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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Greggs Plc | LSE:GRG | London | Ordinary Share | GB00B63QSB39 | ORD 2P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -92.00 | -3.31% | 2,688.00 | 2,680.00 | 2,684.00 | 2,704.00 | 2,666.00 | 2,698.00 | 439,244 | 16:35:08 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Bakeries-retail | 1.81B | 142.5M | 1.4065 | 19.07 | 2.72B |
From Apr 2019 to Apr 2024
TIDMGRG
RNS Number : 6569M
Greggs PLC
01 August 2017
1 August 2017
INTERIM RESULTS FOR THE 26 WEEKSED 1 JULY 2017
Greggs is the leading bakery food-on-the-go retailer in the UK,
with 1,800 retail outlets throughout the country
Good progress in the first half
First half financial highlights
-- Total sales up 7.3% to GBP453m -- Company-managed shop like-for-like sales* up 3.4% -- Operating profit excluding property gains** and exceptional charge*** up 1.8% to GBP27.6m -- Exceptional costs of GBP8.3m relating to previously announced restructuring -- Pre-tax profit including property profits and exceptional charges GBP19.4m -- Continued strong cash generation: GBP34.0m net inflow from operating activities -- Ordinary interim dividend per share up 8.4% to 10.3p
* like-for-like sales in Company-managed shops (excluding franchises) with a calendar year's trading history
** freehold property disposal gains of GBP0.3m in 2017 (2016: GBP2.2m)
*** exceptional pre-tax charge of GBP8.3m in 2017 (2016: GBP4.0m) in relation to previously announced restructuring
Operational highlights
-- Continued like-for-like sales growth from:
- Coffee and breakfast
- 'Balanced Choice' range including new salads and drinks
- Hot food choices
- Traditional savoury favourites
-- Shop opening programme progressing well:
- 61 new shops opened, 19 closures; expect around 100 net new shops for the year as a whole
- 1,806 shops trading as at 1 July 2017
-- Roll out of new central forecasting and replenishment system successfully completed ahead of plan
-- Supply chain investment programme on track
"The business has traded in line with our plans during the first half of the year. We have made good progress with our strategic plans and remain confident of future prospects although we remain alert to short-term pressures on consumers' disposable income. Over the year as a whole we expect to deliver results in line with our previous expectations as well as further progress against our strategic plan."
- Roger Whiteside, Chief Executive -
ENQUIRIES: Greggs plc Hudson Sandler Roger Whiteside, Chief Wendy Baker / Hattie O'Reilly Executive / Fern Duncan Richard Hutton, Finance Tel: 020 7796 4133 Director Tel: 020 7796 4133 on 1 August only 0191 281 7721 thereafter
An audio webcast of the analysts' presentation will be available to download later today at http://corporate.greggs.co.uk/results-centre
High resolution images are available for the media to view and download from https://corporate.greggs.co.uk/media-centre/image-and-video-library
CHIEF EXECUTIVE'S REPORT
The business traded in line with our plans during the first half of the year. Total sales for the 26 weeks to 1 July 2017 grew by 7.3 per cent to GBP453 million, with like-for-like sales in company-managed shops up by 3.4 per cent. As expected the business experienced pressure from cost inflation, but despite this operating profit before property gains and exceptional items grew by 1.8 per cent to GBP27.6 million (2016: GBP27.2 million).
Operational review
Our freshly prepared food offer at great prices continues to set us apart from the competition and prove popular with consumers. In the first half of 2017 we developed further our product offering and delivered growth across multiple categories:
- we extended our Balanced Choice range, launching new salads and drinks; - the popularity of our hot sandwiches continued to increase; - demand for coffee and breakfast remained strong; and - we continued to see good growth in traditional products, such as fresh-baked savouries.
Recognition of our progress in the food-on-the-go market saw Greggs win several awards including 'Food to Go Retailer of the Year' at both the 2017 British Sandwich Industry Awards and the Grocer Gold Awards.
