UK bakery chain Greggs has today (Monday) announced a rise in pre-tax profit for the year ended 1 January 2005 to £46.7m (US$89.6m) compared with £40.5m the year before.
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Turnover rose to £504m, compared with £457m in 2003.
“Our good progress during 2004 reflects the benefits of increasing core volumes through our established shops, the addition of a net 32 new units, and our continued focus on controlling costs, said managing director Sir Michael Darrington. “After a slow start, like-for-like sales growth improved during the late spring and summer, when our performance compared with a period of exceptionally hot weather in 2003,” he said. “Although progress then returned to more normal levels, a good consumer response to our marketing campaigns and generally favourable weather helped us to achieve better than expected like-for-like sales growth in the final quarter, despite the widely reported weakness of high street retailing over the christmas period.”
“During 2005 we plan to accelerate both the opening of new shops and the refurbishment of established outlets,” said chairman Derek Netherton. “We will be supporting this retail development with substantial investment in our manufacturing facilities, including the construction of a new savouries plant in Newcastle upon Tyne.”
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