Greggs : Annual report and accounts
GRG.L
Greggs plc Annual Report and Accounts 2024
DECADES FILLED
WITH FLAVOUR
WELCOME
Through the hard work of the entire Greggs team, we delivered another year of strong growth in 2024. We exceeded £2 billion in turnover for the first time, opened our 2,600th shop, and laid the foundations for yet more growth by securing the space we need to expand our manufacturing and logistics operations.
It has been a huge team effort. Our 33,000 colleagues across the UK have pulled out all the stops to ensure that the growth strategy we set out in 2021 is being delivered brilliantly. As well as increasing and developing our estate, we continue to build the Greggs brand, open more shops in the evenings, extend our home delivery offer, and reward more loyal customers through our increasingly popular App.
We may be growing fast, but we are growing responsibly too. We remain on track to become a net zero business by 2040 and have reduced the carbon intensity of our operations by 41.8% since 2019. We continue to strive to be the best employer we can be, and to focus on delivering all of our Greggs Pledge commitments.
FINANCIAL HIGHLIGHTS*
£2,014m
137.5p
5.5%
TOTAL SALES
DILUTED EARNINGS PER SHARE**
LIKE-FOR-LIKE (LFL) SALES***
2023: £1,810m
2023: 123.8p
69.0p
£189.8m £20.5m
PRE-TAX PROFIT**
COLLEAGUE PROFIT-SHARING
TOTAL ORDINARY DIVIDEND
2023: £167.7m
2023: £17.6m
2023: 62.0p
Find out more about our financial performance on pages 59 to 63
Despite the challenges facing the broader economy, I am
*
Detailed calculations of alternative performance measures, not otherwise shown in the Accounts and related Notes, are shown on pages 172 and 173.
optimistic about the year ahead and confident that our bold
**
Excluding exceptional items.
***
Year-on-year growth in like-for-like sales in company-managed shops (excluding franchises) with more than one calendar year's trading history.
growth strategy is right, and that our team is very capable
CELEBRATING
of delivering it.
Roisin Currie
MILESTONES
Chief Executive, 4 March 2025
NON-FINANCIAL HIGHLIGHTS
30+%
of our range is 'Healthier Choice'
1,000+ Breakfast Clubs
feeding 75,000 children, every school day across the UK
700+
shops feature Eco-Shop elements - 27% of our estate
100% of electricity
we purchase comes from certified renewable sources
Find out more about The Greggs Pledge on pages 46 to 49
STRATEGIC REPORT
DIRECTORS' REPORT
ACCOUNTS
IN THIS REPORT
Strategic Report
Directors' Report
2024 highlights
1
Board of Directors and Secretary
72
Governance Report
75
Celebrating 40 years as a plc
and Year in Review
2
Our stakeholders
81
At a glance
8
Audit Committee Report
88
Chair's Statement
10
Directors' Remuneration Report
95
Business model
12
Statement of Directors'
Market review
14
Responsibilities
119
Chief Executive's Report
17
Accounts
Our strategy
26
Our strategy in action
28
Independent Auditor's Report
121
Key performance indicators
38
Consolidated income statement
128
Our People
40
Consolidated statement
Sustainability Report
46
of comprehensive income
128
The Greggs Pledge
47
Balance sheets
129
Task Force on Climate-related
Statements of changes in equity
130
Financial Disclosures
50
Statements of cash flows
132
Financial review
59
Notes to the accounts
134
Risk management
64
Ten-year history
172
Alternative performance
measures
172
Secretary and advisers
174
You can also read our Annual Report online at
corporate.greggs.co.uk/investors
Greggs plcAnnual Report and Accounts 2024
1
40CELEBRATING 0 YEARS AS A PLC
YEARS OF
CONTINUED
GROWTH
It's been 40 years since Greggs floated on the London Stock Exchange.
In 1984, the business had just over 260 shops and a market capitalisation of £15 million. In 2024, turnover exceeded £2 billion and we opened our 2,600th shop. This is testament to the hard work and dedication of our colleagues, who have been central to our journey over the years.
