Domino's Pizza Group PLC (LSE:DOM) has unveiled a £20 million share buyback after the men’s Euros helped buoy orders over the second quarter.
This will commence immediately, the master franchise in the UK said in interim results on Tuesday.
Though revenue dipped 1.8% to £326.8 million on the back of a 0.9% fall in total orders over the first half, Domino’s highlighted improvement in recent months.
“Following a slow start to the year, we now have good momentum in the business,” chief executive Andrew Rennie commented, with orders climbing 5.8% in July.
“In the second quarter, we grew orders, with a notable improvement from the middle of May and importantly have halted the trend of declining delivery orders.
“These are now returning to growth and this momentum has continued through June and July, helped by a good performance through the men's Euro football tournament.”
Underlying pre-tax profit ticked up 0.8% to £51.3 million over the six months to June, Domino’s reported, with a 3.5p interim dividend being declared, against 3.3p last year.
Domino’s added that its slow start to the year would likely result in full-year underlying pre-tax earnings coming in at the low end of expectations for £144.3 million to £149.2 million.