TIDMGRG
RNS Number : 3625U
Greggs PLC
29 July 2015
29 July 2015
INTERIM RESULTS FOR THE 26 WEEKS ENDED 4 JULY 2015
Greggs is the leading bakery food-on-the-go retailer in the
UK,
with almost 1,700 retail outlets throughout the country
A STRONG FIRST HALF
Financial highlights
-- Total sales up 6.4% to GBP398m (2014: GBP374m*)
-- Own shop like-for-like sales up 5.9% (2014: 3.2%)
-- Prior year restructuring benefits contributed GBP2.4m year-on-year
-- Pre-tax profit GBP25.6m (2014: GBP16.9m excluding exceptional items)
-- Diluted earnings per share 19.5p (2014: 12.5p)
-- Continued strong cash generation
-- Ordinary interim dividend per share of 7.4p (2014: 6.0p)
-- Special dividend of 20.0p paid on 17 July 2015
Operational highlights
-- Continued growth in average transaction value and customer visits
-- Good results from sales initiatives:
- extension of "Balanced Choice" range
- further growth in breakfast sales
-- Shop refurbishment programme progressing well:
- 118 refits and 12 café conversions completed
-- Return to net shop growth (44 new shops opened, 30 closures)
-- 1,664 shops trading at 4 July 2015
-- Further efficiencies from change programme
* restated to reflect inclusion of recharged franchisee costs
(see note 2)
"We have had a strong first half with good growth in sales
reflecting improvements in our products and the reaction to our
shop investment programme. Our offer of great tasting
food-on-the-go is being well received by the consumer in market
conditions that have remained favourable. In particular we have
seen significant growth in breakfast sales as well as from the
extension of our "Balanced Choice" range of sandwiches and
flatbreads with fewer than 400 calories.
"With the shop refurbishment programme continuing to progress
well and new additions to the product range including pizza slices,
we are confident of delivering a year of good growth slightly ahead
of our previous expectations."
- Roger Whiteside, Chief Executive
ENQUIRIES:
Greggs plc Hudson Sandler
Roger Whiteside, Chief Executive Wendy Baker / Alex Brennan
Richard Hutton, Finance Director Tel: 020 7796 4133
Tel: 020 7796 4133 on 29 July 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
CHIEF EXECUTIVE'S REPORT
Financial performance
We continued to deliver a strong trading performance through the
first half of the year. Our total sales for the 26 weeks to 4 July
2015 grew by 6.4 per cent to GBP398 million. Like-for-like sales in
our own shops grew by 5.9 per cent over the same period and our
franchised estate grew to 70 shops (28 June 2014: 39). Our focus on
offering great tasting food-on-the-go and investing in our shop
estate continued to drive growth in average transaction value and
customer visits.
Operating margin benefited from the impact of strong
like-for-like sales in the period and a GBP2.4 million year-on-year
cost reduction as a result of last year's restructuring of our
in-store bakeries and support operations. Most of this
restructuring benefit has now annualised, with a further GBP0.6
million year-on-year benefit to come in the second half of 2015.
Property disposals realised profits of GBP0.1 million in the period
(2014: GBP1.4 million). Including these gains, operating profit was
GBP25.6 million in the first half of the year (2014: GBP16.8
million, excluding exceptional items).
With no net finance income (2014: GBP0.1 million) pre-tax profit
was GBP25.6 million (2014: GBP16.9 million before exceptional
items). Diluted earnings per share for the period were 19.5 pence
(2014: 12.5 pence before exceptional items).
Dividend
The Board has declared an interim dividend of 7.4 pence per
share (2014: 6.0 pence). This is in line with our progressive
dividend policy, which targets a full year ordinary dividend that
is two times covered by earnings. The interim dividend will be paid
on 2 October 2015 to those shareholders on the register at the
close of business on 4 September 2015.
As announced at the time of our AGM a special dividend of 20.0
pence per share was paid on 17 July 2015. As a result the Board
expects to maintain an appropriate net cash position over the rest
of the year which allows for seasonality in the Group's working
capital cycle.
Financial position
Capital expenditure during the first half was GBP31.3 million
(2014: GBP20.4 million) with a continued strong performance from
our investment in shop refurbishments and relocations. We expect
capital expenditure in 2015 to be around GBP65 million (2014:
GBP48.9 million) as we prioritise investment in our core estate (c.
