Greggs Reports Increased Pretax Profit in 2023

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Greggs, the U.K. bakery chain, has reported a significant increase in its 2023 pretax profit, driven by a record-breaking performance. The company has also affirmed its midterm growth targets, anticipating another year of progress.

Financial Performance Overview

  • Pretax profit rose to £188.3 million from £148.3 million.
  • Total sales amounted to £1.81 billion, up from £1.51 billion.
  • The board announced a final dividend of 46.0 pence per share, with a total dividend of 62.0 pence per share, marking a 5.1% increase from 2022.

Positive Start to 2024

Greggs revealed a positive start to 2024, with like-for-like sales in company-managed shops showing an 8.2% increase in the first nine weeks of the year. The company reiterated its expectations for continued success throughout the year.

Future Growth Plans

Chief Executive Roisin Currie expressed confidence in the company’s trajectory, stating, “We are very much on track to deliver our bold five-year growth plan to double sales by 2026 and to have significantly more than 3,000 shops in the UK over the longer term.”

Greggs continues to strive towards achieving its ambitious growth targets, building on its strong performance and positioning itself for a successful future.

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