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Gloucestershire Business News

The money is sausage roll-ing in at Greggs

The money is sausage roll-ing in at Greggs - who recorded revenues in excess of £1billion in 2018.

The bakery chain recorded total sales of £1.029 billion for the year ended December 29, 2018 an

increase of 7.2 per cent on the previous year.

They opened a further 149 shops and closed 50, meaning their chain of stores on high streets, travel hubs and business parks increased by 99 to 1,953 outlets across the country.

And Greggs are expecting an even bigger piece of the pie for the current year after the successful launch of their vegan sausage roll.

The headlines gained by the launch - and reaction - to their plant-based snack has led to an increase in sales of 14.1 per cent for the seven weeks to February 16 2019.

Chief Executive Roger Whiteside OBE said: "2018 was a year that tested the resilience of Greggs' business model and demonstrated the benefits of our strategic investment programme.

The first half was significantly impacted by extreme weather but once this returned to normal our underlying strengths helped us recover the lost ground and deliver results for the year that exceeded our expectations.

"Whilst there are significant uncertainties in the months ahead, Greggs has started 2019 in great form, helped in part by the publicity surrounding the launch of our vegan-friendly sausage roll.

"We hope to continue benefiting from this strong momentum during the first half of 2019 before facing stronger comparatives later in the year.

"We have a strong financial position which we plan to use to invest in Greggs' potential for further growth, whilst also delivering good returns for shareholders."

Record sales in 2018 led to a 9.1 per cent leap in operating profit of £89.1million with the dividend per ordinary share up 10.5 per cent to 35.7p.

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