REG - Greggs PLC - Interim Results <Origin Href="QuoteRef">GRG.L</Origin>

GreggsAnnouncement

01/08/2017 07:06

RNS Number : 6569M
Greggs PLC
01 August 2017
1 August 2017 
INTERIM RESULTS FOR THE 26 WEEKS ENDED 1 JULY 2017
Greggs is the leading bakery food-on-the-go retailer in the UK, 
with 1,800 retail outlets throughout the country
Good progress in the first half
First half financial highlights
 Total sales up 7.3% to 453m
 Company-managed shop like-for-like sales* up 3.4%
 Operating profit excluding property gains** and exceptional charge*** up 1.8% to 27.6m
 Exceptional costs of 8.3m relating to previously announced restructuring
 Pre-tax profit including property profits and exceptional charges 19.4m
 Continued strong cash generation: 34.0m net inflow from operating activities
 Ordinary interim dividend per share up 8.4% to 10.3p
* like-for-like sales in Company-managed shops (excluding franchises) with a calendar year's trading history
** freehold property disposal gains of 0.3m in 2017 (2016: 2.2m)
*** exceptional pre-tax charge of 8.3m in 2017 (2016: 4.0m) in relation to previously announced restructuring
Operational highlights
 Continued like-for-like sales growth from:
- Coffee and breakfast 
- 'Balanced Choice' range including new salads and drinks 
- Hot food choices
- Traditional savoury favourites 
 Shop opening programme progressing well:
- 61 new shops opened, 19 closures; expect around 100 net new shops for the year as a whole 
- 1,806 shops trading as at 1 July 2017
 Roll out of new central forecasting and replenishment system successfully completed ahead of plan
 Supply chain investment programme on track
"The business has traded in line with our plans during the first half of the year. We have made good progress with our strategic plans and remain confident of future prospects although we remain alert to short-term pressures on consumers' disposable income. Over the year as a whole we expect to deliver results in line with our previous expectations as well as further progress against our strategic plan."
- Roger Whiteside, Chief Executive-
 
ENQUIRIES:
Greggs plc
Roger Whiteside, Chief Executive
Richard Hutton, Finance Director
Tel: 020 7796 4133 on 1 August only
 0191 281 7721 thereafter
Hudson Sandler
Wendy Baker / Hattie O'Reilly / Fern Duncan
Tel: 020 7796 4133
An audio webcast of the analysts' presentation will be available to download later today at http://corporate.greggs.co.uk/results-centre
High resolution images are available for the media to view and download from https://corporate.greggs.co.uk/media-centre/image-and-video-library
CHIEF EXECUTIVE'S REPORT
The business traded in line with our plans during the first half of the year. Total sales for the 26 weeks to 1 July 2017 grew by 7.3 per cent to 453 million, with like-for-like sales in company-managed shops up by 3.4 per cent. As expected the business experienced pressure from cost inflation, but despite this operating profit before property gains and exceptional items grew by 1.8 per cent to 27.6 million (2016: 27.2 million).
Operational review
Our freshly prepared food offer at great prices continues to set us apart from the competition and prove popular with consumers. In the first half of 2017 we developed further our product offering and delivered growth across multiple categories:
- we extended our Balanced Choice range, launching new salads and drinks;
- the popularity of our hot sandwiches continued to increase;
- demand for coffee and breakfast remained strong; and
- we continued to see good growth in traditional products, such as fresh-baked savouries.
Recognition of our progress in the food-on-the-go market saw Greggs win several awards including 'Food to Go Retailer of the Year' at both the 2017 British Sandwich Industry Awards and the Grocer Gold Awards.
We continue to see exciting potential for growth in our shop estate and opened 61 new shops in the first half of 2017 (including 24 franchised units) and closed 19 shops, giving a total of 1,806 shops (of which 181 are franchise units) trading at 1 July 2017. We opened our first 'Drive-Thru' shop at Irlam, Greater Manchester, in June and have been encouraged by its popularity, indicating a demand for further Drive-Thru locations. We also continued to expand the estate in the south-west of England and in Northern Ireland whilst adapting our formats to suit locations such as garage forecourts. Our pipeline of new shop opportunities remains strong and we continue to expect around 100 net openings in the year as a whole.