We continue to see exciting potential for growth in our shop estate and opened 61 new shops in the first half of 2017 (including 24 franchised units) and closed 19 shops, giving a total of 1,806 shops (of which 181 are franchise units) trading at 1 July 2017. We opened our first 'Drive-Thru' shop at Irlam, Greater Manchester, in June and have been encouraged by its popularity, indicating a demand for further Drive-Thru locations. We also continued to expand the estate in the south-west of England and in Northern Ireland whilst adapting our formats to suit locations such as garage forecourts. Our pipeline of new shop opportunities remains strong and we continue to expect around 100 net openings in the year as a whole.
We have made great progress in the transformation of our shop estate with most shops trading in a food-on-the-go format. We updated 107 shops in the first half of 2017 as part of our shop refurbishment programme. In line with our normal shop refurbishment cycle, over the next couple of years we are entering a period where a lower number of refurbishments will fall due. In order to maintain a steadier number per year we now plan to refurbish 130 shops in 2017 and a similar number in the following two years, before returning to the more recent run rate of 200+ shops from 2020.
We have successfully deployed our new central forecasting and replenishment system to all of our shops ahead of plan. This has been the most significant process change that the business has ever embarked upon and I am delighted with the way that our project team and retail colleagues have prepared for and managed the new ways of working. Already we are seeing benefits in terms of product availability and the administrative tasks required of our shop colleagues have been simplified. Inevitably there has been some increase in costs in the transition but there is a clear net benefit already and we will build on this as we learn to harness the benefits of this new technology.
We made further progress with the plans to invest in the transformation and development of our supply chain in the first half. Our Edinburgh bakery was closed in May, with production and logistics activities transferring to our Glasgow site where we have invested to absorb the additional work. This investment has included the first of our new consolidated manufacturing platforms, in this case for the production of Yum-Yums. The commissioning has gone well and we are already delivering improved product quality, consistency and efficiency. We are now placing orders for the next phase of investment, the first of which will be the consolidation of cake and muffin production at our Leeds site. Once again I must give credit to the teams working in our supply chain operations to implement these strategic changes whilst maintaining service levels to our shops and customers.
Financial performance
As expected, input cost inflation had a modest impact on margins in the first half of the year. Despite this, operating profit excluding property gains and exceptional charges grew by 1.8 per cent to GBP27.6m (2016: GBP27.2m), giving an underlying margin of 6.1 per cent (2016: 6.4 per cent). Operational costs were well controlled and we continued to deliver benefits from our programme of business efficiency, which has helped to mitigate some of the impact of cost inflation.
Non-exceptional freehold property disposals realised profits of GBP0.3 million in the period (2016: GBP2.2 million) and we incurred a net exceptional charge of GBP8.3 million (2016: GBP4.0 million) as described below. Pre-tax profit including all property profits and exceptional charges was GBP19.4 million (2016: GBP25.4 million). Excluding the exceptional items, but including the lower property gains in 2017, diluted earnings per share were 21.4 pence (2016: 22.3 pence), with reported diluted earnings per share (including exceptional items) of 14.9 pence (2016: 19.3 pence).
Exceptional items
At the start of this year we communicated proposals for the next phase of our GBP100 million investment programme to reshape our manufacturing and distribution operations for future growth. We expect to recognise one-off costs in the range GBP9-10 million in 2017 as a result of the changes required to consolidate our manufacturing operations across the country. GBP8.7 million of exceptional costs have been recognised in the first half of the year and this, combined with a GBP0.4 million exceptional credit related to the gain on disposal of related properties, resulted in a net exceptional charge of GBP8.3 million in the period. The overall cost and exceptional charges expected to arise from the plan remain in line with previous guidance.
Dividend
In setting the interim ordinary dividend the Board applies a formula so that the interim payment is the equivalent of approximately one third of the total ordinary dividend for the previous year. On this basis the Board has declared an interim dividend of 10.3 pence per share (2016: 9.5 pence). The overall ordinary dividend for the year will be declared in line with our progressive dividend policy, which targets a full year ordinary dividend that is two times covered by underlying earnings. The interim dividend will be paid on 6 October 2017 to those shareholders on the register at the close of business on 8 September 2017.
