Greggs sees a bite taken out of its profits

It may be a year since Greggs launched its victorious campaign against a planned tax on sausage rolls and pasties, but even that was not enough to stop it having a tough 2012.

Roger Whiteside, the chief executive, said: "While total sales grew by 4.8 per cent, underlying sales from stores open at least a year were down 2.7 per cent." Sales rose to £735m but pre-tax profits fell 2.2 per cent to £51.9m.