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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Dp Poland Plc | LSE:DPP | London | Ordinary Share | GB00B3Q74M51 | ORD 0.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.30 | -2.78% | 10.50 | 10.00 | 11.00 | 10.55 | 10.50 | 10.50 | 357,405 | 08:00:16 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Eating Places | 35.69M | -4.36M | -0.0061 | -17.21 | 74.81M |
From Apr 2019 to Apr 2024
TIDMDPP
RNS Number : 1295K
DP Poland PLC
19 September 2016
DP Poland PLC
("DP Poland" "the Group" or the "Company")
Interim results for the half year to 30 June 2016
Store opening momentum continues to build. Two new sub-franchisees open stores in two new cities. Corporate store performance and commissary performance continue to improve.
DP Poland, through its wholly owned subsidiary DP Polska S.A., has the exclusive right to develop, operate and sub-franchise Domino's Pizza stores in Poland. There are currently 29 Domino's Pizza stores in 7 Polish cities, 16 corporately managed and 13 sub-franchised.
Highlights
-- 29 stores in 7 cities, to date
o 6 new stores opened and 3 more cities came on stream January - September 2016
-- 2 new sub-franchisees signed their first stores, in 2 new cities, January - September 2016
o we now have 4 sub-franchise partners with 13 stores between them
-- Pipeline of further store openings for H2 2016, 1 is ready to open and 3 are under construction
-- 15 consecutive quarters of double digit like-for-like System Sales(1) growth, Q4 2012 - Q2 2016
-- Like-for-like(2) System Sales (PLN) up 28% H1 2016 on H1 2015 -- Like-for-like System Sales (PLN) up 24% July-August 2016 on July-August 2015 -- Total System Sales up 57% H1 2016 on H1 2015 -- Corporate store EBITDA +104% H1 2016 on H1 2015 -- Commissary gross profit(3) +143% H1 2016 on H1 2015 -- Group EBITDA(4) loss reduced +6% H1 2016 on H1 2015 at actual exchange rates -- 69% delivery sales online
Peter Shaw, Chief Executive of DP Poland said:
"Out of our 6 store openings so far this year I am delighted that 3 stores have been opened by 2 new sub-franchisees, in 2 new cities, taking the number of our sub-franchise partners to 4. Domino's Pizza is now available in 7 Polish cities, with 29 stores to date, 16 corporately managed and 13 sub-franchised.
We saw more than a doubling of both corporate store EBITDA and commissary gross profit in the first half of the year driven by rapid sales growth and improvements in food costs. The continuing improvement in Group EBITDA losses will accelerate as the growth in overheads necessary for rapid expansion become proportionately less significant to accelerating sales."
(1) System Sales - total retail sales including sales from corporate and sub-franchised stores
(2) Like-for-like growth in PLN, matching trading periods for the same stores between 1 January and 30
June, 2015 and 1 January and 30 June, 2016
(3) Sales minus variable costs
(4) Excluding non-cash and non-recurring items
(5) Sales minus food costs. This figure excludes sub-franchised stores
(6) Exchange rate average for H1 2016 - GBP1: 5.61 PLN
(7) Exchange rate average for H1 2015 - GBP1: 5.65 PLN
Enquiries:
DP Poland PLC Peter Shaw, Chief Executive www.dppoland.com 020 3393 6954 Peel Hunt LLP Adrian Trimmings / George Sellar 020 7418 8900
Chief Executive's Review
Store performance
Strong like-for-like(2) performance of existing stores at +28%, plus the contribution of new stores saw total System Sales(1) grow by +57% H1 2016 on H1 2015. This strong sales performance, supported by healthy gross margin(5) and controlled store operating costs, translated to a marked improvement in Corporate Store EBITDA at +104% H1 2016 on H1 2015.
Like-for-like performance July-August continued at 24%.
Store roll-out
6 stores have been opened in 2016 to date, taking the total to 29 stores.
We have a pipeline of store openings for the rest of the year and into 2017, and we currently have 1 store ready to open and 3 stores under construction.
The table below sets out our current store estate.
Hot Features
Premium
Stores 1 Jan Opened Sold Closed 30 June 19 Sept
2016 to franchisees 2016 2016
---------------- ------ ------- ---------------- ------- -------- --------
Corporate 15 3 0 0 18 16
---------------- ------ ------- ---------------- ------- -------- --------
Sub-franchised 8 2 0 0 10 13
---------------- ------ ------- ---------------- ------- -------- --------
Total 23 5 0 0 28 29
---------------- ------ ------- ---------------- ------- -------- --------
Presence in 7 cities: Warsaw, Krakow, Wroc aw, Gdansk, Szczecin, Zielona Gora and Lublin.
