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LONDON (Alliance News) - DP Poland PLC Tuesday said it aims to raise GBP5.5 million by placing 34.8 million shares at 15.8 pence each, money it will use to fund the opening of a further 20 Domino's Pizza stores.
The company said it wants to open the new stores in 2016-17, and will also put some of the proceeds towards marketing expenditure over the next three years.
DP Poland said the opening of further stores will hit its earnings before interest, tax, depreciation and amortisation in the short term as it absorbs opening costs, but will leave the company in a stronger position in the long term. It wants to have 80 stores by 2020.
DP Poland added that it has continued to trade strongly in the second quarter of 2015 and is on track to meet market expectations for the full financial year.
"The company has delivered significant progress during the first five months of 2015. The strong financial and KPI performance from the stores gives the board comfort that our momentum is set to continue. The board is extremely pleased with the support that we have received from both existing and new investors during this fundraising and we are entirely focused on delivering our growth strategy and realising the significant opportunity for Domino's Pizza in Poland," Chief Executive Peter Shaw said in a statement.
Shares in DP Poland were trading down 2.7% at 16.90 pence Tuesday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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