DP Poland has issued a scheduled AGM trading update covering the first 5 months of the year. Trading for the period is reported to be broadly in line with management’s expectations. The update adds a bit more colour around the Covid19 impact. Briefly, LFL’s declined to -14% in the last two weeks of March but significantly as Polish consumers adapted to the lockdown restrictions and gravitated to online channels, LFL’s quickly recovered to a robust +3% over April and May, with total system sales +6% - highlighting virtues of having a strong online and delivery proposition. We note this is not too dissimilar to the +5.1% LFL Domino’s Pizza recently reported for its UK business for Q2 but significantly, better than -9.2% for Republic of Ireland. The update reinforces comments made at the 22nd May finals around favourable labour and food input cost trends due to Covid-19. There is also reference to positive interaction with food aggregators, Pyszene.pl (takeaway.com) and Glovo. We see these relationships as accretive in raising brand awareness and volumes outside Warsaw where the company at present has a smaller footprint. New CEO, Iwona Olbrys, continues to focus on enhancing the customer proposition to further differentiate DP Poland from the competition through a stronger online platform, quality and speed of delivery whilst simultaneously targeting cost savings. With little FY20 visibility management recently removed financial guidance. N+1 Singer currently has no formal forecasts in the market and will initiate coverage in due course Overall, looking through the current uncertainty, we feel that with a proven new CEO at the helm and an online focused business model, DP Poland should ultimately reward investors with a move into profitability and value creation.