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

GreggsAnnouncement

02/08/2016 07:11

RNS Number : 9096F
Greggs PLC
02 August 2016
2 August 2016
INTERIM RESULTS FOR THE 26 WEEKS ENDED 2 JULY 2016
Greggs is the leading bakery food-on-the-go retailer in the UK, 
with over 1,700 retail outlets throughout the country
A GOOD FIRST HALF PERFORMANCE
Financial highlights
 Total sales up 6.0% to 422m 
 Company-managed shop like-for-like sales up 3.8% 
 Operating profit excluding property gains and exceptional charge* up 6.7% to 27.2m (2015: 25.5m)
 Property disposal gains of 2.2m (2015: 0.1m)
 Diluted earnings per share excluding exceptional charge* 22.3p (2015: 19.5p) 
 Pre-tax profit including property profits and exceptional charges 25.4m
 Continued strong cash generation: 44.7m net inflow from operating activities
 Ordinary interim dividend per share of 9.5p (2015: 7.4p)
*before exceptional pre-tax charge of 4.0m (2015:  nil) in relation to previously announced restructuring
Operational highlights
 Good results from sales initiatives:
- strengthening of 'Balanced Choice' range
- further development of breakfast and hot drinks offer
- successful launch of improved Greggs Rewards app
 Shop refurbishment programme progressing well:
- 86 shop refurbishments completed year-to-date, planning 200 for the year
 68 new shops opened, 36 closures; expect around 70 net new shops in the year
 1,730 shops trading as at 2 July 2016
"In the first half of 2016 we delivered good like-for-like growth by reinforcing the freshness and value of our offer in line with changing trends in the food-on-the-go market. We added to our "Balanced Choice" range with sales growing strongly as more and more of our customers recognise the quality, range and value we offer in these healthier food choices.
"We have made an encouraging start to the second half of the year and are alert to any change in consumer demand that may result from the current economic uncertainty. Overall, we expect to deliver full-year growth 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 2 August only
 0191 281 7721 thereafter
Hudson Sandler
Wendy Baker / Alex Brennan
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 has traded well, and in line with our plans, during the first half of the year. Total sales for the 26 weeks to 2 July 2016 grew by 6.0 per cent to 422 million, with like-for-like sales in company-managed shops up by 3.8 per cent. Operating profit before property gains and exceptional items grew by 6.7 per cent to 27.2 million (2015: 25.5 million).
Operational review
In the first half of 2016 we delivered good like-for-like growth by reinforcing the freshness and value of our offer in line with changing trends in the food-on-the-go market. We added to our 'Balanced Choice' range with sales growing strongly as more and more of our customers recognise the quality, range and value we offer in these healthier food choices. As an example our new Chargrill Chicken Salad is freshly prepared in our shops and contains just 200 calories. Breakfast remains our fastest-growing part of the day and we have successfully broadened our coffee range and invested in improved service levels to meet growing demand.
We re-launched the Greggs Rewards app in the period, introducing a simplified registration process and improved payment compatibility. Membership has grown quickly since launch of the improved app and this will help us to understand consumer needs better whilst rewarding loyal customers.
We continue to invest in the transformation of our shop estate and in the period we completed 86 shop refurbishments to our latest 'bakery food-on-the-go' format; we have continued to see the expected positive impact from this programme. Over the year as a whole we plan to update around 200 shops. In the first half of 2016 we also opened 68 new shops (including 31 franchise units) and closed 36 shops, giving a total of 1,730 shops (of which 136 are franchise units) trading at 2 July 2016. We have a strong pipeline of openings, weighted towards the end of the second half, and now expect to open around 70 net new shops over the year as a whole.
Our plans to invest in the transformation and development of our supply chain are progressing well. We expect that our new distribution facility in Enfield will be operational in October allowing us to complete the closure of our existing Twickenham bakery in the fourth quarter as planned. In addition, planning permission has been secured for the extension of our Clydesmill bakery in Glasgow which will enable us to close our Edinburgh bakery during the second quarter of 2017, as previously announced. We are now planning the next phase of investment in our remaining sites, which will increase logistics capacity and consolidate manufacturing, with benefits in product quality, consistency and efficiency.