GBP40 million) and the upgrading of our process and systems
platform (c. GBP8 million).
The Group continues to generate a strong cash flow and has
maintained a robust financial position. Net cash inflow from
operating activities in the period was GBP34.6 million (2014:
GBP30.5 million). We ended the period with a cash balance of
GBP41.4 million (28 June 2014: GBP21.8 million including GBP5.0
million invested in a short-term deposit). As noted above a special
dividend of GBP20.2 million was paid following the end of the
period.
Operational highlights
Whilst the food-on-the-go market overall remains highly
competitive, we have shown that Greggs is a winning brand in this
sector and can share in market growth. Trading conditions have
remained favourable with low inflation boosting real incomes and
helping us to keep our prices low.
We have continued to make good progress in delivering the
actions that support our strategic plan:
1. Great tasting fresh food
In the first half we have driven increased customer transaction
numbers and higher average transaction values through our product
initiatives and value deals. All of our food-on-the-go categories
delivered like-for-like growth in the first half with sandwiches in
particular benefiting from the range relaunch in June last
year.
Our "Balanced Choice" range grew strongly with successful new
additions including "no added sugar" drinks and new and improved
salad options. All Balanced Choice products contain fewer than
400kcal and rate as either green or amber on the FSA traffic light
system. Breakfast continues to be our fastest growing part of the
day and we have successfully extended our breakfast menu, adding
new porridge and breakfast sandwich options. These include a
free-range egg option that has attracted the "Good Egg Award".
We continue to invest in the value of our food and drinks, and
now offer "any savoury product plus a drink" for GBP2. This has
quickly established itself alongside our GBP2 "sweet and drink"
offer as a favourite with customers.
2. A great shopping experience
We have extended further the times at which our shops are
available to customers with three quarters now open by 7am and more
than two thirds open on Sundays. Our investment in operational
planning systems is helping to ensure that we deliver great service
by deploying the right level of staffing across the day and we have
started to introduce new replenishment processes targeted at
improving product availability.
We have also made good progress on the significant programme of
investment in upgrading our estate. During the first 26 weeks we
completed 118 shop refurbishments to our latest "bakery
food-on-the-go" format and have commenced the conversion of our
larger bakery cafés, with 12 completed in the first half. This is
in line with our plan to update 200 to 220 shops during 2015.
The overall quality of our shop estate has continued to improve
through our shop opening and closure programme and we have returned
to net shop growth. We opened 44 new shops (including 25 franchise
units) and closed 30 shops, giving a total of 1,664 shops (of which
70 are franchise units) trading at 4 July 2015. We expect shop
numbers for the full year to increase by a net 20-30 shops
overall.
3. Simple and efficient operations
The first half result benefited from the restructuring of our
in-store bakeries and support operations carried out in 2014. The
year-on-year benefit of this was GBP2.4 million and a further
GBP0.6 million benefit will accrue in the second half of 2015 as
the impact of this annualises fully.
Our other ongoing structural cost reduction plans are
progressing well and are on track to save GBP5-6 million in the
year as a whole. Better processes around procurement and product
management have delivered lower costs and reduced waste and we
continue to consolidate production activity by focusing on centres
of excellence in our supply chain.
The proposed increases to the minimum wage are likely to drive
inflationary pressure in the broader sector over the coming years.
We have consistently paid rates of pay above this level, with our
standard rate for hourly-paid shop staff at GBP7.11, currently nine
per cent higher than the national minimum wage. We are assessing
the medium-term impact of further increases on our business.
4. Improvement through change
We are making good progress with the major overhaul of our
processes and systems and remain on track to introduce new ways of
working in central forecasting and replenishment and customer
relations. Plans are also well advanced for the next major phase of
change which will focus on core elements such as finance,
purchasing and retail back office administration.
Keeping our people, communities and values at the heart of our
business
We continue to invest in making Greggs a great place to work as
well as a good neighbour to the communities in which we operate. In
the first half of the year we were delighted to achieve a
three-star rating in Business in the Community's Corporate
Responsibility Index 2015.
