The Greggs dividend policy targets a progressive ordinary dividend, normally two times covered by earnings, with further surplus cash being returned to shareholders as appropriate. This was the case in 2019 when we were able to return £35.5 million of surplus cash by way of a special dividend.
In line with its progressive ordinary dividend policy, the Board intends to recommend at the Annual General Meeting a final dividend of 33.0 pence per share (2018: 25.0 pence), giving a total ordinary dividend for the year of 44.9 pence (2018: 35.7 pence), an increase of 25.8 per cent.
Other financial highlights include:
Total sales up 13.5% to £1,167.9m (2018: £1,029.3m)
Company-managed shop like-for-like sales up 9.2% (2018: 2.9%)
Pre-tax profit excluding exceptional items up 27.2% to £114.2m (2018: £89.8m)
Pre-tax profit £108.3m (2018: £82.6m)
Strong cash generation supporting capital investment programme, additional shareholder returns, and a record annual profit share and special payment for employees