In April this year we went live with the implementation of SAP to handle our core finance processes. The migration has gone well and will provide the platform on which we will build a suite of new capabilities across logistics, procurement, product lifecycle management and centralised ranging, forecasting and replenishment. We are on track to trial improved processes around shop stock replenishment in the second half of the year.
Financial performance
Food and packaging input costs continued to be deflationary in the first half, however we are now seeing the expected increased inflationary pressure in wage costs as the 'national living wage' increases take effect. Indirect currency impacts are likely to affect input costs towards the end of 2016 but we have forward cover for most of the second half.
Freehold property disposals realised profits of 2.2 million in the period (2015: 0.1 million) and we incurred a net exceptional charge of 4.0 million (2015: nil) as described below. Pre-tax profit including property profits and exceptional charges was 25.4 million (2015: 25.6 million). Excluding the exceptional charge diluted earnings per share were 22.3 pence (2015: 19.5 pence), with reported diluted earnings per share (including exceptional items) of 19.3 pence (2015: 19.5 pence).
Exceptional items
At the time of our preliminary results announcement in March of this year we outlined plans to invest substantially in our manufacturing and distribution operationsto reshape them for future growth. The initial phase of this plan involves the closure of three bakery manufacturing sites with associated one-off costs expected to be 7.6 million. 4.8 million of this cost has been recognised in the first half of the year and this, combined with a 0.8 million exceptional credit related to the release of historical shop closure provisions, resulted in a net exceptional charge of 4.0 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 intends, going forward, to apply 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 9.5 pence per share (2015: 7.4 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 7 October 2016 to those shareholders on the register at the close of business on 9 September 2016.
Financial position
Capital expenditure during the first half was 31.2 million (2015: 31.3 million). We continue to see a strong return on investment in our shop estate and are progressing well with the transformation of our systems platform. The conversion of our new distribution facility in Enfield is under way and we continue to expect total capital expenditure in 2016 to be approximately 85 million (2015: 71.7 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 44.7 million (2015: 34.6 million) and we ended the period with a cash balance of 35.0 million (4 July 2015: 41.4 million).
Outlook
We have made an encouraging start to the second half of the year and are alert to any change in consumer demand that may result from the current economic uncertainty. We remain confident in the quality and value of the Greggs brand and will continue with our long-term strategic investment programme to transform the business from traditional bakery to a growing food-on-the-go brand.
We continue to manage a significant change agenda that will benefit the capacity and cost structure of the business in the longer term. Overall, we expect to deliver full-year growth in line with our previous expectations as well as further progress against our strategic plan.
 Roger Whiteside
Chief Executive
 2 August 2016
Greggs plc
Consolidated income statement
For the 26 weeks ended 2 July 2016
26 weeks ended 2 July 2016
26 weeks ended 4 July 2015
52 weeks ended
2 January 2016
Excluding
exceptional
items
Exceptional
items
(see note 5)
Total
Total
As restated
(see note 2)
Total
'000
'000
'000
'000
'000
Revenue
422,129
-
422,129
398,403
835,749
Cost of sales
(155,349)
(2,933)
(158,282)
(148,346)
(305,116)
Gross profit
266,780
(2,933)
263,847
250,057
530,633
Distribution and selling costs
(212,808)
(695)
(213,503)
(201,793)
(412,426)
Administrative expenses
(24,586)
(400)
(24,986)
(22,677)
(45,094)
Operating profit
29,386
(4,028)
25,358
25,587
73,113
Finance income / (expense)
16
-
16
(6)
(85)
Profit before tax
29,402
(4,028)
25,374
25,581
73,028
Income tax
(6,497)
915
(5,582)
(5,501)
(15,428)
Profit for the period attributable to equity holders of the parent
22,905