Financial position
Capital expenditure during the first half was GBP36.4 million (2016: GBP31.2 million) as we progressed the investment in our supply chain alongside new shop growth and estate refurbishment. In the second half of the year the rate of shop refurbishment will reduce and we will continue to invest in new shop openings and the transformation of our manufacturing and logistics capacity. As a result we now expect total capital expenditure in 2017 to be approximately GBP80 million (2016: GBP80.4 million).
The Group continues to generate strong cash flows and remains in a robust financial position. Net cash inflow from operating activities in the period was GBP34.0 million (2016: GBP44.7 million) and we ended the period with a cash balance of GBP19.9 million (2 July 2016: GBP35.0 million).
Outlook
We have made a good start to the second half of the year and are confident that the strategic investments we are making will enable the business to continue delivering further profitable growth. In the short term we remain alert to pressures building on consumers' disposable income and the continuing economic uncertainty. Over the year as a whole we expect to deliver results in line with our previous expectations as well as further progress against our strategic plan.
Roger Whiteside
Chief Executive
1 August 2017
Greggs plc
Consolidated income statement
For the 26 weeks ended 1 July 2017
Hot Features
Premium
26 weeks ended 1 July 2017 26 weeks ended 2 July 2016 52 weeks ended 31 December 2016
--------------------------------------- --------------------------------------- ---------------------------------------
Excluding Exceptional Excluding Exceptional Excluding Exceptional
exceptional items Total exceptional items Total exceptional items Total
items (see Note 5) items (see Note 5) items (see Note 5)
------------ ------------- ---------- ------------ ------------- ---------- ------------ ------------- ----------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 452,851 - 452,851 422,129 - 422,129 894,195 - 894,195
Cost of sales (166,020) (8,346) (174,366) (155,349) (2,933) (158,282) (324,289) (4,367) (328,656)
Gross profit 286,831 (8,346) 278,485 266,780 (2,933) 263,847 569,906 (4,367) 565,539
Distribution
and selling
costs (233,074) - (233,074) (212,808) (695) (213,503) (441,246) (594) (441,840)
Administrative
expenses (25,862) - (25,862) (24,586) (400) (24,986) (48,315) (216) (48,531)
Operating
profit 27,895 (8,346) 19,549 29,386 (4,028) 25,358 80,345 (5,177) 75,168
Finance
(expense) /
income (148) - (148) 16 - 16 (26) - (26)
Profit before
tax 27,747 (8,346) 19,401 29,402 (4,028) 25,374 80,319 (5,177) 75,142
Income tax (5,903) 1,669 (4,234) (6,497) 915 (5,582) (18,064) 915 (17,149)
Profit for the
period
attributable
to equity
holders of the
parent 21,844 (6,677) 15,167 22,905 (3,113) 19,792 62,255 (4,262) 57,993
============ ============= ========== ============ ============= ========== ============ ============= ==========
Basic earnings
per share 21.7p (6.6p) 15.1p 22.8p (3.1p) 19.7p 62.0p (4.2p) 57.8p
Diluted
earnings per
share 21.4p (6.5p) 14.9p 22.3p (3.0p) 19.3p 60.8p (4.1p) 56.7p
Greggs plc
Consolidated statement of comprehensive income
For the 26 weeks ended 1 July 2017
26 weeks ended 26 weeks ended 52 weeks ended
1 July 2017 2 July 2016 31 December 2016
GBP'000 GBP'000 GBP'000
Profit for the period 15,167 19,792 57,993
Other comprehensive income
Items that will not be recycled to profit or loss:
Re-measurements on defined benefit pension plans 2,252 (13,667) (18,791)
Tax on items taken directly to equity (383) 2,460 3,194
Other comprehensive income for the period, net of income tax 1,869 (11,207) (15,597)
--------------- --------------- ------------------
Total comprehensive income for the period 17,036 8,585 42,396
=============== =============== ==================
Greggs plc
Consolidated balance sheet
as at 1 July 2017
1 July 2017 2 July 2016 31 December 2016
GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Intangible assets 14,236 13,139 14,254
Property, plant and equipment 314,984 287,912 307,363
Deferred tax asset 2,225 4,036 1,750
331,445 305,087 323,367
Current assets
Inventories 16,075 15,924 15,934
Trade and other receivables 32,228 32,147 30,713
Cash and cash equivalents 19,922 35,034 45,960
68,225 83,105 92,607
Total assets 399,670 388,192 415,974
------------ ------------ -----------------
LIABILITIES
Current liabilities
Trade and other payables (93,738) (99,734) (104,924)
Current tax liability (6,073) (7,511) (10,426)