We have made great progress in the transformation of our shop estate with most shops trading in a food-on-the-go format. We updated 107 shops in the first half of 2017 as part of our shop refurbishment programme. In line with our normal shop refurbishment cycle, over the next couple of years we are entering a period where a lower number of refurbishments will fall due. In order to maintain a steadier number per year we now plan to refurbish 130 shops in 2017 and a similar number in the following two years, before returning to the more recent run rate of 200+ shops from 2020.
We have successfully deployed our new central forecasting and replenishment system to all of our shops ahead of plan. This has been the most significant process change that the business has ever embarked upon and I am delighted with the way that our project team and retail colleagues have prepared for and managed the new ways of working. Already we are seeing benefits in terms of product availability and the administrative tasks required of our shop colleagues have been simplified. Inevitably there has been some increase in costs in the transition but there is a clear net benefit already and we will build on this as we learn to harness the benefits of this new technology.
We made further progress with the plans to invest in the transformation and development of our supply chain in the first half. Our Edinburgh bakery was closed in May, with production and logistics activities transferring to our Glasgow site where we have invested to absorb the additional work. This investment has included the first of our new consolidated manufacturing platforms, in this case for the production of Yum-Yums. The commissioning has gone well and we are already delivering improved product quality, consistency and efficiency. We are now placing orders for the next phase of investment, the first of which will be the consolidation of cake and muffin production at our Leeds site. Once again I must give credit to the teams working in our supply chain operations to implement these strategic changes whilst maintaining service levels to our shops and customers.
Financial performance
As expected, input cost inflation had a modest impact on margins in the first half of the year. Despite this, operating profit excluding property gains and exceptional charges grew by 1.8 per cent to 27.6m (2016: 27.2m), giving an underlying margin of 6.1 per cent (2016: 6.4 per cent). Operational costs were well controlled and we continued to deliver benefits from our programme of business efficiency, which has helped to mitigate some of the impact of cost inflation.
Non-exceptional freehold property disposals realised profits of 0.3 million in the period (2016: 2.2 million) and we incurred a net exceptional charge of 8.3 million (2016: 4.0 million) as described below. Pre-tax profit including all property profits and exceptional charges was 19.4 million (2016: 25.4 million). Excluding the exceptional items, but including the lower property gains in 2017, diluted earnings per share were 21.4 pence (2016: 22.3 pence), with reported diluted earnings per share (including exceptional items) of 14.9 pence (2016: 19.3 pence).
Exceptional items
At the start of this year we communicated proposals for the next phase of our 100 million investment programme to reshape our manufacturing and distribution operationsfor future growth. We expect to recognise one-off costs in the range 9-10 million in 2017 as a result of the changes required to consolidate our manufacturing operations across the country. 8.7 million of exceptional costs have been recognised in the first half of the year and this, combined with a 0.4 million exceptional credit related to the gain on disposal of related properties, resulted in a net exceptional charge of 8.3 million in the period. The overall cost and exceptional charges expected to arise from the plan remain in line with previous guidance.
Dividend
In setting the interim ordinary dividend the Board applies a formula so that the interim payment is the equivalent of approximately one third of the total ordinary dividend for the previous year. On this basis the Board has declared an interim dividend of 10.3 pence per share (2016: 9.5 pence). The overall ordinary dividend for the year will be declared in line with our progressive dividend policy, which targets a full year ordinary dividend that is two times covered by underlying earnings. The interim dividend will be paid on 6 October 2017 to those shareholders on the register at the close of business on 8 September 2017.
Financial position
Capital expenditure during the first half was 36.4 million (2016: 31.2 million) as we progressed the investment in our supply chain alongside new shop growth and estate refurbishment. In the second half of the year the rate of shop refurbishment will reduce and we will continue to invest in new shop openings and the transformation of our manufacturing and logistics capacity. As a result we now expect total capital expenditure in 2017 to be approximately 80 million (2016: 80.4 million).
The Group continues to generate strong cash flows and remains in a robust financial position. Net cash inflow from operating activities in the period was 34.0 million (2016: 44.7 million) and we ended the period with a cash balance of 19.9 million (2 July 2016: 35.0 million).
Outlook
We have made a good start to the second half of the year and are confident that the strategic investments we are making will enable the business to continue delivering further profitable growth. In the short term we remain alert to pressures building on consumers' disposable income and the continuing economic uncertainty. Over the year as a whole we expect to deliver results in line with our previous expectations as well as further progress against our strategic plan.
