INVESTING
UK’s Domino’s expects tech investments to hit 2023 profit
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(Reuters) -Britain’s Domino’s Pizza Group Plc said on Thursday its profit this year would be impacted by investments in cloud-based technology platforms, sending its shares down more than 8%.
The company said it expects underlying core profit this year to be within market expectations, excluding about 9 million pounds ($10.69 million) to be incurred in costs from investments in two new cloud-based IT systems.
Brokerage Jefferies, however, said the outlook including investment costs implied a 7% decline from the group’s market forecast of 137.6 million pounds for 2023.
Domino’s reported 2022 underlying core profit of 130.1 million pounds, compared with 136.4 million pounds in the previous year, affected by the technology investments, higher costs and food inflation.
Shares of London-listed Domino’s, a franchisee of U.S.-based Domino’s Pizza Inc, was down 8.2% at 0900 GMT. ($1 = 0.8426 pounds)
($1 = 0.8421 pounds)
(Reporting by Muhammed Husain in Bengaluru; Editing by Savio D’Souza and Devika Syamnath)
Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.
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