In July and August we sold 2 corporate stores to sub-franchisees, 1 to HLM and 1 to RHPP. In August 1 sub-franchised store was opened by our fourth franchisee Active.
We have expanded our real estate team to deliver our accelerated store opening programme. This team, including third party specialists, is responsible for finding and negotiating sites, project managing store fit-outs and commissioning store openings, for both corporately managed and sub-franchised stores.
Sub-franchised stores
We have 4 sub-franchise partners operating 13 stores between them.
Our third sub-franchise partner acquired their first store in April and opened a second in the same city in June. Our fourth sub-franchisee opened his first store in August in his home city, having first trained in one of our stores in Warsaw.
We anticipate seeing further sub-franchising in the near future as more candidates come forward to create their own successful Domino's Pizza businesses.
Commissary and procurement
With 57% growth in System Sales compared to H1 2015 we saw commissary gross profit(3) grow +143% H1 2016 on H1 2015. The establishment of our own commissary in September 2015 has delivered marked improvements in dough production costs and warehouse product handling costs, supporting this improved gross profit.
Our procurement team continues to deliver improved food costs, supporting improved corporate store EBITDA and improved commissary gross profit. We are focused on supplying our sub-franchisees with high quality ingredients at highly competitive prices, aiding their sub-franchised store profitability.
We will be extending our commissary capacity in 2017 to support our growing System Sales from existing and new stores, deploying a capital light model.
Group performance
Group EBITDA(4) losses, at actual exchange rates(6, 7) , improved 6% H1 2016 (GBP728,397) on H1 2015 (GBP773,591).
As described in the Finance Director's report below the Group loss for the period, at actual exchange rates, was reduced by 12% H1 2016 (GBP944,378) on H1 2015 (GBP1,074,059)
A rapidly growing store estate and projected growth in System Sales this year and next, requires investment in commissary capacity and the teams that support store expansion, including real estate, distribution and area management. Step changes in these direct and indirect costs are anticipated to have a short term impact on Group EBITDA, before the growth in sales absorbs that impact and proportionately reduces those costs as a percentage of sales.
Online sales
Online sales grew to 69% of delivery sales for H1 2016 compared with 66% in H1 2015, benefiting the customer by providing an easy means of ordering and improving store economics by reducing the need to take orders by telephone.
We continue to invest in improving the online experience for our customers, whether they purchase via smart phone, tablet or PC.
Marketing and innovation
Online is an important element of our marketing activity, supported by out-of-door advertising, radio advertising and local sponsorship. The combination of new product introductions, the promotion of tried and tested favourites and offering great value for money are the cornerstones of our marketing approach.
In March 2016 we introduced Hot Dog Crust and in September 2016 we introduced Cheesy Crust, both product innovations that are popular in other Domino's markets.
Outlook and current trading
Growth over the last two months has continued in the same vein as the first half, with strong like-for-likes July to August. We anticipate 2016 finishing strongly both in terms of like-for-like sales growth and absolute growth in System Sales. As the business grows, the necessary investments for growth in the Polish team (commissary, real estate, area management and sub-franchisee support) will become proportionately less significant and will be reflected in further improvement in Group EBITDA.
The impact of Brexit on our business is a question that has been raised a number of times. At this stage it is difficult to predict on a macro-economic basis, however it is clear that Poland is firmly set as a key member of the European Community, benefiting from very significant investment in infrastructure and innovation projects. In turn Poland contributes a robust growth economy with a highly qualified and motivated workforce and growing consumer demand for great value products. As distribution improves with more store openings and as our customer loyalty grows we believe that the growth of Domino's Pizza in Poland over the coming years will remain robust and uninterrupted.
Peter Shaw
Chief Executive
19 September 2016
Finance Director's review
Overview
In H1 2016 we reached our 15th consecutive quarter of double digit like-for-like(2) System Sales(1) growth. We achieved this consistent growth while improving both corporate store EBITDA and commissary gross profit(3) . Our retail pricing strategy is driven by a profit motive rather than a pure volume growth motive and our System Sales and central marketing activities are judged within specific Return on Marketing Investment parameters. Our new commissary has delivered greater cost efficiencies than budgeted, due to higher than budgeted sales volumes. Corporate store EBITDA has grown by +104% (H1 2016 on H1 2015) and commissary gross profit has grown by +143% (H1 2016 on H1 2015).
