Bakery releases trading results

Greggs has released its preliminary results for the year ended December 2013.

Highlights from the results include:
• 3.8% rise in sales to £762.4 million
• Full year like-for-like sales down 0.8%
• Improving trend of like-for-like sales, with H2 up 1.2% and Q4 up 2.6%
• Pre-tax profit before exceptional items down 18.9% to £41.3 million
• Diluted earnings per share before exceptional items down 20.1% to 30.6 pence
• Dividend per share maintained at 19.5 pence

“2013 was a year of transition for Greggs as our new strategic focus centred on the growing food-on-the-go market. Whilst total sales for-like sales were down 0.8% reflecting the tough and competitive trading conditions. However, I am encouraged by the improvement in performance in recent months as our new strategic focus started to deliver benefits. Market conditions are expected to remain challenging in 2014. It will be a year of further change for Greggs as we move forward with food-on-the-go market and build on positive recent trading momentum,” says Roger Whiteside, chief executive.