July 21, 2024


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Greggs posts 27.1% increase in first half sales as it appoints new chair


Food items &AMP Consume

Greggs has posted a 27.1% maximize in 1st 50 % revenue as it announces the appointment of Matt Davies as its new chair.

However, pre-tax profit in the six months to 2 July was flat at £55.8 million which the meals-to-go retailer reported was principally owing to the re-introduction of business premiums, an maximize in VAT and bigger amounts of price tag inflation.

For the duration of the fifty percent year, Greggs opened 70 new outlets and closed 12 to go away a complete of 2,239 outlets at the interval conclude. It also made its providing much more accessible to consumers with prolonged buying and selling several hours and introduced new goods targeted on more healthy possibilities, sizzling meals and night daypart.

Roisin Currie, Greggs chief govt, mentioned: “Greggs delivered an encouraging performance in the initially 50 % of the 12 months with sales in advance of 2019 ranges.  These outcomes demonstrate the ongoing power of the Greggs brand and demand for our excellent tasting, high-quality and price for revenue presenting. 

“We are perfectly positioned to navigate the commonly publicised problems impacting the economy and keep on to have a number of exciting development options in advance, with a apparent system for growth.  We stay self-confident in Greggs’ potential to provide ongoing accomplishment.”

Greggs has also also introduced that Matt Davies has been appointed as chair designate to be successful Ian Durant.

He has joined the Greggs board with instant impact, but will be appointed as chair on 1 November when Durant will stage down.

Davies is a previous main govt of Tesco Uk & Eire, Animals at House and Halfords. In addition, he chaired N Brown Group from 2018 to 2021, and was on the board of Dunelm from 2012 to 2015. He is at present chair of personal fairness-owned Hobbycraft.

Durant said: “Greggs has gone through a transformation over the earlier 10 years and I am proud to have contributed to its achievements as chair. Greggs has entered a new period, now under Roisin Currie’s leadership, and the business is in wonderful shape with a clear tactic. I welcome Matt Davies as my successor as chair and desire him nicely.”

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