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

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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