Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

Greggs PLC (GRG)

  Print      Mail a friend       Annual reports

Tuesday 07 August, 2012

Greggs PLC

Interim Results

RNS Number : 4250J
Greggs PLC
07 August 2012
 



 

 

INTERIM RESULTS FOR THE 26 WEEKS ENDED 30 JUNE 2012

 

Greggs is the leading bakery retailer in the UK,

with over 1,600 shops throughout the country,

serving freshly baked food to six million customers each week

 

NEW SHOPS AND NEW CHANNELS DRIVE SALES GROWTH

 

·   Sales up 4.5% to £350m (2011: £335m): like-for-like sales down 2.3%

·   Pre-tax profit down £0.8m to £16.5m (2011: £17.3m*)

·   Dividend per share up 3.4% to 6.0p (2011: 5.8p)

·   33 net new shops opened, on track for net 90 during year

·   Sales through Iceland Foods exceeding expectations

·   Motorway services shops to expand to 30 Moto sites creating an additional 500 jobs

 

"Our total sales growth of 4.5 per cent reflects the good performance from our new shop opening programme and strong growth in wholesale volumes.  The market remained challenging and was particularly impacted by the record levels of rainfall in the second quarter with UK High Street footfall down over 7 per cent**.  Greggs was not immune to this and our like-for-like sales fell by 3.5 per cent in the second quarter and by 2.3 per cent in the first half overall.

 

Our tight control of costs and the added contribution from wholesale partially mitigated the profit impact, resulting in a £0.8 million (4.5 per cent) decline in first half profits.

 

Conditions for consumers are likely to remain challenging in the second half and we will therefore continue our focus on delivering outstanding value for our customers.  In addition we will make the Greggs brand more accessible to new customers through our shop opening programme and further development of our wholesaling and franchising channels.

 

We continue to make strong progress towards our strategic goals and remain confident in our ability to deliver long term profitable growth for the benefit of shareholders, employees and the wider community."

 

- Kennedy McMeikan, Chief Executive

Before 2011 exceptional credit of £7.4m

** British Retail Consortium - Springboard data.

 

 

ENQUIRIES:

Greggs plc

Hudson Sandler

Ken McMeikan, Chief Executive

Wendy Baker / Alex Brennan

Richard Hutton, Finance Director

Tel:  020 7796 4133

Tel:

020 7796 4133 on Tuesday 7 August only



0191 281 7721 thereafter


 

High resolution images are available for the media to view and download from http://corporate.greggs.co.uk/media-download

CHIEF EXECUTIVE'S REPORT

 

Our total sales growth of 4.5 per cent reflects the good performance from our new shop opening programme and strong growth in wholesale volumes.  The market remained challenging and was particularly impacted by the record levels of rainfall in the second quarter with UK High Street footfall down over 7 per cent**.  Greggs was not immune to this and our like-for-like sales fell by 3.5 per cent in the second quarter and by 2.3 per cent in the first half overall.

 

Our tight control of costs and the added contribution from wholesale volumes partially mitigated the profit impact, resulting in a £0.8 million (4.5 per cent) decline in first half profits.

 

**British Retail Consortium - Springboard data.

 

Results

 

Total Group sales in the 26 weeks ended 30 June 2012 (2011: 26 weeks ended 2 July) increased by 4.5 per cent to £350 million (2011: £335 million).  Operating profit excluding exceptional items was down £0.8 million to £16.5 million (2011: £17.3 million), a net operating margin of 4.7 per cent (2011: 5.2 per cent).

 

We have continued to invest in giving our customers the outstanding value that remains their priority in these challenging economic times.  In March we launched our "Lunch for Less" campaign offering a range of value baguette sandwiches, priced from £1. Additional promotional costs, along with the significant impact of the adverse weather during the first half, were partially mitigated by tight cost control and a better than expected contribution from wholesaling.

 

After net finance income of £25,000 (2011: £43,000), pre-tax profit excluding exceptional items was £16.5 million (2011: £17.3 million).

 

Diluted earnings per share excluding exceptional items were 12.3 pence (2011: 12.7 pence).

 

Dividend

 

The Board has declared an interim dividend of 6.0 pence per share (2011: 5.8 pence), an increase of 3.4 per cent. This increase reflects the Board's confidence in the financial strength of the business and its future prospects, and also anticipates the benefit to earnings per share from the two per cent reduction in the rate of UK corporation tax from April 2012. The interim dividend will be paid on 5 October 2012 to those shareholders on the register at the close of business on 7 September 2012.

