Domino's Pizza Group set to open more than 70 new stores in 2024

The group recorded a statutory profit after tax of £115m in 2023, which was an increase of 40.9 per cent compared with the same period the year before.

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Commenting on the results, Andrew Rennie, the group’s CEO said: "Last year we continued to make strong strategic progress with 61 new store openings whilst offering our customers compelling value.

"These efforts delivered an increase in sales and shareholder returns with continued robust profit growth. I would like to thank our world-class franchisees and colleagues for their immense hard work and dedication in achieving these results."

"In December I set out a framework for accelerating sustainable, long-term growth.

"Following a great year for store openings in 2023 we are accelerating our growth and expect to have 1,600 UK and Ireland stores delivering £2.0bn of system sales by 2028 and 2,000 stores by 2033 delivering £2.5bn of system sales.

"Crucially, we have alignment with our franchisees and there is a strong, motivated second generation talent coming through the franchisee ranks to help drive this growth."

Julie Palmer, Partner at Begbies Traynor, said: “Once again the sheer strength of the Domino’s brand has allowed the FTSE250 giant to serve up a resilient performance in a challenging backdrop, as customers remain unable to fully resist the odd indulgence despite the squeeze on their wallets.

“Though trading momentum slightly slowed towards the end of the year, falling input cost inflation, particularly for significant expenses such as cheese, managed to sustain the pizza group’s performance and look set to do so going forward.

“However, the cost of living crisis has not spared the appetite for discretionary spending, and indulging in takeaway pizza has become a less frequent treat for many customers.

"The squeeze felt by many consumers has had an impact on the frequency of orders with delivery orders down by 4.8 per cent compared to the previous year.”

Commenting on the results, Russ Mould, investment director at AJ Bell, said: “There were undoubtedly positives in Domino’s latest results.

"Costs are heading in the right direction and the company hopes to reduce them further by upgrading and increasing the use of technology in its infrastructure and supply chain.”