Domino’s grabs a further pizza the action as Irish revenues rise

The Irish arm of pizza chain Domino’s recorded a rise in revenues to £28 million (€33.8 million) last year from £26.8 million in 2020.

Domino's, which has 55 stores in the Republic and a further 1,172 outlets across Britain and Northern Ireland, unveiled a £46 million share buyback programme on Tuesday as it reported a 12.5 per cent rise in annual profits, helped by a marketing campaign that boosted post-lockdown sales.

Domino’s said at the end of last year it invested £6.6 million in a 46 per cent share of a group operating 22 stores in Northern Ireland.

Shares in Domino’s Pizza Group Plc – a franchise of the US-based behemoth – fell 2.6 per cent to 340 pence in early trading on Tuesday after it warned of more cost inflation.

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The company, which primarily sources its wheat from the UK and Germany, said it is hedged against price inflation for the majority of 2022.

Russia and Ukraine account for 29 per cent of the world's wheat exports and the conflict has led to prices reaching multi-year highs on supply concerns.

"We buy [wheat] in scale, which means we already have good, strong relationships with our key suppliers," chief executive Dominic Paul said.

“I think we are better able than most to mitigate some of those inflationary pressures.

“The chain was already hedged against wheat price inflation prior to the Ukraine conflict, and has continued that strategy,” he added.

Overall, the chain reported pre-tax profits of £109.7 million for 2021, as against £98.9 million a year earlier.

The pizza company also said 2022 earnings should fall in line with current market expectations, adding that its first-quarter trading had “started well”.

– Additional reporting: Reuters