 

New shop growth and format development

We opened 39 new shops during the first half and closed six, making a net increase of 33 shops and giving us a total of 1,604 shops at 30 June 2012. Our opening programme accelerates during the second half and we have a strong pipeline of new

shops coming through, putting us comfortably on track to meet our target of 90 new shops, net of closures, over the year as a whole.

 

Our plans for new formats are progressing well as we develop different types of shops for different locations and occasions.  We now have four "Greggs moment" coffee shops trading and a fifth shop opening on 9 August in Gateshead.   In June we opened our newest concept shop "Greggs the Bakery" in Newcastle upon Tyne. This gives customers a more traditional baker's shop experience, offering 75 new lines including a wide range of artisan breads and "made to order" sandwiches alongside our best-loved products.  We are encouraged by the early performance of Greggs moment and Greggs the Bakery.

 

Our plans to refurbish 100-120 of our existing shops during the year are on track with 64 completed and performing well in the first half.

 

New channels to market

 

In April we increased our sales through Iceland Foods by making a range of nine frozen products available in more than 750 Iceland stores.  This range is targeted at the "bake at home" market, in which Greggs was not previously represented. Sales have performed very strongly and are already making a contribution to profits. 

 

In the first half we opened two franchised Greggs shops in partnership with Moto Hospitality Limited.  This trial has been very successful and we are now commencing the roll out of franchised Greggs shops to a further 28 Moto motorway service stations across the UK creating an additional 500 jobs.

 

Financial position

 

Capital expenditure during the first half was £19.2 million (2011: £31.4 million), a significant reduction that reflects the lower level of supply chain investment in the current year. The main focus of our investment in 2012 is the opening and refurbishment of shops.

 

The Group remains cash generative and financially robust. At the end of the half year we had net cash on the balance sheet of £1.8 million (2011: £8.8 million) with the reduction largely reflecting the increased working capital requirements of wholesaling.

 

New appointments

 

I am delighted to announce two new appointments to our Operating Board. Gavin Kirk joined us in May as Supply Chain Operations Director after 18 years with Mars Inc.  David Sheehan will join us as Estates Director later in the year after eight years as Store Development Director with Sainsbury's plc.


Outlook

 

Conditions for consumers are likely to remain challenging in the second half and we will therefore continue our focus on delivering outstanding value for our customers.  In addition we will make the Greggs brand more accessible to new customers through our shop opening programme and further development of our wholesaling and franchising channels.

 

There are some signs of future increases in global food ingredient costs; however we are largely covered against this for the remainder of 2012.  Overall we expect second half margins to be in line with the same period in 2011.

 

We continue to make strong progress towards our strategic goals and remain confident in our ability to deliver long term profitable growth for the benefit of shareholders, employees and the wider community.

 

 

                                                                                                                    Kennedy McMeikan

Chief Executive

                                                                                                                             7 August 2012



Greggs plc

Consolidated income statement

For the 26 weeks ended 30 June 2012

 

 


26 weeks ended 30 June 2012

26 weeks ended 2 July 2011

Restated (Note 1)

52 weeks ended 31 December 2011


 

 

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 









Revenue

349,674 

334,704 

334,704 

701,088 

701,088 

Cost of sales

(137,855)

(130,151)

(2,245)

(132,396)

(270,533)

(2,245)

(272,778)









Gross profit

211,819 

204,553 

(2,245)

202,308 

430,555 

(2,245)

428,310 









Distribution and selling costs

 (178,179)

(168,857)

(168,857)

(342,641)

(342,641)

Administrative expenses

 (17,143)

 (18,443)

 (18,443)

 (34,903)

 (34,903)

Other income

9,665 

9,665 

9,665 

9,665 









Operating profit

16,497 

17,253 

7,420 

24,673 

53,011 

7,420 

60,431 









Finance income

25 

43 

43 

69 

69 









Profit before tax

16,522 

17,296 

7,420 

24,716 

53,080 

7,420 

60,500 









Income tax

(4,166)

(4,583)

(1,929)

(6,512)

(14,068)

(1,929)

(15,997)









Profit for the period attributable to equity holders of the parent

 

12,356 

 

12,713 

 

5,491 

 

18,204 

 

39,012 

 

