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Interim Results

Greggs sees progress despite cost inflation

01 August 2017 07:16

Bakery food-on-the-go retailer Greggs saw good progress in the first half with total sales up 7.3% to £453m and company-managed shop like-for-like sales up 3.4%.

The group said that as expected the business experienced pressure from cost inflation, but despite this operating profit before property gains and exceptional items grew by 1.8% to £27.6 million (2016: £27.2 million).

Other highlights:

-· Exceptional costs of £8.3m relating to previously announced restructuring - Pre-tax profit including property profits and exceptional charges £19.4m - Continued strong cash generation: £34.0m net inflow from operating activities - Ordinary interim dividend per share up 8.4% to 10.3p

Chief executive Roger Whiteside said: "The business has traded in line with our plans during the first half of the year.

"We have made good progress with our strategic plans and remain confident of future prospects although we remain alert to short-term pressures on consumers' disposable income.

"Over the year as a whole we expect to deliver results in line with our previous expectations as well as further progress against our strategic plan."

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Related Company: GRG

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