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09 Mar 2021 | 07:58

Domino's delivers £45m share buyback, 200 new stores as profits rise

(Sharecast News) - Pizza chain Domino's unveiled a £45m share buyback and rise in annual profit as it announced plans to open another 200 stores. The company on Tuesday said underlying pre-tax profit rose to £101.2m from £98.8m as more people ordering takeaways for delivery during Covid lockdowns offset pandemic-led weakness in its collection business.

Domino's said it would grow its delivery business, targeting medium-term total system sales of £1.6bn - £1.9bn and aimed to open 200 new stores.

It declared a final dividend of 9.1p per share.

"Trading in the current financial year has started strongly with exceptional trading over the new year period as we recorded our highest ever sales week," the company said.

"Our delivery business continues to perform very well, and collection remains at around 60% of 2019 levels," it added.

"As we come out of the restrictions of Covid-19 we will be competing in an environment that has most likely changed forever with an increased presence of aggregator operators and more digitally aware consumers that are familiar with the benefits of home food delivery."

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