(3,113)
19,792
20,080
57,600
Basic earnings per share 
22.8p
(3.1p)
19.7p
20.0p
57.3p
Diluted earnings per share 
22.3p
(3.0p)
19.3p
19.5p
55.8p
Greggs plc
Consolidated statement of comprehensive income
For the 26 weeks ended 2 July 2016
26 weeks ended
2 July 2016
26 weeks ended
4 July 2015
52 weeks ended
2 January 2016
'000
'000
'000
Profit for the period
19,792
20,080
57,600
Other comprehensive income
Items that will not be recycled to profit or loss:
Re-measurements on defined benefit pension plans
(13,667)
3,417
4,915
Tax on items taken directly to equity
2,460
(684)
(885)
Other comprehensive income for the period, net of income tax
(11,207)
2,733
4,030
Total comprehensive income for the period
8,585
22,813
61,630
Greggs plc
Consolidated balance sheet
as at 2 July 2016
2 July 2016
4 July 2015
2 January 2016
As restated
(see note 2)
'000
'000
'000
ASSETS
Non-current assets
Intangible assets
13,139
6,838
10,248
Property, plant and equipment
287,912
270,271
284,163
Deferred tax asset
4,036
1,621
3,830
305,087
278,730
298,241
Current assets
Inventories
15,924
16,033
15,444
Trade and other receivables
32,147
26,443
27,647
Asset held for sale
-
6,500
-
Cash and cash equivalents
35,034
41,361
42,915
83,105
90,337
86,006
Total assets
388,192
369,067
384,247
LIABILITIES
Current liabilities
Trade and other payables
(99,734)
(85,714)
(92,780)
Current tax liabilities
(7,511)
(6,544)
(9,580)
Dividends payable
-
(20,161)
-
Provisions
(5,482)
(5,063)
(4,265)
(112,727)
(117,482)
(106,625)
Non-current liabilities
Other payables
(5,834)
(6,321)
(6,071)
Defined benefit pension liability
(17,652)
(5,254)
(3,910)
Long-term provisions
(4,762)
(1,483)
(2,972)
(28,248)
(13,058)
(12,953)
Total liabilities
(140,975)
(130,540)
(119,578)
Net assets
247,217
238,527
264,669
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
231,245
222,555
248,697
Total equity attributable to equity holders of the parent
247,217
238,527
264,669
Greggs plc
Consolidated statement of changes in equity
For the 26 weeks ended 2 July 2016
26 weeks ended 4 July 2015
Issued capital
Share
premium
Capital
redemption
reserve
Retained
earnings
Total
'000
'000
'000
'000
'000
Balance at 4 January 2015
2,023
13,533
416
230,731
246,703
Profit for the period
-
-
-
20,080
20,080
Other comprehensive income
-
-
-
2,733
2,733
Total comprehensive income for the period
-
-
-
22,813
22,813
Transactions with owners, recorded 
directly in equity
Sale of own shares
-
-
-
3,648
3,648
Purchase of own shares
-
-
-
(4,078)
(4,078)
Share-based payments
-
-
-
1,218
1,218
Dividends to equity holders
-
-
-
(36,251)
(36,251)
Tax items taken directly to reserves
-
-
-
4,474
4,474
Total transactions with owners
-
-
-
(30,989)
(30,989)
Balance at 4 July 2015
2,023
13,533
416
222,555
238,527
52 weeks ended 2 January 2016
Issued capital
Share
premium
Capital
redemption
reserve
Retained
earnings
As restated
(see note 2)
Total
As restated
(see note 2)
'000
'000
'000
'000
'000
Balance at 4 January 2015
2,023
13,533
416
230,731
246,703
Profit for the financial year
-
-
-
57,600
57,600
Other comprehensive income
-
-
-
4,030
4,030
Total comprehensive income for the year
-
-
-
61,630
61,630
Transactions with owners, recorded 
directly in equity
Sale of own shares
-
-
-
3,876
3,876
Purchase of own shares
-
-
-
(11,125)
(11,125)
Share-based payments 
-
-
-
2,057
2,057
Dividends to equity holders
-
-
-
(43,714)
(43,714)
Tax items taken directly to reserves
-
-
-
5,242
5,242
Total transactions with owners
-
-
-
(43,664)
(43,664)
Balance at 2 January 2016
2,023
13,533
416
248,697
264,669
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
Greggs plc
Consolidated statement of cash flows
For the 26 weeks ended 2 July 2016
26 weeks ended
2 July 2016
26 weeks ended
4 July 2015
52 weeks ended
2 January 2016
'000
'000
'000
Operating activities
Cash generated from operating activities (see below)
52,148
41,968
119,637
Income tax paid
(7,408)
(7,383)
(15,916)
Net cash inflow from operating activities
44,740
34,585
103,721
Cash flows from investing activities
Acquisition of property, plant and equipment
(27,903)
(27,847)
(65,785)
Acquisition of intangible assets
(3,302)
(2,882)
(5,981)
Proceeds from sale of property, plant and equipment
3,888
263
8,086
Interest received
91
147
222
Redemption of other investments
-
10,000
10,000
Net cash outflow from investing activities
(27,226)
(20,319)
(53,458)
Cash flows from financing activities
