Domino’s Pizza Group PLC   

Domino’s Pizza Group PLC (LSE: DOM) is an FTSE 250 index-listed pizza brand and a major player in the Irish market.

FY24 Results (Released on 11 March 2025)

1. Steady Growth in System Sales and Orders: System sales increased +2.0% YoY to £1,571.5m, driven by a +2.4% growth in delivery orders and a +0.5% rise in collection orders, reflecting a return to positive momentum. The strongest quarter was Q4 FY24, with +3.0% growth, indicating improving consumer demand.

2. Improved Profitability and Strong Underlying EPS Growth: Underlying EBITDA rose +6.4% to £143.4m, supported by reduced technology platform costs and contributions from Shorecal acquisition. Underlying profit before tax increased +8.4% to £107.3m, while underlying EPS saw a notable rise of +13.3% to 20.4p, aided by share buybacks.

3. Statutory Profit Declined Due to Absence of Prior-Year Disposal Gains: Statutory profit after tax declined -21.6% to £90.2m, largely due to the absence of the £40.6m profit on disposal of the German associate in FY23. While underlying earnings improved, this one-off disposal gain had inflated FY23 results, leading to a comparative decline.

4. Significant Expansion Through New Store Openings and Acquisitions: A total of 54 new stores were opened across 21 different franchise partners, including a record number of store openings in Ireland. Domino’s also acquired Shorecal, the largest Domino’s franchise business in Ireland and Northern Ireland, adding 34 stores. Additionally, the company increased its stake in Victa DP Ltd, its Northern Ireland JV, to 70% with an investment of £25.6m, reinforcing its commitment to growth in underpenetrated markets.

5. Robust Cash Flow Generation and Continued Shareholder Returns: Free cash flow remained strong at £84.7m, despite increased interest and corporation tax payments. The company maintained its focus on capital returns, distributing £67.9m to shareholders through dividends and share buybacks.

6. Positive Trading Momentum in FY25 and Strong Outlook for Future Growth: Early performance in FY25 shows +2.4% growth in system sales, with total orders up +0.7% and like-for-like sales up +0.7%, reflecting a continuation of the positive trajectory seen in late FY24. Over 50 new store openings are planned in FY25, supported by the recently agreed five-year Profitability & Growth Framework (PGF) with franchisees, positioning the business for sustained expansion.

7. Strengthening of Digital Capabilities and Customer Engagement Initiatives: Digital sales remain a key focus, with app orders now accounting for 76.3% of online sales, increasing by 2.7 percentage points YoY, reflecting a continued shift towards mobile-driven transactions. The company also successfully completed an initial loyalty program trial with 630k customers, which exceeded expectations. The second phase will expand to 3 million customers in FY25, with a full rollout targeted for FY26, aiming to increase customer frequency and retention.

8. Optimized Debt Position and Balance Sheet Stability: Net debt increased to £265.5m, up from £232.8m in FY23, primarily due to investments in acquisitions, but leverage remained within the company’s target range at 1.93x Net Debt/EBITDA.

Share Price Chart

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Domino’s Pizza Group PLC (LSE: DOM)  was trading at the current market price of GBX 292.80 (as of 13 March 2025, 09:00 AM GMT) 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is 13 March 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

Note 4: Dividend Yield may vary as per the stock price movement.