Greggs plc (LON:GRG), the beloved UK food-on-the-go retailer, has proven its ability to weather tough market conditions, delivering solid results for FY24 despite a challenging consumer environment. According to Edison Investment Research, led by analyst Russell Pointon, the company has maintained its momentum and demonstrated a clear path forward for sustained growth.
In FY24, Greggs achieved revenue of £2,014 million, marking a year-on-year growth of 11.3%. While this was slightly below the consensus forecast of £2,029 million, Greggs maintained its market share, showcasing the strength of its brand and strategic initiatives. Notably, the company performed better in non-high street locations and newer franchise estates, which are less susceptible to pressures on discretionary spending.
Reflecting on the company’s financial position, Russell Pointon stated: “The period-end cash position of £125m was better than we expected as it was helped by a shift in spend on the new national distribution centre from Q424 to the first week of 2025.” This strong liquidity provides a robust foundation as Greggs looks to navigate FY25 with cautious optimism.
