Greggs maintains 2013 full year dividend at 19.5p

DividendMax Ltd.

Greggs maintains 2013 full year dividend at 19.5p

Financial summary

Total sales up 3.8% to £762.4 million

Full year like-for-like sales down 0.8%

Improving trend of like-for-like sales, with H2 up 1.2% and Q4 up 2.6%

Pre-tax profit before exceptional items down 18.9% to £41.3 million

Diluted earnings per share* before exceptional items down 20.1% to 30.6 pence

Dividend per share maintained at 19.5p

 

Operational summary

New strategic focus centred on the growing food-on-the-go market

Record 216 shop refits in the year

Overall shop numbers unchanged with 68 openings and closures

70% of 2013 new shop openings in locations other than high streets

1,671 shops trading at 28 December 2013 including 25 franchised units

Roger Whiteside, Chief Executive said:

"2013 was a year of transition for Greggs as our new strategic focus centred on the growing food-on-the-go market. Whilst total sales for the year rose 3.8% like-for-like sales were down 0.8% reflecting the tough and competitive trading conditions. However, I am encouraged by the improvement in performance in recent months as our new strategic focus started to deliver benefits.

Market conditions are expected to remain challenging in 2014. It will be a year of further change for Greggs as we move forward with our plan to focus on the food-on-the-go market and build on positive recent trading momentum."

 

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