Papa John’s profits fall

Papa John’s has revealed a slump in profits for the year ending 30 December 2018. Pre-tax profits were down 53%, from £6.4m to £2.9m. Sales rose 1.7% to £68.4m but like-for like sales fell 4.5%. The business said this was its first decline in 12 years, which it blamed on “heightened competition and a long hot summer”.