Provisions (5,525) (5,482) (6,088)
(105,336) (112,727) (121,438)
Non-current liabilities
Other payables (5,363) (5,834) (5,599)
Defined benefit pension liability (20,908) (17,652) (22,851)
Long-term provisions (7,996) (4,762) (1,426)
(34,267) (28,248) (29,876)
Total liabilities (139,603) (140,975) (151,314)
------------ ------------ -----------------
Net assets 260,067 247,217 264,660
============ ============ =================
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 244,095 231,245 248,688
Total equity attributable to equity holders of the Parent 260,067 247,217 264,660
============ ============ =================
Greggs plc
Consolidated statement of changes in equity
For the 26 weeks ended 1 July 2017
26 weeks ended 2 July 2016
Issued capital Share Capital Retained Total
premium redemption earnings
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 3 January 2016 2,023 13,533 416 248,697 264,669
Profit for the period - - - 19,792 19,792
Other comprehensive income - - - (11,207) (11,207)
--------------- --------- ------------ ---------- ---------
Total comprehensive income for the period - - - 8,585 8,585
Transactions with owners, recorded directly in
equity
Sale of own shares - - - 3,799 3,799
Purchase of own shares - - - (7,868) (7,868)
Share-based payments - - - 1,370 1,370
Dividends to equity holders - - - (21,326) (21,326)
Tax items taken directly to reserves - - - (2,012) (2,012)
--------------- --------- ------------ ---------- ---------
Total transactions with owners - - - (26,037) (26,037)
--------------- --------- ------------ ---------- ---------
Balance at 2 July 2016 2,023 13,533 416 231,245 247,217
=============== ========= ============ ========== =========
52 weeks ended 31 December 2016
Issued Share Capital Retained Total
capital premium redemption earnings
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 3 January
2016 2,023 13,533 416 248,697 264,669
Profit for the financial
year - - - 57,993 57,993
Other comprehensive
income - - - (15,597) (15,597)
--------- --------- ------------ ---------- ---------
Total comprehensive
income for the year - - - 42,396 42,396
Transactions with owners,
recorded directly in
equity
Sale of own shares - - - 4,063 4,063
Purchase of own shares - - - (12,398) (12,398)
Share-based payments - - - 1,994 1,994
Dividends to equity
holders - - - (30,936) (30,936)
Tax items taken directly
to reserves - - - (5,128) (5,128)
--------- --------- ------------ ---------- ---------
Total transactions
with owners - - - (42,405) (42,405)
--------- --------- ------------ ---------- ---------
Balance at 31 December
2016 2,023 13,533 416 248,688 264,660
========= ========= ============ ========== =========
26 weeks ended 1 July 2017
Issued capital Share Capital Retained Total
premium redemption earnings
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 January 2017 2,023 13,533 416 248,688 264,660
Profit for the period - - - 15,167 15,167
Other comprehensive income - - - 1,869 1,869
--------------- --------- ------------ ---------- ---------
Total comprehensive income for the period - - - 17,036 17,036
Transactions with owners, recorded directly in
equity
Sale of own shares - - - 4,791 4,791
Purchase of own shares - - - (6,356) (6,356)
Share-based payments - - - 961 961
Dividends to equity holders - - - (21,768) (21,768)
Tax items taken directly to reserves - - - 743 743
--------------- --------- ------------ ---------- ---------
Total transactions with owners - - - (21,629) (21,629)
--------------- --------- ------------ ---------- ---------
Balance at 1 July 2017 2,023 13,533 416 244,095 260,067
=============== ========= ============ ========== =========
Greggs plc
Consolidated statement of cash flows
For the 26 weeks ended 1 July 2017
26 weeks ended 26 weeks ended 52 weeks ended
1 July 2017 2 July 2016 31 December 2016
GBP'000 GBP'000 GBP'000
Operating activities
Cash generated from operating activities (see page 11) 42,689 52,148 133,773
Income tax paid (8,700) (7,408) (16,157)
Net cash inflow from operating activities 33,989 44,740 117,616
--------------- --------------- ------------------
Cash flows from investing activities
Acquisition of property, plant and equipment (37,636) (27,903) (74,016)
Acquisition of intangible assets (1,612) (3,302) (6,106)
Proceeds from sale of property, plant and equipment 2,393 3,888 4,698
Interest received 161 91 124
Net cash outflow from investing activities (36,694) (27,226) (75,300)
--------------- --------------- ------------------
Cash flows from financing activities
Sale of own shares 4,791 3,799 4,063