In the current year we are making the donation of unsold food a
major priority within our social responsibility plan. We work with
a number of charities across the country, including over 150
smaller charities such as soup kitchens, food banks and shelters
for homeless and vulnerable people. We also work in partnership
with FareShare and The Trussell Trust who support hundreds of
charities through their UK network. Several hundred of our shops
now donate unsold food and we are looking to extend this.
Outlook
Our strong first half performance reflects improvements in our
product offer and investment in our shops together with structural
cost reductions. In the second half we will come up against
progressively stronger sales comparatives. That said we have a
strong pipeline of product initiatives, and market conditions are
expected to remain favourable with ingredient cost deflation
expected to continue for the balance of the year.
Overall, we expect to deliver a year of good growth, slightly
ahead of our previous expectations, and further progress against
our strategic plan.
Roger Whiteside
Chief Executive
29 July 2015
Greggs plc
Consolidated income statement
For the 26 weeks ended 4 July 2015
26 weeks 26 weeks ended 28 June 2014 53 weeks ended 3 January 2015
ended
4 July
2015
---------- --------------------------------------------- ---------------------------------------------
Excluding Excluding
exceptional exceptional
Total items Exceptional Total items Exceptional Total
As restated items As restated As restated items As restated
(see Note 2) (see Note 5) (see Note 2) (see Note 2) (see Note 5) (see Note 2)
---------- ------------- -------------- -------------- ------------- -------------- --------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 398,403 374,354 - 374,354 806,096 - 806,096
Cost of sales (152,369) (148,005) (5,952) (153,957) (312,000) (5,932) (317,932)
Gross profit 246,034 226,349 (5,952) 220,397 494,096 (5,932) 488,164
Distribution
and selling
costs (197,731) (190,775) - (190,775) (395,709) (282) (395,991)
Administrative
expenses (22,716) (18,733) (2,302) (21,035) (40,303) (2,302) (42,605)
Operating
profit 25,587 16,841 (8,254) 8,587 58,084 (8,516) 49,568
Finance
(expense) /
income (6) 77 - 77 175 - 175
Profit before
tax 25,581 16,918 (8,254) 8,664 58,259 (8,516) 49,743
Income tax (5,501) (4,229) 1,756 (2,473) (13,997) 1,810 (12,187)
Profit for the
period
attributable
to equity
holders of the
parent 20,080 12,689 (6,498) 6,191 44,262 (6,706) 37,556
========== ============= ============== ============== ============= ============== ==============
Basic earnings
per share 20.0p 12.6p (6.4p) 6.2p 44.0p (6.6p) 37.4p
Diluted
earnings per
share 19.5p 12.5p (6.4p) 6.1p 43.4p (6.6p) 36.8p
Greggs plc
Consolidated statement of comprehensive income
For the 26 weeks ended 4 July 2015
26 weeks ended 26 weeks ended 53 weeks ended
4 July 2015 28 June 2014 3 January 2015
GBP'000 GBP'000 GBP'000
Profit for the period 20,080 6,191 37,556
Other comprehensive income
Items that will not be recycled to profit or loss:
Re-measurements on defined benefit pension plans 3,417 (3,097) (8,575)
Tax on items taken directly to equity (684) 619 1,715
Other comprehensive income for the period, net of income tax 2,733 (2,478) (6,860)
--------------- --------------- ----------------
Total comprehensive income for the period 22,813 3,713 30,696
=============== =============== ================
Greggs plc
Consolidated balance sheet
as at 4 July 2015
4 July 2015 28 June 2014 3 January 2015
GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Intangible assets 6,838 1,467 4,721
Property, plant and equipment 270,271 260,468 262,719
Deferred tax asset 1,621 - -
278,730 261,935 267,440
Current assets
Inventories 16,033 15,334 15,290
Trade and other receivables 26,443 25,427 26,091
Asset held for sale 6,500 7,000 6,500
Cash and cash equivalents 41,361 16,780 43,615
Other investments - 5,000 10,000
90,337 69,541 101,496
Total assets 369,067 331,476 368,936
------------ ------------- ---------------
LIABILITIES
Current liabilities
Trade and other payables (85,714) (78,819) (89,954)
Current tax liabilities (6,544) (2,725) (8,056)
Dividends payable (20,161) - -
Provisions (5,063) (4,378) (4,109)
(117,482) (85,922) (102,119)
Non-current liabilities
Other payables (6,321) (6,815) (6,555)
Defined benefit pension liability (5,254) (3,041) (8,518)
Deferred tax liability - (7,599) (2,539)