5,491 

 

44,503 









Basic earnings per share

 

12.4p

12.9p

5.5p

18.4p

39.5p

5.5p

45.0p

Diluted earnings per share

12.3p

12.7p

5.4p

18.1p

38.8p

5.5p

44.3p









 



Greggs plc

Consolidated statement of comprehensive income

For the 26 weeks ended 30 June 2012

 

 


26 weeks ended 

 30 June 2012 

 

26 weeks ended 

 2 July 2011 

 

52 weeks ended 

 31 December 2011 


£'000 

£'000 

£'000 









Profit for the period

12,356 

18,204 

44,503 





Other comprehensive income








Actuarial losses on defined benefit pension plans

(2,077)

(1,930)

(10,359)





Tax on items taken directly to equity

498 

502 

2,590 





Other comprehensive income for the period, net of income tax

 

(1,579)

 

(1,428)

 

(7,769)









Total comprehensive income for the period

 

10,777 

 

16,776 

 

36,734 

 



Greggs plc

Consolidated balance sheet

as at 30 June 2012

 


30 June 2012 

2 July 2011 

31 December 2011 


£'000 

£'000 

£'000 

ASSETS




Non-current assets




Intangible assets

216 

361 

289 

Property, plant and equipment

255,693 

242,286 

253,264 






255,909 

242,647 

253,553 





Current assets




Inventories

16,940 

14,258 

14,274 

Trade and other receivables

25,072 

19,522 

21,165 

Cash and cash equivalents

1,833 

8,824 

19,508 

Other investments

500 

500 






44,345 

42,604 

55,447 





Total assets

300,254 

285,251 

309,000 





LIABILITIES




Current liabilities




Trade and other payables

(67,120)

(69,909)

(74,304)

Current tax liabilities

(4,745)

(4,721)

(5,969)

Provisions

(579)

(1,951)

(620)






(72,444)

(76,581)

(80,893)

Non-current liabilities




Other payables

(7,734)

(8,439)

(7,969)

Defined benefit pension liability

(10,667)

(866)

(8,866)

Deferred tax liability

(9,176)

(12,074)

(10,010)

Long term provisions

(2,867)

(3,433)

(2,879)






(30,444)

(24,812)

(29,724)





Total liabilities

(102,888)

(101,393)

(110,617)





Net assets

197,366 

183,858 

198,383 





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

181,394 

167,886 

182,411 





Total equity attributable to equity holders of the parent

 

197,366 

 

183,858 

 

198,383 



Greggs plc

Consolidated statement of changes in equity

For the 26 weeks ended 30 June 2012

 

 

26 weeks ended 2 July 2011


Issued capital 

Share 

premium 

Capital 

redemption 

reserve 

Retained 

earnings 

Total 


£'000 

£'000 

£'000 

£'000 

£'000 







At 2 January 2011

2,023 

13,533 

416 

160,255 

176,227 

Total comprehensive income for the period





Profit for the period

18,204 

18,204 

Other comprehensive income

(1,428)

(1,428)

Total comprehensive income for the period

16,776 

16,776 







Transactions with owners, recorded

directly in equity




Sale of own shares

2,947 

2,947 

Share based payments

434 

434 

Dividends to equity holders

(12,526)

(12,526)

Total transactions with owners

 (9,145)

 (9,145)

Balance at 2 July 2011

2,023 

13,533 

416 

167,886 

183,858 

 

52 weeks ended 31 December 2011


Issued capital 

Share 

premium 

Capital 

redemption 

reserve

Retained 

earnings 

Total 


£'000 

£'000 

£'000 

£'000 

£'000 







At 2 January 2011

2,023 

13,533 

416 

160,255 

176,227 

Total comprehensive income for the year





Profit for the financial year

44,503 

44,503 

Other comprehensive income

(7,769)

(7,769)

Total comprehensive income for the year

36,734 

36,734 







Transactions with owners, recorded

directly in equity




Shares purchased

(557)

(557)

Sale of own shares

3,266 

3,266 

Share based payments

699 

699 

Dividends to equity holders

(18,286)

(18,286)

Tax items taken directly to reserves

300 

300 

Total transactions with owners

(14,578)

At 31 December 2011

2,023 

13,533 

416 

182,411 

198,383 

 

