Papa John's profit drops in 2018
The company finished the year with 415 stores in the UK.
Papa John's profit after tax dropped by 54.2%, citing an 'intensely competitive' pizza market and the weakening of the pound.
In its latest financial report, profit after tax for the year ending 30 December 2018 was at £2.3m compared to 2017's £5.04m. Adjusting for exceptional costs of £2m that impact profitability comparability, the underlying result was £4.85m compared to 2017's £6.29m.
Turnover meanwhile was at £68.3m, slightly higher compared to £67.2 in the previous year.
"With the weakening of the GBP and most of our food ingredients being sourced outside the UK, we are seeing increases in our food input prices which has affected our profitability as we have not passed these costs on to the customer," the pizza chain said in the report.
The company finished 2018 with 415 stores in the UK, compared to 2017's 30. The chain recently opened its latest store in Bicester, Oxfordshire.