Sale of own shares
3,799
3,648
3,876
Purchase of own shares
(7,868)
(4,078)
(11,125)
Dividends paid
(21,326)
(16,090)
(43,714)
Net cash outflow from financing activities
(25,395)
(16,520)
(50,963)
Net decrease in cash and cash equivalents
(7,881)
(2,254)
(700)
Cash and cash equivalents at the start of the period
42,915
43,615
43,615
Cash and cash equivalents at the end of the period
35,034
41,361
42,915
Greggs plc
Consolidated statement of cash flows (continued)
For the 26 weeks ended 2 July 2016
Cash flow statement - cash generated from operations
26 weeks ended
2 July 2016
26 weeks ended
4 July 2015
52 weeks ended
2 January 2016
'000
'000
'000
Profit for the period
19,792
20,080
57,600
Amortisation
411
208
454
Depreciation
20,504
19,265
39,687
Impairment
62
(112)
66
(Profit) / loss on sale of property, plant and equipment
(300)
2,054
2,952
Release of government grants
(236)
(234)
(484)
Share-based payment expenses
1,370
1,218
3,662
Finance (income) / expense 
(16)
6
85
Income tax expense
5,582
5,501
15,428
Increase in inventories
(480)
(743)
(154)
Increase in debtors
(4,500)
(352)
(1,555)
Increase / (decrease) in creditors
6,952
(4,858)
2,875
Increase / (decrease) in provisions
3,007
(65)
(979)
Cash generated from operating activities
52,148
41,968
119,637
Notes
1. Basis of preparation and accounting policies
The condensed accounts have been prepared for the 26 weeks ended 2 July 2016. Comparative figures are presented for the 26 weeks ended 4 July 2015. 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 2 January 2016.
These condensed accounts are unaudited and were approved by the Board of Directors on 2 August 2016.
The comparative figures for the 52 weeks ended 2 January 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 cash flows 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 2 January 2016 other than those disclosed in note 2. 
2. Changes in accounting policies
Accounting policies
From 3 January 2016 the following standards, amendments and interpretations were adopted by the Group:
 Clarification of Acceptable Methods of Depreciation and Amortisation - Amendments to IAS 16 and IAS 38
 Equity Method in Separate Financial Statements - Amendments to IAS 27
 Annual Improvements to IFRSs - 2012-2014 Cycle
 Disclosure Initiative - Amendments to IAS 1

The adoption of the above has not had a significant impact on the Group's profit for the period or equity.
Restatement of comparatives
During 2015 a charge was recognised for the future employers' national insurance costs on share-settled option schemes where there is no requirement for the employee to reimburse these costs. The charge was included within the share-based payments charge within the income statement with the credit being taken directly to reserves in line with the rest of the charge. It has been determined that the element of the charge relating to future employers' national insurance costs should have been accounted for as a provision rather than directly to reserves. The impact of this for the 52 weeks ended 2 January 2016 is that the closing retained earnings reserve has been reduced by 1,605,000, current liability provisions have increased by 590,000 and long-term provisions have increased by 1,015,000. There is no impact on profit or cash flows or on the reported results for the 26 weeks ended 4 July 2015.
In addition, during the second half of 2015 a review of income statement categorisations was carried out which identified two re-categorisations. Firstly it was determined that it was more appropriate for all wage costs associated with bakery and distribution centre despatch activities to be included in distribution and selling costs, rather than some being included in cost of sales. The net impact of this for the 26 weeks ended 4 July 2015 has been a decrease in cost of sales and a corresponding increase in distribution and selling costs of 4,023,000. Secondly, early settlement discounts should have been included in administrative costs rather than cost of sales. The net impact for the 26 weeks ended 4 July 2015 has been an increase in cost of sales and a decrease in administrative costs of 39,000. There is no impact on profit, balance sheet or cash flows arising from these changes in categorisation. The figures for the 52 weeks ended 2 January 2016 were correctly stated in the financial statements for that period.
