Financial highlights:
Total Group sales up 3.4% to £362m (2012: £350m)
Like-for-like own shop sales down 2.9% resulting in pre-tax profit down £4.6m to £11.4m (2012: £16.0m)
Net cash generated from operating activities £24.7m (2012: £14.2m)
Dividend per share 6.0p (2012: 6.0p)
90 shop refits (2012: 64); expect 220-240 during year as a whole
19 net new shops opened; expect net 20-30 during year as a whole
Strategy update:
Priority to return core business to like-for-like growth by focusing on products and services for the 'food on the go' customer
'Food on the go' market is £6 billion** and growing
Improve the quality of our existing estate:
- Increased rate of shop relocations
- Accelerated refit programme with one 'Bakery food on the go' shop format
- Limited net shop additions for 2-3 years
Further growth of franchise operations
Driving efficiency and capacity from existing supply chain network
Significant investment in processes and systems
Building the platform for long term sustainable profit growth
"Greggs is a strong brand that has the ability to grow shareholder value over the long term. Our focus for the future will be on winning in the growing food on the go market. As a consequence we will spend the next two to three years reshaping the business as we build the platform for long term sustainable profit growth for the benefit of shareholders, employees and the wider community."