 Roger Whiteside
Chief Executive
 1 August 2017
Greggs plc
Consolidated income statement
For the 26 weeks ended 1 July 2017
26 weeks ended 1 July 2017
26 weeks ended 2 July 2016
52 weeks ended 31 December 2016
Excluding
exceptional
items
Exceptional
items
(see Note 5)
Total
Excluding
exceptional
items
Exceptional
items
(see Note 5)
Total
Excluding
exceptional
items
Exceptional
items
(see Note 5)
Total
'000
'000
'000
'000
'000
'000
'000
'000
'000
Revenue
452,851
-
452,851
422,129
-
422,129
894,195
-
894,195
Cost of sales
(166,020)
(8,346)
(174,366)
(155,349)
(2,933)
(158,282)
(324,289)
(4,367)
(328,656)
Gross profit
286,831
(8,346)
278,485
266,780
(2,933)
263,847
569,906
(4,367)
565,539
Distribution and selling costs
(233,074)
-
(233,074)
(212,808)
(695)
(213,503)
(441,246)
(594)
(441,840)
Administrative expenses
(25,862)
-
(25,862)
(24,586)
(400)
(24,986)
(48,315)
(216)
(48,531)
Operating profit
27,895
(8,346)
19,549
29,386
(4,028)
25,358
80,345
(5,177)
75,168
Finance (expense) / income 
(148)
-
(148)
16
-
16
(26)
-
(26)
Profit before tax
27,747
(8,346)
19,401
29,402
(4,028)
25,374
80,319
(5,177)
75,142
Income tax
(5,903)
1,669
(4,234)
(6,497)
915
(5,582)
(18,064)
915
(17,149)
Profit for the period attributable to equity holders of the parent
21,844
(6,677)
15,167
22,905
(3,113)
19,792
62,255
(4,262)
57,993
Basic earnings per share 
21.7p
(6.6p)
15.1p
22.8p
(3.1p)
19.7p
62.0p
(4.2p)
57.8p
Diluted earnings per share 
21.4p
(6.5p)
14.9p
22.3p
(3.0p)
19.3p
60.8p
(4.1p)
56.7p
Greggs plc
Consolidated statement of comprehensive income
For the 26 weeks ended 1 July 2017
26 weeks ended
1 July 2017
26 weeks ended
2 July 2016
52 weeks ended
31 December 2016
'000
'000
'000
Profit for the period
15,167
19,792
57,993
Other comprehensive income
Items that will not be recycled to profit or loss:
Re-measurements on defined benefit pension plans
2,252
(13,667)
(18,791)
Tax on items taken directly to equity
(383)
2,460
3,194
Other comprehensive income for the period, net of income tax
1,869
(11,207)
(15,597)
Total comprehensive income for the period
17,036
8,585
42,396
Greggs plc
Consolidated balance sheet
as at 1 July 2017
1 July 2017
2 July 2016
31 December 2016
'000
'000
'000
ASSETS
Non-current assets
Intangible assets
14,236
13,139
14,254
Property, plant and equipment
314,984
287,912
307,363
Deferred tax asset
2,225
4,036
1,750
331,445
305,087
323,367
Current assets
Inventories
16,075
15,924
15,934
Trade and other receivables
32,228
32,147
30,713
Cash and cash equivalents
19,922
35,034
45,960
68,225
83,105
92,607
Total assets
399,670
388,192
415,974
LIABILITIES
Current liabilities
Trade and other payables
(93,738)
(99,734)
(104,924)
Current tax liability
(6,073)
(7,511)
(10,426)
Provisions
(5,525)
(5,482)
(6,088)
(105,336)
(112,727)
(121,438)
Non-current liabilities
Other payables
(5,363)
(5,834)
(5,599)
Defined benefit pension liability
(20,908)
(17,652)
(22,851)
Long-term provisions
(7,996)
(4,762)
(1,426)
(34,267)
(28,248)
(29,876)
Total liabilities
(139,603)
(140,975)
(151,314)
Net assets
260,067
247,217
264,660
EQUITY
Capital and reserves 
Issued capital
2,023
2,023
2,023
Share premium account
13,533
13,533
13,533
Capital redemption reserve
416
416
416
Retained earnings
244,095
231,245
248,688
Total equity attributable to equity holders of the Parent
260,067
247,217
264,660
Greggs plc
Consolidated statement of changes in equity
For the 26 weeks ended 1 July 2017
26 weeks ended 2 July 2016
Issued capital
Share
premium
Capital
redemption
reserve
Retained
earnings
Total
'000
'000
'000
'000
'000
Balance at 3 January 2016
2,023
13,533
416
248,697
264,669
Profit for the period
-
-
-
19,792
19,792
Other comprehensive income
-
-
-
(11,207)
(11,207)
Total comprehensive income for the period
-
-
-
8,585
8,585
Transactions with owners, recorded directly in equity
Sale of own shares
-
-
-
3,799
3,799
Purchase of own shares
-
-
-
(7,868)
(7,868)
Share-based payments
-
-
-
1,370
1,370
Dividends to equity holders
-
-
-
(21,326)
(21,326)
Tax items taken directly to reserves
-
-
-
(2,012)
(2,012)
Total transactions with owners