The continued drop in unemployment in Poland has resulted in a general upward pressure on wages which has impacted store labour costs. This inflation in store labour costs has been ameliorated by both improvements in food costs and carefully managed pricing. While we expect to see continuing improvement in economies of scale in our procurement of food we also expect food commodity prices to increase next year in response to expected growth in world demand, particularly if Russia ends its sanctions on food imports.
Direct and Indirect Costs
As our revenue grows the impact of Direct and Indirect Costs on Group EBITDA(4) becomes less marked, however there is a stepped element to this progression as capacity is added in response to a significant uplift in sales and store numbers, including commissary production capacity, distribution costs, the store expansion team and the area management team. I have set out below some more detail on the factors impacting Direct and Indirect Costs.
Direct costs
In preparation for further store openings and continuing growth in System Sales we will be extending our commissary capacity in 2017 deploying a capital light model. This additional commissary capacity will impact Direct Costs through additional rent, operating costs, production labour and warehousing labour. As System Sales grow the impact of this additional commissary capacity on Direct Costs will become proportionately smaller and the benefits of lower production costs and lower warehouse product handling costs will be seen in further improvements in corporate store EBITDA, because of lower food costs, and in improved commissary gross profit. The opening of new stores in new cities also results in higher distribution costs which in turn will become proportionately less significant as more stores are opened in those new cities, spreading those costs across more stores.
Indirect costs: Selling, General and Administrative Expenses (S,G&A)
In H1 2016 Selling, General and Administrative Expenses (S,G&A) were 29% of System Sales a 13 percentage point improvement against H1 2015 (H1 2015 42%). The opening of new stores in new cities requires a larger store expansion team and additional area managers to oversee both corporate and sub-franchised store performance. As we open more stores these additional costs will become proportionately less significant and the overall impact of S,G&A on Group EBITDA will continue to reduce.
Store count
6 stores have been opened to date, taking the total to 29 stores. We have a pipeline of store openings for the rest of the year, into 2017, and we currently have 1 store about to open and 3 stores under construction.
The table below sets out our current store estate.
Stores 1 Jan Opened Sold Closed 30 June 19 Sept
2016 to franchisees 2016 2016
---------------- ------ ------- ---------------- ------- -------- --------
Corporate 15 3 0 0 18 16
---------------- ------ ------- ---------------- ------- -------- --------
Sub-franchised 8 2 0 0 10 13
---------------- ------ ------- ---------------- ------- -------- --------
Total 23 5 0 0 28 29
---------------- ------ ------- ---------------- ------- -------- --------
Presence in 7 cities: Warsaw, Krakow, Wroc aw, Gdansk, Szczecin, Zielona Gora and Lublin.
On 1 July and on 1 August we sold 2 corporate stores, 1 to HLM and 1 to RHPP. In August 1 sub-franchised store was opened by our fourth sub-franchisee Active.
Sales Key Performance Indicators
In H1 we saw 57% growth in System sales, a result of like-for-like (LFL) sales growth of 28% and sales from 6 newly opened stores.
Delivery online sales continue to grow, a more cost-efficient means of making a sale.
H1 2016 H1 2015 Change %
GBP GBP
------------------------------- ---------- ---------- ---------
System sales(1) * 3,195,934 2,037,663 +57%
------------------------------- ---------- ---------- ---------
LFL(2) system sales +28% +16%
------------------------------- ---------- ---------- ---------
Delivery system sales ordered
online +69% +66%
------------------------------- ---------- ---------- ---------
*Constant exchange rate of GBP1:5.61PLN
Group performance
Revenue increased +70% as the result of 28% growth of LFL system sales and the opening of new stores. The improvement in Group EBITDA(4) is driven by the continuing improvement in Corporate Store EBITDA, the growing contribution from commissary and careful management of S,G&A.
Group Revenue & H1 2016 H1 2015 Change %
EBITDA* GBP GBP
----------------- ------------- ------------- ---------
Revenue 2,961,489 1,743,918 +70%
----------------- ------------- ------------- ---------
Group EBITDA(4) (728,397)(6) (773,591)(7) +6%
----------------- ------------- ------------- ---------
*Actual exchange rates for H1 2016 and H1 2015
Group loss for the period
Group loss for the period has reduced, in line with Group EBITDA and also on account of foreign exchange gains.
