Cash and cash equivalents at end of period 15,830,012 2,715,746 1,888,465
* Write-off IFRS16 for closed stores - related to ex-Dominium stores closed as
part of the store network optimisation plan
Group Statement of Changes in Equity
for 6 months to 30.06.2024
Share Currency Capital Reverse Merger
Share premium Retained translation reserve - Takeover Relief
capital account earnings reserve own shares reserve reserve Total
£ £ £ £ £ £ £ £
At 30 June 2023 3,562,409 47,084,716 (22,843,714) (259,442) (48,163) (33,460,406) 23,516,542 17,551,942
Translation difference - - - 27,439 - - - 27,439
Loss for the period - - (1,950,282) - - - - (1,950,282)
Total comprehensive income for the year - - (1,950,282) 27,439 - - - (1,922,843)
Shares issued (net of expenses) - - - - - - - -
Share based payments - - 125,119 - - - - 125,119
Transactions with owners in their capacity as owners - - 125,119 - - - - 125,119
At 31 December 2023 3,562,409 47,084,716 (24,668,877) (232,003) (48,163) (33,460,406) 23,516,542 15,754,219
Translation difference - - - (176,036) - - - (176,036)
Loss for the period - - (495,962) - - - - (495,962)
Total comprehensive income for the year - - (495,962) (176,036) - - - (671,998)
Shares issued (net of expenses) 1,035,868 18,989,734 - - - - - 20,025,602
Share based payments - - 182,427 - - - - 182,427
Transactions with owners in their capacity as owners 1,035,868 18,989,734 182,427 - - - - 20,208,029
At 30 June 2024 4,598,278 66,074,450 (24,982,412) (408,039) (48,163) (33,460,406) 23,516,542 35,290,250
Notes to the Financial Statements
for 6 months to 30.06.2024
1 Basis of preparation
These condensed interim financial statements are unaudited and do not
constitute statutory accounts within the meaning of the Companies Act 2006.
These condensed interim financial statements have been prepared in accordance
with IAS 34 'Interim Financial Reporting' and were approved on behalf of the
Board by the Chairman David Wild.
The accounting policies and methods of computation applied in these condensed
interim financial statements are consistent with those applied in the Group's
most recent annual financial statements for the year ended 31 December 2023.
The financial statements for the year ended 31 December 2023, which were
prepared in accordance with UK-adopted international accounting standards,
IFRIC Interpretations and the Companies Act 2006 have been delivered to the
Registrar of Companies. The auditors' opinion on those financial statements
was unqualified and did not contain a statement made under s498(2) or (3) of
the Companies Act 2006.
Copies of these condensed interim financial statements and the Group's most
recent annual financial statements are available on request by writing to the
Company Secretary at our registered office DP Poland plc, One Chamberlain
Square, Birmingham, B3 3AX, United Kingdom, or from our website
www.dppoland.com.
2 Revenue
Unaudited Unaudited Audited
6 months to 30.06.2024 6 months to 30.06.2023 Year to
31.12.2023
£ £ £
Corporate store sales 25,504,948 20,187,479 43,132,392
Royalties received from sub-franchisees 147,445 142,349 255,376
Sales or materials and services to sub franchises 557,850 468,358 1,009,090
Rental income on leasehold property 182,195 161,639 226,125
26,392,438 20,959,825 44,622,983
Revenue by country:
Unaudited Unaudited Audited
6 months to 30.06.2024 6 months to 30.06.2023 Year to
 31.12.2023
£ £ £
Poland 24,850,249 20,048,064 42,342,887
Croatia 1,542,189 911,761 2,280,096Â
26,392,438 20,959,825 44,622,983
3 Segmental reporting
The Board monitors the performance of the corporate stores and the commissary
operations separately and therefore those are considered to be the Group's two
operating segments. Corporate store sales comprise sales to the public.
Corporate store sales include sales of Polish and Croatian cash-generating
units, which are presented in Note 2 above. Commissary operations comprise
sales to sub-franchisees of food, services and fixtures and equipment.
Commissary operations also include the receipt of royalty income from
sub-franchisees. The Board monitors the performance of the two segments based
on their contribution towards Group EBITDA - excluding non-cash items,
non-recurring items and store pre-opening expenses. In accordance with IFRS 8,
the segmental analysis presented reflects the information used by the Board.
No separate balance sheets are prepared for the two operating segments and
therefore no analysis of segment assets and liabilities is presented.
Operating Segment contribution
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Audited Audited Audited
6 months to 30.06.2024 6 months to 30.06.2024 6 months to 30.06.2024 6 months to 30.06.2023 6 months to 30.06.2023 6 months to 30.06.2023 2023 2023 2023
£ £ £ £ £ £ £ £ £
Corporate stores Commissary Group Corporate stores Commissary Group Corporate stores Commissary Group
Revenues from external customers 25,504,948 887,490 26,392,438 20,187,479 772,346 20,959,825 43,132,392 1,490,591 44,622,983
Cost of goods sold (7,139,995) (621,268) (7,761,263) (6,445,602) (507,797) (6,953,399) (12,337,750) (1,093,756) (13,431,506)
Gross profit 18,364,953 266,222 18,631,175 13,741,877 264,549 14,006,426 30,794,642 396,835 31,191,477
Unallocated expenses (16,578,781) (12,955,043) (27,662,567)
Group adjusted EBITDA - excluding non-cash items, non-recurring 2,052,394 1,051,383 3,528,910
items and store pre-opening expenses
Store pre-opening expenses (19,317) - (64,018)
Other non-cash and non-recurring items 517,806 191,282 (1,439,723)
Depreciation and amortisation (2,432,053) (2,406,520) (4,732,001)
Share based payments (182,427) (198,483) (323,602)
Foreign exchange gains 95,618 290,825 448,522
Finance income 11,707 13,199 205,683
Finance costs (502,127) (499,865) (1,122,883)
Loss before taxation (458,399) (1,558,179) (3,499,112)
4 Taxation
Unaudited Unaudited Audited
6 months to 30.06.2024 6 months to 30.06.2023 Year to
31.12.2023
£ £ £
Current tax - -
Deferred tax charge relating to the origination and reversal 37,563 33,806 43,155
of temporary differences
Total tax charge in income statement 37,563 33,806 43,155
5 Loss per share
The loss per ordinary share has been calculated as follows:
Unaudited Unaudited Audited
6 months to 30.06.2024 6 months to 30.06.2023 Year to
31.12.2023
£ £ £
Loss after tax (£) (495,962) (1,591,985) (3,542,267)
Weighted average number of shares in issue (excluding EBT held shares) 792,640,454 710,642,415 710,680,973
Basic and diluted loss per share (pence) (0.06 p) (0.22 p) (0.50 p)
The weighted average number of shares for the period excludes those shares in
the Company held by the employee benefit trust. At 30 June 2024 the basic and
diluted loss per share is the same, because the vesting of share awards would
reduce the loss per share and is, therefore, anti-dilutive.
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. END MSCEQLFFZKLZBBERecent news on DP Poland
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