-
-
-
(26,037)
(26,037)
Balance at 2 July 2016
2,023
13,533
416
231,245
247,217
52 weeks ended 31 December 2016
Issued capital
Share
premium
Capital
redemption
reserve
Retained
earnings
Total
'000
'000
'000
'000
'000
Balance at 3 January 2016
2,023
13,533
416
248,697
264,669
Profit for the financial year
-
-
-
57,993
57,993
Other comprehensive income
-
-
-
(15,597)
(15,597)
Total comprehensive income for the year
-
-
-
42,396
42,396
Transactions with owners, recorded directly in equity
Sale of own shares
-
-
-
4,063
4,063
Purchase of own shares
-
-
-
(12,398)
(12,398)
Share-based payments 
-
-
-
1,994
1,994
Dividends to equity holders
-
-
-
(30,936)
(30,936)
Tax items taken directly to reserves
-
-
-
(5,128)
(5,128)
Total transactions with owners
-
-
-
(42,405)
(42,405)
Balance at 31 December 2016
2,023
13,533
416
248,688
264,660
26 weeks ended 1 July 2017
Issued capital
Share
premium
Capital
redemption
reserve
Retained
earnings
Total
'000
'000
'000
'000
'000
Balance at 1 January 2017
2,023
13,533
416
248,688
264,660
Profit for the period
-
-
-
15,167
15,167
Other comprehensive income
-
-
-
1,869
1,869
Total comprehensive income for the period
-
-
-
17,036
17,036
Transactions with owners, recorded directly in equity
Sale of own shares
-
-
-
4,791
4,791
Purchase of own shares
-
-
-
(6,356)
(6,356)
Share-based payments
-
-
-
961
961
Dividends to equity holders
-
-
-
(21,768)
(21,768)
Tax items taken directly to reserves
-
-
-
743
743
Total transactions with owners
-
-
-
(21,629)
(21,629)
Balance at 1 July 2017
2,023
13,533
416
244,095
260,067
Greggs plc
Consolidated statement of cash flows
For the 26 weeks ended 1 July 2017
26 weeks ended
1 July 2017
26 weeks ended
2 July 2016
52 weeks ended
31 December 2016
'000
'000
'000
Operating activities
Cash generated from operating activities (see page 11)
42,689
52,148
133,773
Income tax paid
(8,700)
(7,408)
(16,157)
Net cash inflow from operating activities
33,989
44,740
117,616
Cash flows from investing activities
Acquisition of property, plant and equipment
(37,636)
(27,903)
(74,016)
Acquisition of intangible assets
(1,612)
(3,302)
(6,106)
Proceeds from sale of property, plant and equipment
2,393
3,888
4,698
Interest received
161
91
124
Net cash outflow from investing activities
(36,694)
(27,226)
(75,300)
Cash flows from financing activities
Sale of own shares
4,791
3,799
4,063
Purchase of own shares
(6,356)
(7,868)
(12,398)
Dividends paid
(21,768)
(21,326)
(30,936)
Net cash outflow from financing activities
(23,333)
(25,395)
(39,271)
Net (decrease) / increase in cash and cash equivalents
(26,038)
(7,881)
3,045
Cash and cash equivalents at the start of the period
45,960
42,915
42,915
Cash and cash equivalents at the end of the period
19,922
35,034
45,960
Greggs plc
Consolidated statement of cash flows (continued)
For the 26 weeks ended 1 July 2017
Cash flow statement - cash generated from operations
26 weeks ended
1 July 2017
26 weeks ended
2 July 2016
52 weeks ended
31 December 2016
'000
'000
'000
Profit for the period
15,167
19,792
57,993
Amortisation
1,630
411
2,100
Depreciation
24,131
20,504
43,453
Impairment
-
62
488
Loss / (profit) on sale of property, plant and equipment
1,982
(300)
2,476
Release of government grants
(236)
(236)
(472)
Share-based payment expenses
961
1,370
1,994
Finance expense / (income)
148
(16)
26
Income tax expense
4,234
5,582
17,149
Increase in inventories
(141)
(480)
(490)
Increase in debtors
(1,515)
(4,500)
(3,066)
(Decrease) / increase in payables
(9,671)
6,952
11,845
Increase in provisions
6,007
3,007
277
Cash from operating activities
42,689
52,148
133,773
Notes
1. Basis of preparation and accounting policies
The condensed accounts have been prepared for the 26 weeks ended 1 July 2017. Comparative figures are presented for the 26 weeks ended 2 July 2016. These condensed accounts have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU. They do not include all the information required for full annual accounts, and should be read in conjunction with the Group accounts for the 52 weeks ended 31 December 2016.
