Greggs PLC: Announces H1-2023 Trading Update

Newcastle upon Tyne / UK. (gs) British Greggs PLC, the leading bakery food-on-the-go retailer in the United Kingdom with more than 2,350 retail outlets throughout the country, announced its trading update for the first 26 weeks to 01 July 2023. Highlights:


  • Total first-half sales up 21.5 percent, with company-managed shop LFL sales up 16.0 percent
  • Underlying profit before tax excluding exceptional items up 14.2 percent to GBP 63.7 million.
  • Reported pre-tax profit includes an additional GBP 16.3 million of exceptional net income recognised in respect of the settlement of a Covid business interruption insurance claim
  • Strong cash position of GBP 139 million supporting plans for future investment in growth
  • Underlying earnings growth of 4.5 percent reflects increase in Corporation Tax rate
  • Interim dividend of 16 pence per share declared, an increase of 6.7 percent

Chief Executive Roisin Currie: «Greggs strong performance continued in the first half of 2023 as we deliver on our strategic growth plan. With consumers remaining under pressure, we continue to offer exceptional value, which is reflected in our performance and growing market share. In the period we continued to open further new shops, extended trading hours into the evening and saw increased participation in the Greggs App. Our ambitious plans for growth are on track and our amazing teams are committed to realising the opportunity to become a significantly larger, multi-channel business.»


Outlook: The strong trading momentum of the first half has continued into the second half of the year, with good sales reflecting the exceptional value that Greggs offers to customers who need food and drink on-the-go. The rate of cost inflation has started to ease and we expect this trend to continue through the second half. Whilst uncertainties in the economic outlook remain, we continue to trade in line with our plan and are making good progress against our strategic objective to grow the frequency of customer visits through new channels. As such, the Board’s expectations for the full year outcome are unchanged. For additional information please read the PDF file below (340 KB):