Greggs results trigger rise

The price of shares in FTSE 250 high street baker Greggs (LON:GRG) increased by 5.49% to 2,331.29p (as of 12:45 GMT) after the company posted an update for the 53 weeks ended 2nd January. Like-for-like sales from its shops were down by 36.2%, but management said that there had been a progressive recovery through the second half of the year. The company said that current trading outside of Scotland was better than expected.

CEO Roger Whiteside commented: “Greggs has made a better-than-expected start to 2021 given the extent of lockdown conditions and is well placed to participate in the recovery from the pandemic. It has a clear strategy to extend its digital capabilities and to grow further in new locations, channels and dayparts. These opportunities will benefit all of its stakeholders in the years to come.

“In a year like no other I believe that the Covid crisis has in many ways demonstrated the strength of Greggs. It has shown the resilience of our business model, but most of all the strength of our people who have worked hard throughout to maintain an essential service providing takeaway food to customers unable to work from home, many of whom were themselves key workers. I would like to take this opportunity to thank all of our people, who can be proud of the part we played in our nation’s time of need“.