Long term provisions (1,483) (2,381) (2,502)
(13,058) (19,836) (20,114)
Total liabilities (130,540) (105,758) (122,233)
------------ ------------- ---------------
Net assets 238,527 225,718 246,703
============ ============= ===============
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 222,555 209,746 230,731
Total equity attributable to equity holders of the parent 238,527 225,718 246,703
============ ============= ===============
Greggs plc
Consolidated statement of changes in equity
For the 26 weeks ended 4 July 2015
26 weeks ended 28 June 2014
Issued capital Share Capital Retained Total
premium redemption earnings
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 29 December 2013 2,023 13,533 416 220,205 236,177
Profit for the period - - - 6,191 6,191
Other comprehensive income - - - (2,478) (2,478)
--------------- --------- ------------ ---------- ---------
Total comprehensive income for the period - - - 3,713 3,713
Transactions with owners, recorded
directly in equity
Sale of own shares - - - 4,354 4,354
Purchase of own shares - - - (5,137) (5,137)
Share-based payments - - - 267 267
Dividends to equity holders - - - (13,656) (13,656)
--------------- --------- ------------ ---------- ---------
Total transactions with owners - - - (14,172) (14,172)
--------------- --------- ------------ ---------- ---------
Balance at 28 June 2014 2,023 13,533 416 209,746 225,718
=============== ========= ============ ========== =========
53 weeks ended 3 January 2015
Issued capital Share Capital Retained Total
premium redemption earnings
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 29 December 2013 2,023 13,533 416 220,205 236,177
Profit for the financial year - - - 37,556 37,556
Other comprehensive income - - - (6,860) (6,860)
--------------- --------- ------------ ---------- ---------
Total comprehensive income
for the year - - - 30,696 30,696
Transactions with owners, recorded
directly in equity
Sale of own shares - - - 5,257 5,257
Purchase of own shares - - - (7,873) (7,873)
Share-based payments - - - 529 529
Dividends to equity holders - - - (19,570) (19,570)
Tax items taken directly to
reserves - - - 1,487 1,487
--------------- --------- ------------ ---------- ---------
Total transactions with owners - - - (20,170) (20,170)
--------------- --------- ------------ ---------- ---------
Balance at 3 January 2015 2,023 13,533 416 230,731 246,703
=============== ========= ============ ========== =========
26 weeks ended 4 July 2015
Issued capital Share Capital Retained Total
premium redemption earnings
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 4 January 2015 2,023 13,533 416 230,731 246,703
Profit for the period - - - 20,080 20,080
Other comprehensive income - - - 2,733 2,733
--------------- --------- ------------ ---------- ---------
Total comprehensive income for the period - - - 22,813 22,813
Transactions with owners, recorded
directly in equity
Sale of own shares - - - 3,648 3,648
Purchase of own shares - - - (4,078) (4,078)
Share-based payments - - - 1,218 1,218
Dividends to equity holders - - - (36,251) (36,251)
Tax items taken directly to reserves - - - 4,474 4,474
--------------- --------- ------------ ---------- ---------
Total transactions with owners - - - (30,989) (30,989)
--------------- --------- ------------ ---------- ---------
Balance at 4 July 2015 2,023 13,533 416 222,555 238,527
=============== ========= ============ ========== =========
Greggs plc
Consolidated statement of cash flows
For the 26 weeks ended 4 July 2015
26 weeks ended 26 weeks ended 53 weeks ended
4 July 2015 28 June 2014 3 January 2015
GBP'000 GBP'000 GBP'000
Operating activities
Cash generated from operating activities (see page 10) 41,968 35,133 108,552
Income tax paid (7,383) (4,603) (11,462)
Net cash inflow from operating activities 34,585 30,530 97,090
--------------- --------------- ----------------
Cash flows from investing activities
Acquisition of property, plant and equipment (27,847) (20,471) (44,456)
Acquisition of intangible assets (2,882) (455) (3,809)
Proceeds from sale of property, plant and equipment 263 1,966 2,231
Interest received 147 77 173
Redemption / (acquisition) of other investments 10,000 (2,000) (7,000)
Net cash outflow from investing activities (20,319) (20,883) (52,861)
--------------- --------------- ----------------
Cash flows from financing activities
Sale of own shares 3,648 4,354 5,257