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 pages 24 and 25 of our Annual Report and Accounts for the 52 weeks ended 2 January 2016, which is available on our website corporate.greggs.co.uk. Following the referendum in June 2016 regarding the UK's future in Europe there is considerable economic and political uncertainly within the country. However, the Directors consider that the business's exposure to this risk is no different to that faced by other operators in the food-on-the-go sector.
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
2 July 2016
26 weeks ended
4 July 2015
52 weeks ended
2 January 2016
'000
'000
'000
Cost of sales
 Supply chain restructuring 
- redundancy costs
2,780
-
-
- asset-related costs
694
-
-
- other contractual obligations
16
-
-
 Prior year costs
- dilapidations
(557)
-
-
________
________
________
2,933
-
-
Distribution and selling
 Supply chain restructuring
- redundancy costs
966
-
-
 Prior year costs
- property provision 
(271)
-
-
________
________
________
695
-
-
Administrative expenses
 Restructuring of support functions
400
-
-
________
________
________
Total exceptional items
4,028
-
-
=======
=======
=======
Supply chain restructuring
This charge arises from the decision, announced in March 2016, to invest in and reshape the Company's supply chain in order to support future growth. The costs relate to the closure of three bakery sites and include redundancy and other employment-related costs, costs related to redundant assets, and other contractual obligations that arise as a result of the closure of the sites.
Restructuring of support functions
This charge relates to redundancy costs arising from the restructuring of bakery administration and payroll functions.
Prior year costs
These relate to costs treated as exceptional in prior years and arise from the settlement of various property transactions.
6. Defined benefit pension scheme
The valuation of the defined benefit pension scheme for the purposes of IAS 19 (Revised) as at 2 January 2016 has been updated as at 2 July 2016 and the movements have been reflected in these condensed accounts.
7. Taxation
The taxation charge for the 26 weeks ended 2 July 2016 and 4 July 2015 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 2 July 2016
26 weeks ended 4 July 2015
52 weeks ended 2 January 2016
Excluding
exceptional
items
Exceptional
items
(see note 5)
Total
Total
Total
'000
'000
'000
'000
'000
Profit for the period attributable to equity holders of the parent
22,905
(3,113)
19,792
20,080
57,600
Basic earnings per share 
22.8p
(3.1p)
19.7p
20.0p
57.3p
Diluted earnings per share 
22.3p
(3.0p)
19.3p
19.5p
55.8p
Weighted average number of ordinary shares
26 weeks ended
2 July 2016
26 weeks ended
4 July 2015
52 weeks ended 
2 July 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
(753,909)
(622,625)
(551,314)
Weighted average number of ordinary shares during the period
100,401,992
100,533,276
100,604,587
Effect of share options on issue
2,225,050
2,681,435
2,616,364
Weighted average number of ordinary shares (diluted) during the period
102,627,042
103,214,711
103,220,951
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
2 July 2016
26 weeks ended
4 July 2015
52 weeks ended
2 January 2016
Pence per share
Pence per share
Pence per share
2014 final dividend 
-
16.0p
16.0p
2015 interim dividend 
-
-
7.4p
2015 special dividend
-
20.0p
20.0p
2015 final dividend 
21.2p
-
-
21.2p
36.0p
43.4p
26 weeks ended
2 July 2016
26 weeks ended
4 July 2015
52 weeks ended
2 January 2016
'000
'000
'000
Total dividend payable
2014 final dividend
-
16,090
16,090
2015 interim dividend
-
-
7,463
2015 special dividend
-
20,161
20,161
2015 final dividend
21,326
-
-
Total dividend paid in period
21,326
36,251
43,714
Dividend proposed at period end and not included as a liability in the accounts
2015 interim dividend (7.4p per share)
-
7,462
-
2015 final dividend (21.2 p per share)
-
-
21,264
2016 interim dividend (9.5p per share)
9,553
-
-
9,553
7,462
21,264
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 2 January 2016. 
11. Half year report
The condensed accounts were approved by the Board of Directors on 2 August 2016. 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 2 January 2016. There have been no changes since the approval of the Annual Report and Accounts:
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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