LONDON (ShareCast) - (Sharecast News) - Bakery chain Greggs said on Thursday that it had made "considerable progress" under "tough trading conditions" in the fourth quarter, putting the group in a "strong financial position" going into 2022.
Greggs said full-year sales were up 5.3% on the equivalent period in 2019 at £1.23bn, while in the fourth quarter two-year like-for-like sales in company-managed shops grew by 0.8%, with a strong performance in October being followed by more "challenging conditions" as consumers responded to precautionary messages relating to the Covid-19 omicron variant.

The FTSE 250-listed firm highlighted that its fourth-quarter results were achieved against "a backdrop of continued disruption to staffing and supply chains".

Greggs also highlighted that it had ended 2021 with a cash position of £198.0m but cautioned that inflationary pressures had increased towards the end of 2021 and were likely to remain elevated in 2022.

"Whilst conditions in the first few months of 2022 are likely to remain challenging, we are confident that we are well placed to make progress on the many attractive opportunities that lie ahead," said the group.

Separately, Greggs revealed that Roisin Currie had been selected to take over from Roger Whiteside as chief executive following the group's annual general meeting in May. Currie, who joined Greggs in 2010, currently holds the position of retail and property director, with responsibility for the firm's retail operations across the UK and its central support team.

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