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1987
THE GREGGS FOUNDATION IS LAUNCHED
After receiving hundreds of requests for support each week, Ian Gregg established The Greggs Foundation, initially known as The Greggs Trust, to support local people facing hardship - formalising our commitment to the community, which we continue today.
STRATEGIC REPORT
DIRECTORS' REPORT
ACCOUNTS
1994
Greggs opens 500th shop
We opened our first shop on Gosforth High Street in 1951. Over the next four decades, we acquired and built shops and bakeries across the UK, and reached the milestone of 500 shops in the Greggs estate in 1994.
1999
The Greggs Foundation's Breakfast Club programme is born
The first Greggs Foundation Breakfast Club was established after a Business in the Community event, when we saw the difference a nutritious start to the school day makes to children.
Greggs plcAnnual Report and Accounts 2024
3
CELEBRATING 40 YEARS AS A PLC CONTINUED
2014
Greggs App launches
The first Greggs App launched to reward customer loyalty with stamps for coffee purchases. The App has evolved over time to reward across all purchases giving customers even better value. Our App continues to be a key way to engage with our customers and the number of users has increased every year since.
2017
FIRST GREGGS
DRIVE-THRU
We knew our customers loved Greggs on-the-go, so we decided to make it even more convenient for them when travelling by car and opened our first drive-thru Greggs in Irlam, Manchester. There are now 45 Greggs drive-thrus across the UK.
We focus on opening them on main arterial routes with significant traffic volumes to make the most of their multi-channel capabilities.
2019
Vegan sausage roll serves up a cultural moment
As the Vegan Sausage Roll hit the shelves, it got everyone talking and encouraged brand reappraisal. Since then, we have become known for our vegan-friendly range, providing our customers with delicious, quality options - all at fantastic value.
2020
INTRODUCTION
OF HOME DELIVERY
As part of our commitment to serve our customers wherever, whenever and however they choose, we partnered with Just Eat to offer the convenience and flexibility of delivery.
2020
Supermarket partnership
In 2020, as we focused on expanding into locations our customers could easily access via car, we trialled Greggs concessions inside Asda and Tesco. The success of these shops led to us opening a further nine shops with Tesco in 2022. As Greggs in supermarkets took off, we are now partnered with Tesco, Asda and Sainsburys, and have 54 shops with a pipeline to open more in 2025.
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2020
Arrival of Click + Collect
We created a new way for our customers to shop with us. Click + Collect was rolled out across our entire estate, allowing customers to skip the queue and save time, grabbing their favourite products exactly when they needed them.
2023
Growing home delivery
Uber Eats became our second partner for home delivery, extending this option to even more customers and cementing our position as a multi-channel retailer.
2023
500th franchise shop opens
Ourfranchisepartnersareacritical part of our expansion plans, helping us target on-the-go locationsreachedbycar.Franchise shopsaccountfor20%ofthetotal estate.
STRATEGIC REPORT
DIRECTORS' REPORT
ACCOUNTS
MARCH - 2024
Over-ice drinks range roll-out
Having proven highly popular during trials in 2023, we started rolling out our new over-ice drinks range across the estate. We continued to develop the range throughout the year, offering exciting seasonal options like our summery Mango and Strawberry Cooler and the Iced Pumpkin Spice Latte. We worked hard to meet customer demand and, following a rapid roll-out of equipment, our over-ice drinks range is now available in 1,175 shops, exceeding our previous target to make this available in 700 shops by the end of 2024.
2021
Launch of The Greggs Pledge
We launched The Greggs Pledge, setting out ten bold commitments to help make the world a better place.
FEBRUARY - 2024
Made-to-order range expands
We expanded our made-to-order hot food range of Chicken Burgers and Wraps with the addition of the British classic, the fish finger. Our customisable Fish Finger Sandwich and Fish Finger Wrap are popular throughout the day, offering flexibility for customers, and available as part of a deal with a drink and wedges. Made-to-order hot food is now available
in 140 shops, and we plan to bring more exciting options to more customers in the year ahead.
We will extend this popular range to more shops this year.