26 weeks ended 30 June 2012


Issued capital 

Share 

premium 

Capital 

redemption 

reserve 

Retained 

earnings 

Total 


£'000 

£'000 

£'000 

£'000 

£'000 







At 1 January 2012

2,023 

13,533 

416 

182,411 

198,383 

Total comprehensive income for the period





Profit for the period

12,356 

12,356 

Other comprehensive income

(1,579)

(1,579)

Total comprehensive income for the period

10,777 

10,777 







Transactions with owners, recorded

directly in equity




Sale of own shares

1,304 

1,304 

Share based payments

330 

330 

Dividends to equity holders

(13,428)

(13,428)

Total transactions with owners

(11,794)

(11,794)

Balance at 30 June 2012

2,023 

13,533 

416 

181,394 

197,366 



Greggs plc

Consolidated statement of cash flows

For the 26 weeks ended 30 June 2012


26 weeks ended 

 30 June 2012 

26 weeks ended 

 2 July 2011 

52 weeks ended 

31 December 2011 


£'000 

£'000 

£'000 

Operating activities








Cash generated from operating activities (see page 10)

18,761 

34,766 

88,112 

Income tax paid

(5,726)

(6,421)

(14,334)





Net cash inflow from operating activities

13,035 

28,345 

73,778 





Cash flows from investing activities




Acquisition of property, plant and equipment

 (19,244)

 (34,171)

 (62,822)

Proceeds from sale of property, plant and equipment

633 

396 

770 

Interest received

25 

43 

69 

Redemption  / (acquisition) of other investments

3,000 

2,500 





Net cash outflow from investing activities

(18,586)

 (30,732)

 (59,483)





Cash flows from financing activities




Sale of own shares

1,304 

2,947 

3,266 

Shares purchased

(557)

Dividends paid

(13,428)

(12,526)

(18,286)





Net cash outflow from financing activities

(12,124)

 (9,579)

 (15,577)





Net decrease in cash and cash equivalents

 (17,675)

 (11,966)

 (1,282)





Cash and cash equivalents at the start of the period

19,508 

20,790 

20,790 





Cash and cash equivalents at the end of the period

 

1,833 

 

8,824 

 

 

19,508 

 



Greggs plc

Consolidated statement of cash flows (continued)

For the 26 weeks ended 30 June 2012

 

Cash flow statement - cash generated from operations




26 weeks ended 

 30 June 2012 

26 weeks ended 

 2 July 2011 

52 weeks ended 

31 December 2011 


£'000 

£'000 

£'000 





Profit for the period

12,356 

18,204 

44,503 

Amortisation

73 

72 

144 

Depreciation

15,916 

14,463 

30,707 

(Profit) / loss on sale of property, plant and equipment

 (60)

197 

512 

Release of government grants

(235)

(468)

(470)

Gain arising from pension adjustment

(9,665)

(9,665)

Share based payment expenses

330 

434 

699 

Finance income

(25)

(43)

(69)

Income tax expense

4,166 

6,512 

15,997 

Increase in inventories

(2,666)

(2,375)

(2,391)

(Increase) / decrease in debtors

(3,907)

2,787 

1,144 

(Decrease) / increase in creditors

(6,858)

3,110 

7,777 

Movement in pension liability

(276)

(163)

(592)

(Decrease) / increase in provisions

(53)

1,701 

(184)

Cash generated from operating activities

18,761 

34,766 

88,112 



Notes

 

1.             Basis of preparation and accounting policies

 

The condensed accounts have been prepared for the 26 weeks ended 30 June 2012.  Comparative figures are presented for the 26 weeks ended 2 July 2011. 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 2011.

 

These condensed accounts are unaudited and were approved by the Board of Directors on 7 August 2012.

 

The information for the 52 weeks ended 31 December 2011 does not constitute statutory accounts as defined by section 435 of the Companies Act 2006.  Those accounts have been reported on by the Group's auditors and delivered to the Registrar of Companies.  The report of the auditors was unqualified and did not contain statements under section 498(2) or (3) of the Companies Act 2006.

 

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 2011 other than those disclosed in note 2. 

 

A minor presentational change was made to the income statement in the second half of 2011 reallocating some costs from administrative expenses to distribution and selling and consequently the comparative figures for the period ended 2 July 2011 have been restated on the same basis.  There is no impact on net profit.

