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UK baker Greggs confident on 2023 after first-half growth

by Uma
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2023 08 01T062101Z 1 LYNXMPEJ7011F RTROPTP 4 GREGGS OUTLOOK

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)