Greggs reports strong half-year profits

Sandwiches and pastries chain Greggs has shown strong results in its latest half-year figures. In the 24 weeks to June 18, the retailer's pre-tax profit increased by 15.1 per cent to£15.6 million. Like-for-like sales for the period were up 5.2 per cent, against tough comparatives from last year, the retailer said.

Greggs runs 1,250 sites and opened a net 25 shops during the reported period.

Greggs managing director Sir Michael Darrington said the retailer achieved a satisfactory performance in its first half, despite more volatile weather in the final weeks.

'Less favourable conditions this year is reflected in slower like-for-like sales growth of 3.0 per cent in the six weeks to July 30. Improvement in the rate of growth will, in part, depend on resumption of more typical weather. Although profits in its first six weeks are below our budget and the level of last year, we believe that the group is well equipped to make further progress in the second half.'