Greggs up 18% in expansive year
Tuesday 09 March 1993
Taxable profits were pounds 7.1m for the year to 26 December, compared with pounds 6m in 1991. Greggs opened 13 new shops in the year, to end with 487 outlets. It also widened profit margins.
The profit performance was achieved against a backdrop of cut-throat competition among bread producers. Poor profit margins on the daily loaf pushed the bread maker Ranks Hovis McDougall into the arms of Tomkins, the takeover specialist, last autumn.
However, only 30 per cent of Greggs' sales are of bread. Mike Darrington, managing director, said its product was better quality and so was spared the worst ravages of the bread wars.
More damaging are the price rises of imported raw materials in the wake of the devaluation of sterling. The price of flour and of sugar-based products for Greggs' cake baking, may increase up to 15 per cent.
Growth in earnings per share, compared with profits, was slower because of a higher tax charge. Earnings were 40.6p against 36.8p. The shares rose from 492p to 535p, although few actually changed hands.
The dividend is 15p compared with 14.1p.
- 1 Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
- 3 World learns of app that shows you who unfriended you on Facebook, app promptly crashes
- 4 Chris Moyles reportedly set to make radio comeback with new breakfast show on XFM
- 5 The Greece debt crisis explained in less than 100 words
Florida man sentenced to two-and-a-half years for having sex on the beach in front of a child
Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
Tube strike July 2015: Is it still on? Everything you need to know about the industrial action
Eiji Tsuburaya: Godzilla co-creator honoured in today's interactive Google Doodle
Florida teacher sentenced to 22 years in prison for sexually abusing three pupils
More Britons believe that multiculturalism makes the country worse - not better, says poll
Osborne to cap family benefits at £23,000 – announced ahead of his post-election Budget
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
Sickness and disability benefits could be reduced by £30 a week as part of £12bn welfare cuts
iJobs Money & Business
£40000 - £95000 per annum: Recruitment Genius: This is an exciting opportunity...
competitive: SThree: Are you passionate about sales?Do you have a keen interes...
£17000 - £30000 per annum: Recruitment Genius: This is an exciting opportunity...
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...