Domino's Pizza Group reports 7% increase in revenue to over £600m
Domino's Pizza Group has reported group revenue of £600.3m, an increase of 7% on 2021 and 18.1% on 2019.
Despite this, in its full year results for the financial year to 25 December 2022, the business recorded a pre-tax profit of £98.9m, just 0.1% above 2019 and down 13.2% on the prior year. The group said profits were affected by a £2.4m accelerated amortisation and impairment relating to two new cloud-based IT systems, and an increase in interest of £4.9m.
Domino's Pizza Group holds the master franchise agreement to own, operate and franchise Domino's stores in the UK and the Republic of Ireland, with 1,261 stores.
The business rolled out on Just Eat in 1,167 stores at the end of the year, which it said had delivered "incremental customers and orders". The company also opened 35 stores during the year, with seven openings already completed for the first quarter of 2023 and a pipeline "significantly ahead" of last year.
Elias Diaz Sese, interim chief executive, said: "The reset of the relationship with our franchise partners in December 2021 has underpinned our strong performance in what has been an exceptionally busy year for the business. We have accelerated the execution of our strategy with the return of national value campaigns, growth in collections, our launch on Just Eat and increased store openings, alongside a strong focus on service from our franchise partners. At a time when customers have been looking for great value, Domino's has delivered, and you can see the results in the numbers we're announcing today.
"We have made significant strides in digital – strengthening our internal operations and enhancing our customers' experience, especially with our app. We are accelerating our digital journey with increased investment and new eCommerce projects which will deliver sustainable, commercial benefits over time.
"Our outstanding Q4 performance gives the business powerful momentum into this year and there's a lot to be excited about. Strong national value campaigns, continued growth of collections, accelerated new store openings, digital initiatives and a full year on the Just Eat platform are all set to drive further growth. We are confident that our asset-light business model, our franchise partners' relentless focus on service, and digitally focused investment will deliver further market share gains and create value for shareholders."
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