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(Alliance News) - DP Poland PLC on Monday reported a widened loss after a "challenging" half following the integration of an acquired pizza business at the beginning of 2021.
DP Poland shares fell 5.6% to 7.55p each in London on Monday morning.
DP Poland, an operator of pizza stores across Poland, reported a pretax loss of GBP1.9 million in the six months to June 30, widening from GBP1.2 million the year prior.
Direct costs more than doubled to GBP11.9 million from GBP5.0 million, while selling, general & administrative expenses rose to GBP2.2 million from GBP1.1 million.
Revenue doubled to GBP13.8 million from GBP6.7 million.
These are the first results reflecting the wider group formed after the acquisition of Dominium SA, a Polish pizza restaurant group, at the beginning of the year.
"The first half of the year was a challenging period, both internally, as a result of the integration of the two businesses, and externally due to the ongoing impact of Covid-19, low unemployment and poor access to workforce, and an increase in the average cost of raw ingredients towards the end of the first half," DP Poland said.
Looking ahead, Chair Nick Donaldson said: "We believe in the acquisition of Dominium and are starting to see the fruits of our labour, despite the challenging environment. We have a strong position in the market place and see the roadmap for a much larger network of profitable stores across Poland. We are at an exciting crossroads operationally for the enlarged DP Poland business."
By Greg Roxburgh; gregroxburgh@alliancenews.com
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