Hardman & Co Research: FY18 results announced

DPP announced FY18 results this morning, which, as previously trailed, were impacted by unseasonally warm weather and competitive marketing activity by delivery aggregators, but still managed 24% growth in system sales. The company raised £5.5m net in a placing in February, which should fund store growth through to 2020 and support its innovative online marketing programme. January and February comparisons were tough because of the TV advertising conducted in the same period last year. The growth focus will be on splitting territories and larger cities. DPP is also looking to sell some stores to sub-franchisees and maybe close some underperformers.

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