Greggs: announces interim results for H1-2021

Newcastle upon Tyne / UK. (gs) British Greggs PLC, the leading bakery food-on-the-go retailer in the UK with more than 2,000 retail outlets throughout the country, announced its interim results for the 26 weeks ended 03 July 2021.

First half financial highlights

Total sales mio.GBP 546.2 mio.GBP 300.6 mio.GBP 546.3
Underlying pre-tax profit/(loss) mio.GBP 55.5 mio.GBP (64.5) mio.GBP 40.7
Statutory pre-tax profit/(loss) mio.GBP 55.5 mio.GBP (65.2) mio.GBP 36.7
Diluted earnings/(loss) per share GBPence 43.2 GBPence (53.4) GBPence 28.5
Ordinary interim dividend per share GBPence 15.0   Nil GBPence 11.9

Operational and strategic development

  • Shop opening pipeline: 48 new shops opened in first half, 11 closures; 2,115 shops as at 3 July 2021. Anticipate circa 100 net new shop openings in 2021; expected to create 500 new retail roles in second half
  • New channels: delivery service now available from 837 shops; delivery sales represented 8.5 percent of company-managed shop sales in the first half of 2021
  • New Greggs Rewards app launched offering customer rewards across the full range of purchases
  • New product development: continued to drive menu development, including an expanded range of vegan-friendly products and options for other diets and dayparts
  • Investment in supply chain: new automated frozen distribution facility commenced operation
  • Greggs Pledge commitments well-received by colleagues, customers and investors

Chief Executive’s remarks

«Greggs once again showed its resilience in a challenging first half, emerging from the lockdown months in a strong position and rebuilding sales as social restrictions were progressively relaxed. We continue to make good progress with our strategic priorities, growing the shop estate and investing in our digital capabilities to compete in all channels and dayparts of our market. Whilst there continue to be general uncertainties in the market, given our recent performance we now expect full year profit to be slightly ahead of our previous expectation,» said Roger Whiteside OBE, Chief Executive.