Group Loss for the H1 2016 H1 2015 Change %
period* GBP GBP
-------------------- ------------- --------------- ---------
Group loss for the
period (944,378)(6) (1,074,059)(7) +12%
-------------------- ------------- --------------- ---------
* Actual exchange rates for H1 2016 and H1 2015
Exchange rates
PLN: GBP1 H1 2016 H1 2015 Change %
----------------------- -------- -------- ---------
Profit & Loss Account 5.6098 5.6536 -1%
----------------------- -------- -------- ---------
Balance Sheet 5.3125 5.9156 -10%
----------------------- -------- -------- ---------
Financial Statements for our Polish subsidiary DP Polska S.A. are denominated in zloties (PLN) and translated to sterling (GBP). Under IFRS the Profit and Loss Account for the Group has been converted from PLN at the average half-a-year exchange rate applicable to PLN against GBP. The balance sheet has been converted from PLN to GBP at the 30 June 2016 exchange rate applicable to PLN against GBP.
Cash position
Cash has reduced by 23% from 1 January 2016, with the net cash at 30th June 2016 being GBP5.4m. Such spending was to cover Group losses and store CAPEX.
1 January Cash consumption 30 June 2016
2016 GBP GBP
GBP
--------------- ---------- ----------------- -------------
Cash in bank* 6,987,503 (1,596,454) 5,391,049
--------------- ---------- ----------------- -------------
*Actual exchange rates as at 31 Dec 2015 and 30 June 2016
Maciej Jania
Finance Director
19 September 2016
Group Income Statement
for the six months ended
30 June 2016
Unaudited Unaudited Audited
6 months 6 months Year
to to to
30.06.16 30.06.15 31.12.15
Notes GBP GBP GBP
Revenue 2,961,489 1,743,918 3,558,261
Direct costs (2,747,756) (1,659,121) (3,367,684)
Profit after
direct costs 213,733 84,797 190,577
------------------------------------------- ------ ------------- ------------- -------------
Selling, general and administrative
expenses - excluding depreciation,
amortisation and share based payments (942,130) (858,388) (1,836,009)
GROUP EBITDA - excluding non-cash
and non-recurring items (728,397) (773,591) (1,645,432)
------------------------------------------- ------ ------------- ------------- -------------
Other non-cash and non-recurring
items (17,053) (17,307) (73,944)
Finance income 18,705 12,778 46,464
Finance costs (5,664) (518) (4,519)
Foreign exchange
gains / (losses) 199,304 (17,002) 39,084
Depreciation, amortisation
and impairment (221,320) (162,278) (340,162)
Share based
payments (189,953) (116,141) (214,754)
Loss before
taxation (944,378) (1,074,059) (2,193,263)
------------------------------------------- ------ ------------- ------------- -------------
Taxation 2 - - -
Loss for the
period (944,378) (1,074,059) (2,193,263)
------------------------------------------- ------ ------------- ------------- -------------
(0.74 (1.16 (2.01
Loss per share Basic 3 p) p) p)
(0.74 (1.16 (2.01
Diluted 3 p) p) p)
Group Statement
of comprehensive income
for the six months ended
30 June 2016
Unaudited Unaudited Audited
6 months 6 months Year
to to to
30.06.16 30.06.15 31.12.15
GBP GBP GBP
---------------------------- ----------- ------ ------------- ------------- -------------
Loss for the
period (944,378) (1,074,059) (2,193,263)
Currency translation
differences 426,279 (235,219) (218,117)
----------------------------------------- ------ ------------- ------------- -------------
Other comprehensive expense for
the period, net of tax to be reclassified
to profit or loss in subsequent
periods 426,279 (235,219) (218,117)
--------------------------------------------------- ------------- ------------- -------------
Total comprehensive
income for the period (518,099) (1,309,278) (2,411,380)
------------------------------------------ ------ ------------- ------------- -------------
Group Balance Sheet
at 30 June
2016
Unaudited Unaudited Audited
30.06.16 30.06.15 31.12.15
GBP GBP GBP
---------------------------- ----------- ------ ------------- ------------- -------------
Non-current
assets
Intangible
assets 268,680 264,525 251,697
Property, plant
and equipment 2,845,740 1,717,497 2,053,207
Trade and
other receivables 512,058 308,302 287,351
------------------------------------------- ------ ------------- ------------- -------------
3,626,478 2,290,324 2,592,255
Current assets
Inventories 200,116 73,301 116,668
Trade and
other receivables 1,025,310 550,351 1,040,702
Cash and cash
equivalents 5,391,049 3,313,690 6,987,503
