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Prices & Quotes - UK Markets - Greggs (GRG)

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Share Price:
Up 2,558.00p
Change Today:
28.00p
Market Cap:
2,598.35m
Sector:
Food & Drug Retailers

Greggs swings to H1 loss after store closures

By Michele Maatouk

Date: Tuesday 28 Jul 2020

LONDON (ShareCast) - (Sharecast News) - Bakery chain Greggs said on Tuesday that it swung to a loss in the first half as sales fell after its shops were forced to close for three months due to the coronavirus pandemic.
For the 26 weeks to 27 June, the company swung to a pre-tax loss of 65.2m from a 36.7m profit in the same period a year ago, with total sales down to 300.6m from 546.3m. Company-managed shop like-for-like sales declined 49% during the half.

Greggs said company-managed shops reached 72% of 2019 levels in the most recent week to 25 July. "Whilst these are early days, Greggs is already showing that the variety and geographical reach of our shop estate, combined with the broad appeal of the brand, which is not materially dependent on office-based workers, means we are less impacted by social distancing than many," it said.

Most of its shops are in towns and suburbs, or catchments that are generally accessed by car. Nevertheless, Greggs still expects sales to remain below normal for as long as social distancing is required.

Greggs said it would not be paying a final dividend for 2019 in order to preserve 33m of cash. It will also not pay an interim dividend for 2020.

Chief executive Roger Whiteside said: "Following successive years of unbroken growth Greggs made a great start to 2020, coming into the year with momentum and clear strategic plans. The strength of our business model enabled us to secure the liquidity needed to support our business through the current crisis and then to adapt our operation and strategic investment plans in response to the new environment.

"Greggs is now well prepared to deal with the challenges of social distancing and operate through the conditions we are faced with. Greggs remains a much-loved brand with long-term growth opportunities and the business is better placed to adapt to new conditions than ever before."

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Greggs Market Data

Currency UK Pounds
Price 2,558.00p
Change Today 28.00p
52 Week High 2,618.00p
52 Week Low 1,119.00p
Volume 246,938
Shares Issued 101.58m
Market Cap 2,598.35m

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
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

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
16:35 59,862 @ 2,558.00p
16:29 15 @ 2,557.00p
16:29 7 @ 2,557.00p
16:29 3 @ 2,557.00p
16:29 150 @ 2,555.00p

Greggs Key Personnel

Finance Director Richard Hutton
CEO Roger Whiteside
Chair Ian Durant