Bakery business Greggs swings back into profit as it emerges from lockdown in strong position

The high street bakery business revealed a pre-tax profit of £55.5 million for the 26 weeks to July 3, compared with a £65.2 million loss for the same period last year.

The Newcastle-based business said it now expects full-year profits to be “slightly ahead” of previous predictions after its most recent sales made gains against pre-pandemic levels.

Roger Whiteside, chief executive of Greggs, said: “Greggs once again showed its resilience in a challenging first half, emerging from the lockdown months in a strong position and rebuilding sales as social restrictions were progressively relaxed.

“We continue to make good progress with our strategic priorities, growing the shop estate and investing in our digital capabilities to compete in all channels and parts of our market.

“Whilst there continue to be general uncertainties in the market, given our recent performance we now expect full-year profit to be slightly ahead of our previous expectation.”