  

2.             Changes in accounting policies

 

From 1 January 2012 the following standards, amendments and interpretations became effective and were adopted by the Group:

 

·      Amendments to IFRS 7 - Disclosures: Transfers of Financial Assets;

·      Amendments to IAS 12 - Deferred tax: Recovery of Underlying Assets.


The adoption of the above has not had a significant impact on the Group's profit for the period or equity.

 

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 26-28 of our Annual Report and Accounts for the 52 weeks ended 31 December 2011, which are available on our website www.greggs.co.uk.

 

In the first half of the year a regulatory risk arose as a result of the UK Treasury's budget proposals concerning the definition of hot takeaway food for VAT purposes.  We participated in the consultation process, the result of which was that the budget legislation was redefined in a manner that confirms our existing practice in taxing the food that we sell.

 

Additionally, as discussed in the Chief Executive's report, the economic risk arising from the tough consumer spending environment is expected to continue to present significant challenges.

  

4.             Operating segment

The Board has carefully 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

 

The exceptional items in 2011 relate to a credit of £9,665,000 arising on the change from RPI to CPI as the basis for the calculation of certain pension increases and a debit of £2,245,000 in respect of property and restructuring costs arising on the closure of old bakeries in Newcastle and Penrith.

 

6.             Defined benefit pension scheme

 

The valuation of the defined benefit pension scheme for the purposes of IAS 19 as at 31 December 2011 has been updated as at 30 June 2012 and the movements have been reflected in these condensed accounts.

  

7.             Taxation

 

The taxation charge for the 26 weeks ended 30 June 2012 and 2 July 2011 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 30  June 2012 

26 weeks ended 2 July 2011

52 weeks ended

31 December 2011

 



Excluding  exceptional 

 items 

Exceptional  items 

 

Total 

Excluding  exceptional 

 items 

Exceptional  items 

 

Total 










£'000 

£'000 

£'000 

£'000 

£'000 

£'000 

£'000 









Profit for the period attributable to equity holders of the parent

 

12,356 

 

12,713 

 

5,491 

 

18,204 

 

39,012 

 

5,491 

 

44,503 









Basic earnings per share

12.4p

12.9p

5.5p

18.4p

39.5p

5.5p

45.0p

Diluted earnings per share

12.3p

12.7p

5.4p

18.1p

38.8p

5.5p

44.3p









 

 

Weighted average number of ordinary shares

 


26 weeks  ended 

30 June 2012 

 

26 weeks  ended 

2 July 2011 

 

52 weeks  ended 

 31 December  2011 

 


Number 

Number 

Number 





Issued ordinary shares at start of period

101,155,901 

101,155,901 

101,155,901 

Effect of own shares held

(1,787,642)

(2,470,067)

(2,194,189)





Weighted average number of ordinary shares during the period

99,368,259 

98,685,834 

98,961,712 

Effect of share options on issue

1,459,619 

1,652,424 

1,512,151 





Weighted average number of ordinary shares (diluted) during the period

100,827,878 

100,338,258 

100,473,863 









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 

 30 June 2012 

 

26 weeks  ended 

2 July 2011 

52 weeks  ended 

31 December  2011 


Pence per  share 

Pence per  share 

Pence per  share 

 





2010 final dividend

12.7p

12.7p

2011 interim dividend

5.8p

2011 final dividend

13.5p


13.5p

12.7p

18.5p

 

 


26 weeks  ended 

 30 June 2012 

 

26 weeks  ended 

2 July 2011 

52 weeks  ended 

31 December  2011 


£'000 

£'000 

£'000 

Total dividend payable




2010 final dividend

12,526 

12,528 

2011 interim dividend

5,758 

2011 final dividend

13,428 

Total dividend paid in period

13,428 

12,526 

18,286 





Dividend proposed at period end and not included as a liability in the accounts

 




2011 interim dividend (5.8p per share)

-  

5,867 

2011 final dividend (13.5 p per share)

13,656 

2012 interim dividend (6.0p per share)

5,974 


5,974 

5,867 

13,656 

 

 

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 2011.

 

11.          Half year report

 

The condensed accounts were approved by the Board of Directors on 7 August 2012.  They will be available on the Company's website, www.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 2011.  There have been no changes since the Annual Report and Accounts was published except that Bob Bennett retired on 16 May 2012.

 

 

For and on behalf of the Board of Directors

 

Kennedy McMeikan                                                                                                                             Richard Hutton

Chief Executive                                                                                                                                    Finance Director

 

7 August 2012

 


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