Purchase of own shares (4,078) (5,137) (7,873)
Dividends paid (16,090) (13,656) (19,570)
Net cash outflow from financing activities (16,520) (14,439) (22,186)
--------------- --------------- ----------------
Net (decrease) / increase in cash and cash equivalents (2,254) (4,792) 22,043
Cash and cash equivalents at the start of the period 43,615 21,572 21,572
Cash and cash equivalents at the end of the period 41,361 16,780 43,615
=============== =============== ================
Greggs plc
Consolidated statement of cash flows (continued)
For the 26 weeks ended 4 July 2015
Cash flow statement - cash generated from operations
26 weeks ended 26 weeks ended 53 weeks ended
4 July 2015 28 June 2014 3 January 2015
GBP'000 GBP'000 GBP'000
Profit for the period 20,080 6,191 37,556
Amortisation 208 - 100
Depreciation 19,265 18,221 37,463
Impairment (112) 55 414
Loss on sale of property, plant and equipment 2,054 482 3,576
Release of government grants (234) (233) (473)
Share based payment expenses 1,218 267 529
Finance expense / (income) 6 (77) (175)
Income tax expense 5,501 2,473 12,187
(Increase) / decrease in inventories (743) 71 115
Increase in debtors (352) (415) (1,079)
(Decrease) / increase in creditors (4,858) 6,700 17,089
(Decrease) / increase in provisions (65) 1,398 1,250
Cash generated from operating activities 41,968 35,133 108,552
=============== =============== ================
Notes
1. Basis of preparation and accounting policies
The condensed accounts have been prepared for the 26 weeks ended
4 July 2015. Comparative figures are presented for the 26 weeks
ended 28 June 2014. 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 53 weeks ended 3 January 2015.
These condensed accounts are unaudited and were approved by the
Board of Directors on 29 July 2015.
The comparative figures for the 53 weeks ended 3 January 2015
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 53 weeks ended 3 January 2015 other
than those disclosed in note 2.
2. Changes in accounting policies
From 4 January 2015 the following standards, amendments and
interpretations were adopted by the Group:
-- Defined Benefit Plans: Employee Contributions - Amendments to IAS 19
-- Annual Improvements to IFRSs - 2010-2012 Cycle
-- Annual Improvements to IFRSs - 2011-2013 Cycle
The adoption of the above has not had a significant impact on
the Group's profit for the period or equity.
During the current period the Group has continued to expand its
franchise operations. Certain of these arrangements include
up-front payments from franchisees receivable in respect of the
capital fit-out of the franchise operators' shops. Due to these
up-front payments becoming material in the period, the Directors
have reconsidered the application of IAS 18 to these specific
transactions. They have now determined that the Group is acting as
a principal in these transactions whilst previously these had been
presented as if they were acting as agents. The prior period
figures have been restated for this change in presentation. For the
26 weeks ended 28 June 2014 both turnover and cost of sales have
increased by GBP1,563,000 and for the 53 weeks ended 3 January 2015
by GBP2,135,000. There is no impact on profit, balance sheet of
cash flows for this change in presentation.
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 24 to 26 of our
Annual Report and Accounts for the 53 weeks ended 3 January 2015,
which are available on our website www.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 53 weeks
ended ended ended
4 July 28 June 2014 3 January
2015 2015
GBP'000 GBP'000 GBP'000
Cost of sales
Closure of in-store - redundancy and
bakeries disruption costs - 3,210 3,190
- loss on disposal
of assets - 664 664
- dilapidations - 2,078 2,078
________ ________ ________
5,952 5,932
Distribution
and selling
Shop asset impairment - - (149)
Onerous leases - - 431
________ ________ ________
- - 282
Administrative
expenses
Restructuring of support functions - 2,302 2,302
________ ________ ________
Total exceptional
items - 8,254 8,516
======= ======= =======
Closure of in-store bakeries
The charge arose from the decision to consolidate the Company's
in-store bakeries into its regional bakery network and comprise of
redundancy costs, disruption costs arising on the transfer of
production from stores to regional bakeries, asset write-offs and
the costs of making good the shops (dilapidations) as bakery
equipment is removed.