------------------------------------------- ------ ------------- ------------- -------------
6,616,475 3,937,342 8,144,873
Total assets 10,242,953 6,227,666 10,737,128
------------------------------------------- ------ ------------- ------------- -------------
Current liabilities
Trade and
other payables (672,927) (648,319) (853,209)
Borrowings (45,669) - (34,416)
Provisions (50,983) (104,509) (35,274)
------------------------------------------- ------ ------------- ------------- -------------
(769,579) (752,828) (922,899)
---------------------------------------- ------ ------------- ------------- -------------
Non-current
liabilities
Borrowings (124,991) - (97,801)
Provisions - - (39,899)
------------------------------------------- ------ ------------- ------------- -------------
(124,991) - (137,700)
Total liabilities (894,570) (752,828) (1,060,599)
------------------------------------------- ------ ------------- ------------- -------------
Net assets 9,348,383 5,474,838 9,676,529
------------------------------------------- ------ ------------- ------------- -------------
Equity
Called up
share capital 651,241 477,190 651,241
Share premium
account 23,856,796 18,825,667 23,856,796
Capital reserve
- own shares (56,361) (56,361) (56,361)
Retained earnings (14,724,535) (12,949,519) (13,970,110)
Currency translation
reserve (378,758) (822,139) (805,037)
------------------------------------------- ------ ------------- ------------- -------------
Total equity 9,348,383 5,474,838 9,676,529
------------------------------------------- ------ ------------- ------------- -------------
Group Statement of Cash Flows
for the six months ended 30
June 2016
Unaudited Unaudited Audited
6 months 6 months Year
to to to
30.06.16 30.06.15 31.12.15
GBP GBP GBP
-------------------------------- ------------ ------------ ------------
Cash flows from
operating activities
Loss before taxation
for the period (944,378) (1,074,059) (2,193,263)
Adjustments
for:
Finance income (18,705) (12,778) (46,464)
Finance costs 5,664 517 4,519
Depreciation and amortisation
and impairment 221,320 162,278 340,162
Share based payments
expense 189,953 116,141 214,754
--------------------------------- ------------ ------------ ------------
Operating cash flows before
movement in working capital (546,146) (807,901) (1,680,292)
(Increase) / decrease
in inventories (68,865) 20,472 (22,103)
Decrease / (increase) in trade
and other receivables 174,361 (118,715) (532,689)
(Decrease) / increase
in trade and other payables (311,978) (122,125) 314,941
---------------------------------- ------------ ------------ ------------
Cash generated
from operations (752,628) (1,028,269) (1,920,143)
Taxation paid - - -
Net cash from operating
activities (752,628) (1,028,269) (1,920,143)
Cash flows from investing
activities
Payments to acquire
software (17,889) (5,322) (6,433)
Payments to acquire
property, plant and
equipment (899,995) (172,463) (814,485)
Payments to acquire
intangible fixed assets (5,145) (2,514) (15,895)
Lease and other deposits
repaid / (advanced) (23,911) (26,436) (45,203)
Proceeds from disposal of
property plant and equipment 149,066 8,844 140,864
(Increase) / decrease
in loans to sub-franchisees (164,490) 92,556 28,091
Interest received 18,705 12,779 46,464
------------------------------------ ------------ ------------ ------------
Net cash used in investing
activities (943,659) (92,556) (666,597)
Cash flows from financing
activities
Net proceeds from issue
of ordinary share capital - - 5,205,180
Repayment (19,983) - -
of borrowings
Interest paid (5,664) (517) (4,519)
------------------------------------ ------------ ------------ ------------
Net cash from financing
activities (25,647) (517) 5,200,661
Net (Decrease) / increase
in cash and cash equivalents (1,721,934) (1,121,342) 2,613,921
Exchange differences on cash
balances 125,480 (31,395) (92,845)
Cash and cash equivalents
at beginning of period 6,987,503 4,466,427 4,466,427
Cash and cash equivalents
at end of period 5,391,049 3,313,690 6,987,503
---------------------------------- ------------ ------------ ------------
Group Statement of Changes
in Equity
for the six months ended 30
June 2016
Share Currency Capital
Share premium Retained translation reserve
-
capital account earnings reserve own shares Total
GBP GBP GBP GBP GBP GBP
---------------- -------- ----------- ------------- ------------ ----------- ------------
At 31 December
