Business
Final Results
Final Results.
About this update from Greggs Plc
[{"type":"text","content":"\n RNS Number : 5787O Greggs PLC 10 March 2009 \n \n\nGREGGS plc\nPRELIMINARY RESULTS\nFOR THE 52 WEEKS ENDED 27 DECEMBER 2008\n\nKEY FINANCIALS\n\n\n\n\n\n\n\nBefore property gains, restructuring costs and pension credit\n\n\nAfter property gains, restructuring costs and pension credit\n\n\n\n\n\n\n\n2008\n\n\nChange YOY\n\n\n2008\n\n\nChange YOY\n\n\n\n\nSales\n\n\n£628m\n\n\n+7.1%\n\n\n£628m\n\n\n+7.1%\n\n\n\n\nOperating profit\n\n\n£44.3m\n\n\n-7.2%\n\n\n£48.6m\n\n\n-2.6%\n\n\n\n\nPre-tax profit\n\n\n£45.2m\n\n\n-7.8%\n\n\n£49.5m\n\n\n-3.3%\n\n\n\n\nDiluted earnings per share\n\n\n306.1p\n\n\n-4.3%\n\n\n335.4p\n\n\n-1.5%\n\n\n\n\nDividends per share\n\n\n149.0p\n\n\n+6.4%\n\n\n149.0p\n\n\n+6.4%\n\n\n\n\n\n\n\n24th consecutive year of dividend growth\n\n\nLike-for-like sales up 4.4% despite increasingly difficult economic climate\n\n\nSmooth transition to new Chief Executive achieved\n\n\nTen for one share split proposed\n\n\nFocus on simplifying the business in 2009\n\n\n\n \"This was a challenging year for Greggs, as we bore substantial increases in energy and ingredient costs in a period of fragile and declining consumer confidence. Our ability to achieve sustained like-for-like growth under these difficult conditions affirmed the fundamental strengths of the Greggs proposition; our reputation for quality, value and freshness is a great asset as consumers face tough times.\n\nTotal sales in the ten weeks to 7 March 2009 have increased by 3.2 per cent including like-for-like sales growth of 1.0 per cent. The first two weeks of February were significantly impacted by the snow that affected most of the UK. Excluding these two weeks like-for-like sales have increased by 2.9 per cent.\n\n In the light of the general economic climate we have budgeted for only marginally positive like-for-like sales growth throughout 2009, and have planned our costs accordingly. Our performance in the year to date is in line with this plan. Although ingredient and energy costs remain high at present, we expect to see some benefit from these easing during the second half.\n\nThe plans to further centralise and simplify the business are progressing well and our finances remain robust. All this gives us confidence that Greggs is well placed to weather the challenges presente...