Shop impairment and onerous leases
The charges arose from the decision to focus on reshaping the
Group's existing estate through closure and resite of shops and
withdrawal from the Greggs moment brand.
Restructuring of support functions
The charge related to the redundancy costs incurred in respect
of restructuring within the support functions.
6. Defined benefit pension scheme
The valuation of the defined benefit pension scheme for the
purposes of IAS 19 (Revised) as at 3 January 2015 has been updated
as at 4 July 2015 and the movements have been reflected in these
condensed accounts.
7. Taxation
The taxation charge for the 26 weeks ended 4 July 2015 and 28
June 2014 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 26 weeks ended 28 June 2014 53 weeks ended 3 January 2015
4 July 2015
--------------- --------------------------------------- ----------------------------------------
Excluding Exceptional Excluding Exceptional
exceptional items exceptional items
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
Profit for the
period
attributable to
equity holders
of the parent 20,080 12,689 (6,498) 6,191 44,262 (6,706) 37,556
=============== ============= ============== ======== ============= ============== =========
Basic earnings
per share 20.0p 12.6p (6.4p) 6.2p 44.0p (6.6p) 37.4p
Diluted earnings
per share 19.5p 12.5p (6.4p) 6.1p 43.4p (6.6p) 36.8p
Weighted average number of ordinary shares
26 weeks 26 weeks 53 weeks ended
ended ended 3 January
4 July 2015 28 June 2014 2015
Number Number Number
Issued ordinary shares at start
of period 101,155,901 101,155,901 101,155,901
Effect of own shares held (622,625) (700,263) (638,815)
Weighted average number of ordinary
shares during the period 100,533,276 100,455,638 100,517,086
Effect of share options on issue 2,681,435 1,163,700 1,517,722
Weighted average number of ordinary
shares (diluted) during the period 103,214,711 101,619,338 102,034,808
============= ============== ===============
Issued ordinary shares at end
of period 101,155,901 101,155,901 101,155,901
============= ============== ===============
9. Dividends
The following tables analyse dividends when payable and the year
to which they relate:
Dividend declared 26 weeks ended 26 weeks ended 53 weeks ended
4 July 2015 28 June 2014 3 January 2015
Pence per share Pence per share Pence per share
2013 final dividend - 13.5p 13.5p
2014 interim dividend - - 6.0p
2014 final dividend 16.0p - -
2015 special dividend 20.0p - -
---------------- ---------------- ----------------
36.0p 13.5p 19.5p
================ ================ ================
26 weeks ended 26 weeks ended 53 weeks ended
4 July 2015 28 June 2014 3 January 2015
GBP'000 GBP'000 GBP'000
Total dividend recognised in period
2013 final dividend - 13,555 13,530
2014 interim dividend - - 6,040
2014 final dividend 16,090 - -
2015 special dividend 20,161 - -
--------------- --------------- ----------------
36,251 13,555 19,570
=============== =============== ================
Dividend proposed at period end and not included as a liability
in the accounts
2014 interim dividend (6.0p per share) - 6,034 -
2014 final dividend (16.0 p per share) - - 16,056
2015 interim dividend (7.4p per share) 7,462 - -
--------------- --------------- ----------------
7,462 6,034 16,056
=============== =============== ================
The 2015 special dividend was announced on 29 April 2015 and
shares in Greggs plc traded ex-dividend from 18 June 2015. The
dividend was paid on 17 July 2015. The liability of GBP20,161,000
in respect of this dividend is recorded in the balance sheet at 4
July 2015 as it could not realistically have been cancelled after
the ex-dividend date.
The proposed interim dividend is not payable until 2 October
2015 and the associated ex-dividend date is 3 September 2015. As
both of these dates fall after the balance sheet date, the interim
dividend has not been included as a liability in the accounts at 4
July 2015.
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 53 weeks ended 3 January
2015.
11. Half year report
The condensed accounts were approved by the Board of Directors
on 29 July 2015. 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 53 weeks ended 3 January 2015. There have been no
changes since the approval of the Annual Report and Accounts:
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
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