These condensed accounts are unaudited and were approved by the Board of Directors on 1 August 2017.
The comparative figures for the 52 weeks ended 31 December 2016 are not the Company's statutory accounts for that financial year. Those accounts have been reported on by the Company's auditor and delivered to the Registrar of Companies. The report of the auditors was (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report; and (iii) did not contain a statement under section 498(2) or (3) of the Companies Act 2006.
The Group continues to have strong operational cashflows and the Directors are of the view that the Group has sufficient funds available to meet its foreseeable working capital requirements. The Directors have concluded therefore that the going concern basis remains appropriate.
The accounting policies applied by the Group in these condensed accounts are the same as those applied by the Group in its consolidated accounts for the 52 weeks ended 31 December 2016.
2. Changes in accounting policies
Accounting policies
There are no accounting standards, amendments or interpretations that have been adopted by the Group since 1 January 2017.
3. Principal risks and uncertainties
The Directors consider that the principal risks and uncertainties which could have a material impact on the Group's performance in the remaining 26 weeks of the financial year remain substantially the same as those stated on page 40 of our Annual Report and Accounts for the 52 weeks ended 31 December 2016, which is available on our website corporate.greggs.co.uk.
4. Operating segment
The Board has considered the requirements of IFRS 8: Operating Segments, and concluded that as there is still only one reportable segment whose revenue, profits, assets and liabilities are measured and reported on a consistent basis with the Group accounts, no additional numerical disclosures are necessary. 
5. Exceptional items
26 weeks ended
1 July 2017
26 weeks ended
2 July 2016
52 weeks ended
31 December 2016
'000
'000
'000
Cost of sales
 Supply chain restructuring 
- redundancy costs
7,407
2,780
3,028
- gain on property disposal
(409)
-
-
- asset-related costs
722
694
1,852
- other contractual obligations
626
16
44
 Prior year items
- dilapidations
-
(557)
(557)
________
________
________
8,346
2,933
4,367
Distribution and selling
 Supply chain restructuring
- redundancy costs
-
966
1,108
- transfer of operations
-
-
356
 Prior year items
- property related 
-
(271)
(870)
________
________
________
-
695
594
Administrative expenses
 Restructuring of support functions
-
400
391
 Prior year items
- redundancy costs
-
-
(175)
________
________
________
-
400
216
________
________
________
Total exceptional items
8,346
4,028
5,177
=======
=======
=======
Supply chain restructuring
This charge arises from the decisions, announced in March 2016 and 2017, to invest in and reshape the Company's supply chain in order to support future growth. In 2017 the costs relate to the sale of one bakery site, including the gain on disposal, redundancy costs relating to the consolidation of production processes, accelerated depreciation and other contractual obligations that arise as a result of this consolidation. In 2016 the costs related to the closure of three bakery sites and included redundancy and other employment-related costs, asset write offs, impairment and transfer, and other contractual obligations that arose as a result of the closure of the sites.
Restructuring of support functions
This charge related to redundancy costs arising from the restructuring of bakery administration and payroll functions. 
Prior year items
These related to the movement on costs treated as exceptional in prior years and arose from the settlement of various property and redundancy transactions.
