Interims show DPP is in good shape and responding positively to the new CEO’s actions. Order count is up (despite a soft macro backdrop), LFLs are strong and the proportion of stores transitioning to profitability is materially higher vs 12m ago. Strong summer trading in Poland and an easing of cost pressures underpin our decision to make no forecast changes FY23 being an inflection point in terms of moving into positive EBITDA (pre-IFRS16 basis). Overall, these interims are positive and support ....