Purchase of own shares (6,356) (7,868) (12,398)
Dividends paid (21,768) (21,326) (30,936)
Net cash outflow from financing activities (23,333) (25,395) (39,271)
--------------- --------------- ------------------
Net (decrease) / increase in cash and cash equivalents (26,038) (7,881) 3,045
Cash and cash equivalents at the start of the period 45,960 42,915 42,915
Cash and cash equivalents at the end of the period 19,922 35,034 45,960
=============== =============== ==================
Greggs plc
Consolidated statement of cash flows (continued)
For the 26 weeks ended 1 July 2017
Cash flow statement - cash generated from operations
26 weeks ended 26 weeks ended 52 weeks ended
1 July 2017 2 July 2016 31 December 2016
GBP'000 GBP'000 GBP'000
Profit for the period 15,167 19,792 57,993
Amortisation 1,630 411 2,100
Depreciation 24,131 20,504 43,453
Impairment - 62 488
Loss / (profit) on sale of property, plant and equipment 1,982 (300) 2,476
Release of government grants (236) (236) (472)
Share-based payment expenses 961 1,370 1,994
Finance expense / (income) 148 (16) 26
Income tax expense 4,234 5,582 17,149
Increase in inventories (141) (480) (490)
Increase in debtors (1,515) (4,500) (3,066)
(Decrease) / increase in payables (9,671) 6,952 11,845
Increase in provisions 6,007 3,007 277
Cash from operating activities 42,689 52,148 133,773
=============== =============== ==================
Notes
1. Basis of preparation and accounting policies
The condensed accounts have been prepared for the 26 weeks ended 1 July 2017. Comparative figures are presented for the 26 weeks ended 2 July 2016. 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 2016.
These condensed accounts are unaudited and were approved by the Board of Directors on 1 August 2017.
The comparative figures for the 52 weeks ended 31 December 2016 are not the Company's statutory accounts for that financial year. Those accounts have been reported on by the Company's auditor and delivered to the Registrar of Companies. The report of the auditors was (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report; and (iii) did not contain a statement under section 498(2) or (3) of the Companies Act 2006.
The Group continues to have strong operational cashflows and the Directors are of the view that the Group has sufficient funds available to meet its foreseeable working capital requirements. The Directors have concluded therefore that the going concern basis remains appropriate.
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 2016.
2. Changes in accounting policies
Accounting policies
There are no accounting standards, amendments or interpretations that have been adopted by the Group since 1 January 2017.
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 page 40 of our Annual Report and Accounts for the 52 weeks ended 31 December 2016, which is available on our website corporate.greggs.co.uk.
4. Operating segment
The Board has 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
26 weeks 26 weeks 52 weeks
ended ended ended
1 July 2 July 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
Cost of sales
Supply chain - redundancy
restructuring costs 7,407 2,780 3,028
- gain on (409) - -
property disposal
- asset-related
costs 722 694 1,852
- other contractual
obligations 626 16 44
Prior year
items - dilapidations - (557) (557)
________ ________ ________
8,346 2,933 4,367
Distribution
and selling
Supply chain - redundancy
restructuring costs - 966 1,108
- transfer
of operations - - 356
Prior year - property
items related - (271) (870)
________ ________ ________
- 695 594
Administrative
expenses
Restructuring of support
functions - 400 391
Prior year - redundancy
items costs - - (175)
________ ________ ________
- 400 216
________ ________ ________
Total exceptional
items 8,346 4,028 5,177
======= ======= =======
Supply chain restructuring
This charge arises from the decisions, announced in March 2016 and 2017, to invest in and reshape the Company's supply chain in order to support future growth. In 2017 the costs relate to the sale of one bakery site, including the gain on disposal, redundancy costs relating to the consolidation of production processes, accelerated depreciation and other contractual obligations that arise as a result of this consolidation. In 2016 the costs related to the closure of three bakery sites and included redundancy and other employment-related costs, asset write offs, impairment and transfer, and other contractual obligations that arose as a result of the closure of the sites.