6. Defined benefit pension scheme
The valuation of the defined benefit pension scheme for the purposes of IAS 19 (Revised) as at 31 December 2016 has been updated as at 1 July 2017 and the movements have been reflected in these condensed accounts.
7. Taxation
The taxation charge for the 26 weeks ended 1 July 2017 and 2 July 2016 is calculated by applying the Directors' best estimate of the annual effective tax rate to the profit for the period.
8. Earnings per share
26 weeks ended 1 July 2017
26 weeks ended 2 July 2016
52 weeks ended 31 December 2016
Excluding
exceptional
items
Exceptional
items
(see note 5)
Total
Excluding
exceptional
items
Exceptional
items
(see note 5)
Total
Excluding
exceptional
items
Exceptional
items
(see note 5)
Total
'000
'000
'000
'000
'000
'000
'000
'000
'000
Profit for the period attributable to equity holders of the parent
21,844
(6,677)
15,167
22,905
(3,113)
19,792
62,255
(4,262)
57,993
Basic earnings per share 
21.7p
(6.6p)
15.1p
22.8p
(3.1p)
19.7p
62.0p
(4.2p)
57.8p
Diluted earnings per share 
21.4p
(6.5p)
14.9p
22.3p
(3.0p)
19.3p
60.8p
(4.1p)
56.7p
Weighted average number of ordinary shares
26 weeks ended
1 July 2017
26 weeks ended
2 July 2016
52 weeks ended 
31 December 2016
Number
Number
Number
Issued ordinary shares at start of period
101,155,901
101,155,901
101,155,901
Effect of own shares held
(652,218)
(753,909)
(710,295)
Weighted average number of ordinary shares during the period
100,503,683
100,401,992
100,445,606
Effect of share options on issue
1,686,815
2,225,050
1,921,344
Weighted average number of ordinary shares (diluted) during the period
102,190,498
102,627,042
102,366,950
Issued ordinary shares at end of period
101,155,901
101,155,901
101,155,901
9. Dividends
The following tables analyse dividends when paid and the year to which they relate:
Dividend declared
26 weeks ended
1 July 2017
26 weeks ended
2 July 2016
52 weeks ended
31 December 2016
Pence per share
Pence per share
Pence per share
2015 final dividend 
-
21.2p
21.2p
2016 interim dividend 
-
-
9.5p
2016 final dividend 
21.5p
-
-
21.5p
21.2p
30.7p
26 weeks ended
1 July 2017
26 weeks ended
2 July 2016
52 weeks ended
31 December 2016
'000
'000
'000
Total dividend payable
2015 final dividend
-
21,326
21,326
2016 interim dividend
-
-
9,610
2016 final dividend
21,768
-
-
Total dividend paid in period
21,768
21,326
30,936
Dividend proposed at period end and not included as a liability in the accounts
2016 interim dividend (9.5p per share)
-
9,610
-
2016 final dividend (21.5 p per share)
-
-
21,768
2017 interim dividend (10.3p per share)
10,396
-
-
10,396
9,610
21,768
10. Related party transactions
There have been no related party transactions in the first 26 weeks of the current financial year which have materially affected the financial position or performance of the Group.
Related parties are consistent with those disclosed in the Group's Annual Report and Accounts for the 52 weeks ended 31 December 2016 except that Raymond Reynolds retired as a Director on 19 May 2017. 
11. Half year report
The condensed accounts were approved by the Board of Directors on 1 August 2017. They will be available on the Company's website, corporate.greggs.co.uk
12. Statement of Directors' responsibilities
The Directors named below confirm on behalf of the Board of Directors that to the best of their knowledge:
 the condensed set of accounts has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU;
 the interim management report includes a fair review of the information required by:
(a) DTR4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first 26 weeks of the financial year and their impact on the condensed set of accounts; and a description of the principal risks and uncertainties for the remaining 26 weeks of the year; and
(b) DTR4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first 26 weeks of the financial year and that have materially affected the financial position or performance of the Group during the period; and any changes in the related party transactions described in the last annual report that could do so.
The Directors of Greggs plc are listed in the Annual Report and Accounts for the 52 weeks ended 31 December 2016. There have been no changes since the approval of the Annual Report and Accounts except that Raymond Reynolds retired as a Director on 19 May 2017.
For and on behalf of the Board of Directors
Roger Whiteside Richard Hutton

This information is provided by RNS
The company news service from the London Stock Exchange
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