2014 477,190 18,825,667 (11,991,601) (586,920) (56,361) 6,667,975
Share based
payments - - 116,141 - - 116,141
Translation
difference - - - (235,219) - (235,219)
Loss for the
period - - (1,074,059) - - (1,074,059)
---------------- -------- ----------- ------------- ------------ ----------- ------------
At 30 June
2015 477,190 18,825,667 (12,949,519) (822,139) (56,361) 5,474,838
Shares issued 174,051 5,325,949 5,500,000
Expenses of
share issue - (294,820) - - - (294,820)
Share based
payments - - 98,613 - - 98,613
Translation
difference - - - 17,102 - 17,102
Loss for the
period - - (1,119,204) - - (1,119,204)
---------------- -------- ----------- ------------- ------------ ----------- ------------
At 31 December
2015 651,241 23,856,796 (13,970,110) (805,037) (56,361) 9,676,529
Share based
payments - - 189,953 - - 189,953
Translation
difference - - - 426,279 - 426,279
Loss for the
period - - (944,378) - - (944,378)
---------------- -------- ----------- ------------- ------------ ----------- ------------
At 30 June
2016 651,241 23,856,796 (14,724,535) (378,758) (56,361) 9,348,383
---------------- -------- ----------- ------------- ------------ ----------- ------------
Notes to the Interim
Financial Statements
for the six months
ended 30 June 2016
1 Basis of
preparation
These condensed interim financial statements are
unaudited and do not constitute statutory accounts
within the meaning of the Companies Act 2006. These
condensed interim financial statements have been
prepared in accordance with IAS 34 'Interim Financial
Reporting' and were approved on behalf of the Board
by the Chief Executive Officer Peter Shaw on 16 September
2016.
The accounting policies and methods of computation
applied in these condensed interim financial statements
are consistent with those applied in the Group's
most recent annual financial statements for the year
ended 31 December 2015.
The financial statements for the year ended 31 December
2015, which were prepared in accordance with International
Financial Reporting Standards, as endorsed by the
European Union ('IFRS'), and with those parts of
the Companies Act 2006 applicable to companies reporting
under IFRS, have been delivered to the Registrar
of Companies. The auditors' opinion on those financial
statements was unqualified and did not contain a
statement made under s498(2) or (3) of the Companies
Act 2006.
Copies of these condensed interim financial statements
and the Group's most recent annual financial statements
are available on request by writing to the Company
Secretary at our registered office DP Poland plc,
42-50 Hersham Road, Walton-on-Thames, Surrey KT12
1RZ, or from our website www.dppoland.com.
2 Taxation
Unaudited Unaudited Audited
6 months 6 months Year
to to to
30.06.16 30.06.15 31.12.15
GBP GBP GBP
==================================== ============ ============ ============
Current tax - - -
Deferred tax charge
relating to the origination
and reversal
of temporary - - -
differences
------------------------------------ ------------ ------------ ------------
Total tax charge - - -
in income statement
------------------------------------- ------------ ------------ ------------
3 Earnings per
ordinary share
The loss per ordinary share
has been calculated as follows:
Unaudited Unaudited Audited
6 months 6 months Year
to to to
30.06.16 30.06.15 31.12.15
------------------------------------ ------------ ------------ ------------
Profit / (loss)
after tax
(GBP) (944,378) (1,074,059) (2,193,263)
Weighted average number
of shares in issue 127,192,268 92,382,142 109,369,484
Basic and diluted earnings per
share (pence) - after exceptional (0.74 (1.16 (2.01
items p) p) p)
---------------------------------------- ------------ ------------ ------------
The weighted average number of shares for the period
excludes those shares in the Company held by the
employee benefit trust. At 30 June 2016 the basic
and diluted loss per share is the same, because the
vesting of share awards would reduce the loss per
share and is, therefore, anti-dilutive.
4 Principal risks
and uncertainties
The principal risks and uncertainties facing the
Group are disclosed in the Group's financial statements
for the year ended 31 December 2015, available from
www.dppoland.com and remain unchanged.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GGURABUPQGQQ
(END) Dow Jones Newswires
September 19, 2016 02:00 ET (06:00 GMT)
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