06/08/1999
Greggs continues to serve up its speciality, namely sustained growth. An 8.5% increase in turnover to £137m and a 5.7% rise in pre-tax profits to £4.6m for the first six months maintains its enviable record for growing profits. As the largest bakery chain in the country, Greggs has pursued its expansion strategy and conversion plans to focus on a single brand. The group has moderated this in 1999, cutting capital expenditure from £26.2m to £24.4m. This should compensate for the expected £2m for the development of a technical centre which will be incurred in the second half. The consensus among brokers is for an EPS of 135p on a growth of 11.3%, giving a prospective p/e of 18.2.
| Market cap: | £294m |
| Share price: | 2475p |
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