Restructuring of support functions
This charge related to redundancy costs arising from the restructuring of bakery administration and payroll functions.
Prior year items
These related to the movement on costs treated as exceptional in prior years and arose from the settlement of various property and redundancy transactions.
6. Defined benefit pension scheme
The valuation of the defined benefit pension scheme for the purposes of IAS 19 (Revised) as at 31 December 2016 has been updated as at 1 July 2017 and the movements have been reflected in these condensed accounts.
7. Taxation
The taxation charge for the 26 weeks ended 1 July 2017 and 2 July 2016 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 1 July 2017 26 weeks ended 2 July 2016
52 weeks ended 31 December 2016
-------------------------------------- -------------------------------------- --------------------------------------
Excluding Exceptional Excluding Exceptional Excluding Exceptional
exceptional items exceptional items exceptional items
items (see note 5) Total items (see note 5) Total items (see note 5) Total
------------ ------------- --------- ------------ ------------- --------- ------------ ------------- ---------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Profit for
the period
attributable
to equity
holders of
the parent 21,844 (6,677) 15,167 22,905 (3,113) 19,792 62,255 (4,262) 57,993
============ ============= ========= ============ ============= ========= ============ ============= =========
Basic
earnings per
share 21.7p (6.6p) 15.1p 22.8p (3.1p) 19.7p 62.0p (4.2p) 57.8p
Diluted
earnings per
share 21.4p (6.5p) 14.9p 22.3p (3.0p) 19.3p 60.8p (4.1p) 56.7p
Weighted average number of ordinary shares
26 weeks 26 weeks 52 weeks
ended ended ended
1 July 2 July 31 December
2017 2016 2016
Number Number Number
Issued ordinary shares
at start of period 101,155,901 101,155,901 101,155,901
Effect of own shares held (652,218) (753,909) (710,295)
Weighted average number
of ordinary shares during
the period 100,503,683 100,401,992 100,445,606
Effect of share options
on issue 1,686,815 2,225,050 1,921,344
Weighted average number
of ordinary shares (diluted)
during the period 102,190,498 102,627,042 102,366,950
============ ============ =============
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 26 weeks ended 52 weeks ended
1 July 2017 2 July 2016 31 December 2016
Pence per share Pence per share Pence per share
2015 final dividend - 21.2p 21.2p
2016 interim dividend - - 9.5p
2016 final dividend 21.5p - -
---------------- ---------------- ------------------
21.5p 21.2p 30.7p
================ ================ ==================
26 weeks ended 26 weeks ended 52 weeks ended
1 July 2017 2 July 2016 31 December 2016
GBP'000 GBP'000 GBP'000
Total dividend payable
2015 final dividend - 21,326 21,326
2016 interim dividend - - 9,610
2016 final dividend 21,768 - -
Total dividend paid in period 21,768 21,326 30,936
=============== =============== ==================
Dividend proposed at period end and not included as a liability
in the accounts
2016 interim dividend (9.5p per share) - 9,610 -
2016 final dividend (21.5 p per share) - - 21,768
2017 interim dividend (10.3p per share) 10,396 - -
--------------- --------------- ------------------
10,396 9,610 21,768
=============== =============== ==================
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 2016 except that Raymond Reynolds retired as a Director on 19 May 2017.
11. Half year report
The condensed accounts were approved by the Board of Directors on 1 August 2017. They will be available on the Company's website, corporate.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 2016. There have been no changes since the approval of the Annual Report and Accounts except that Raymond Reynolds retired as a Director on 19 May 2017.
For and on behalf of the Board of Directors
Roger Whiteside Richard Hutton
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR QFLFXDDFZBBK
(END) Dow Jones Newswires
August 01, 2017 02:00 ET (06:00 GMT)
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