Hardman & Co Research: DP Poland (DDP.L): Slowing revenue growth

Hardman & Co: Slowing revenue growth

DP Poland (DPP) announced this morning that while EBITDA for 2018 will be broadly in line with expectations, revenue is lower due to unseasonally warm weather and competitive marketing activity by delivery aggregators. The company is cautious about the impact continuing into 2019 and so we have cut our forecasts for the following years, effectively pushing back the path to profitability by a year. This means, in our view, that the company is likely to need some additional funding during 2019.

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