DMP +11.81%: jumped the most since November as they talked up the prospects for a strong recovery in FY24 as recent company restructuring starts to pay off. Revenue of $2.35bn mirrored Bloomberg consensus of $2.36bn, total sales grew +2.2% while EBIT came in -23% lower as higher prices offset fewer meals being sold, an important balance for DMP moving forward. Cost savings announced in June were updated today and are expected to improve Ebit by $33-40mn, good news for shareholders but not the 200 people about to lose their jobs.
- An ok result but after falling -75% from its 2022 high it was taken as a breath of fresh air.
MM still has no interest in DMP
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