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Share Price:
Down 2,529.00p
Change Today:
-1.00p
Market Cap:
2,568.89m
Sector:
Food & Drug Retailers

Greggs should have liquidity to withstand 'prolonged' closure

By Michele Maatouk

Date: Thursday 09 Apr 2020

LONDON (ShareCast) - (Sharecast News) - Greggs said on Thursday that it is eligible for the government's coronavirus support scheme and should have sufficient liquidity to withstand a prolonged period of closure.
The company, famous for its sausage rolls, confirmed it is eligible to issue paper under the Covid Corporate Financing Facility (CCFF) scheme. The CCFF is designed to support liquidity among larger firms, helping them to bridge coronavirus disruption to their cash flows through the purchase of short-term debt in the form of commercial paper.

"The board considers that the credit available to Greggs under the scheme is sufficient to meet the company's liquidity needs for a prolonged closure period, including a scenario where our shops are unable to trade for the rest of the year," Greggs said.

The group has partially accessed the liquidity available to it under the government facility by issuing commercial paper at a value of ?150m and with a duration of 11 months. In addition, it remains in "constructive" talks with its banking partners and is keeping open all options to address current and future financing needs, it said.

In its update last month, Greggs estimated a net weekly cash outflow of ?5m - including the benefit of mitigating actions - if its shops were to remain closed for a prolonged period, plus rental costs of ?11m per quarter. However, following clarification of the details of the Government's Job Retention Scheme and further examination of its cost base, it now expects the net cash outflow will be around ?3.5m a week until the end of June.

From July onwards, it will rise to around ?4.5m a week, including the cost of all property rents, which it expects to pay monthly in advance.

"Our cash at bank position is currently ?47 million, before receipt of CCFF funding," the company said. "Whilst many uncertainties remain, we have ensured that Greggs and its many stakeholders will be well-supported through this difficult period and that the company will be in a position to return to profitable growth as soon as conditions allow."

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Greggs Market Data

Currency UK Pounds
Price 2,529.00p
Change Today -1.00p
52 Week High 2,618.00p
52 Week Low 1,119.00p
Volume 143,859
Shares Issued 101.58m
Market Cap 2,568.89m

Performance Indicators

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What The Brokers Say

Strong Buy 6
Buy 0
Neutral 2
Sell 0
Strong Sell 0
Total 8
strong_buy
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Greggs Dividends

  Latest Previous
  Special Interim
Ex-Div 05-Sep-19 05-Sep-19
Paid 03-Oct-19 03-Oct-19
Amount 35.00p 11.90p

Trades for 22-Jun-2021

Time Volume / Share Price
15:20 23 @ 2,529.00p
15:20 79 @ 2,529.00p
15:20 100 @ 2,528.00p
15:20 7,500 @ 2,525.00p
15:20 172 @ 2,525.00p

Greggs Key Personnel

Finance Director Richard Hutton
CEO Roger Whiteside
Chair Ian Durant