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Annual Results

Greggs confident despite a more challenging outlook

28 February 2017 09:15

Greggs posts pre-tax profits of £75.1m for the 52 weeks to the end of December - up from £73.0m in 2015.

But the group said the outlook was more challenging than in recent years, with industry-wide pressures emerging in commodities as well as labour costs.

Total sales rose buy 7.0% to £894.2m while company-managed shop like-for-like sales were up 4.2% (2015: 4.7%).

Operating profit excluding property profits and exceptional items rose by 8.6% to £78.1m (2015: £71.9m) and pre-tax profit excluding exceptional items rose to £80.3m (2015: £73.0m).

Total ordinary dividend per share is up 8.4% at 31.0p (2015: 28.6p).

Chief executive Roger Whiteside said: "In 2016 we delivered another strong performance as we continued on our journey to transform Greggs from a traditional bakery business into a modern, attractive food-on-the-go retailer.

"Our product offer is evolving to meet the changing needs of our customers and our shop estate and service levels have benefited from significant investment.

"The UK consumer outlook is more challenging than we have seen in recent years, with industry-wide pressures emerging in commodities as well as labour costs.

"However we are confident of making further progress as we implement our plan to grow Greggs as a contemporary food-on-the-go brand."

At 9:15am: (LON:GRG) Greggs PLC share price was -31.75p at 979.25p

Story provided by StockMarketWire.com

Related Company: GRG

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