Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

UK baker Greggs confident on 2023 after first-half growth

by Uma
0 comment

UK baker Greggs confident on 2023 after first-half growth

LONDON (Reuters) – British bakery and fast food chain Greggs stuck to forecasts for higher full-year profit after posting a 14% rise in the first-half, as its value food offering of breakfast deals, vegan bakes and more continues to grow in popularity.

For the 26 weeks to July 1, Greggs on Tuesday reported underlying pretax profit excluding exceptional items of 63.7 million pounds ($81.7 million), on underlying sales which were 16% higher.

Greggs said that performance, plus the expected moderation in cost inflation, new store openings, growing evening trade and repeat visits driven by its loyalty app, meant its forecasts for the year were unchanged.

“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,” it said in its statement.

Analysts are expecting Greggs to report pretax profit of about 163 million pounds ($205.7 million) for 2023, Refinitiv data shows, up 10% on the previous year.

The company also lifted its interim dividend by 7% to 16 pence par share.

($1 = 0.7798 pounds)


(Reporting by Sarah Young; Editing by Kate Holton)