1,175OVER-ICE DRINKS RANGE NOW AVAILABLE IN
shops
Greggs plcAnnual Report and Accounts 2024
5
CELEBRATING 40 YEARS AS A PLC CONTINUED
MARCH - 2024
GREGGS ANNOUNCES NEW NATIONAL MANUFACTURING AND DISTRIBUTION CENTRE IN DERBY
We announced our new site in Derby, which will provide additional manufacturing for frozen products and enable frozen storage, picking and distribution, which is key to our long-term growth.
JULY - 2024
Greggs announces new National Distribution Centre in Kettering
Following on from our news in Derby, we announced our second new Midlands site in Kettering. This new National Distribution Centre will be focused on the storage, picking and distribution of ambient and chilled goods.
As picking moves upstream to our new National Distribution Centres, it unlocks capacity in our Radial Distribution Centres to service more shops, allowing for our continued growth.
JULY - 2024
We celebrate 40 years as a listed company
We proudly celebrated our 40th anniversary as a publicly listed company on the London Stock Exchange. The business was then
a traditional, decentralised bakery business with a mostly northern footprint. Today, we have grown into a leading food-on-the-go retailer with more than 2,600 shops across the UK and 33,000 employees.
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STRATEGIC REPORT
DIRECTORS' REPORT
ACCOUNTS
OCTOBER - 2024NOVEMBER - 2024NOVEMBER - 2024
We celebrate 1,000
2,600th shop opens
Festive menu returns
Breakfast Clubs
Our shop development programme
This year, we called in an icon to help us announce the return
In October, we celebrated alongside
continued at pace, and alongside refits
of another icon. To the surprise and delight of our customers,
and relocations, there have been
Nigella Lawson helped announce the return of the 'rapturous
The Greggs Foundation, and their other
plenty of exciting openings including
riot of flavour' that is our Festive Bake. We had a few more
partners as the 1,000th Greggs Foundation
11 shops inside large supermarkets
surprises in store this festive period as we once again
Breakfast Club opened its doors. Twenty five
and 11 standalone drive-thrus. With the
partnered with Fenwick, this time launching our exclusive
years after the scheme was established,
support of our franchise partners, we
Greggs Champagne Bar. To round out the year, we created the
we are as committed as ever to building
reached another huge milestone as our
perfect stocking filler, the limited-edition Greggs Top Trumps.
stronger, healthier communities and are
2,600th shop opened, making us more
We truly had something for everyone this festive period,
proud to support more than 75,000 children
convenient than ever for our customers.
highlighting the creativity and joy that our brand champions.
every school day.
A huge thank you to our colleagues,
customers and partners who have helped
NOVEMBER - 2024
DECEMBER - 2024
to support our Breakfast Clubs across two
appeal weeks and with in-shop donations,
£1 million raised for
GREGGS HITS
raising over £482,000 in 2024 alone.
BBC Children in Need
for 18 years and we once again kicked off November with
£2 BILLION SALES
We are proud to have partnered with BBC Children in Need
MILESTONE
customers as they came together to help us raise over
Pudsey power. A huge thank you to our colleagues and
£1 million for BBC Children in Need - supporting the
We ended 2024 on a high as we hit the £2 billion
lives of young people across the UK. From wacky and
sales milestone. This achievement takes us
wonderful fundraising activities and generous donations,
closer to our target of doubling our sales over
to customers enjoying our Pudsey products, the support
five years, and shows the strength of the brand
this appeal receives each year is truly phenomenal.
and the popularity of the offering we provide
A YEAR FULL OF JOY to our customers.
Greggs plc Annual Report and Accounts 2024
7
AT A GLANCE
BETTER BUSINESS FOR EVERYONE
With ownership of our supply chain, multiple service channels for our customers and more than 2,600 shops across the UK, we are in a unique position to make great tasting, freshly prepared food accessible to everyone. Our teams across the business are dedicated to providing our customers with great tasting food-on-the-go and the best experience, day in, day out.
WHAT WE DO
We are a modern food-on-the-go retailer, providing a wide menu of food and drink choices wherever and whenever our customers need us throughout the day.
Our purpose
TO MAKE GREAT TASTING, FRESHLY PREPARED FOOD ACCESSIBLE TO EVERYONE
Our vision
TO BE THE CUSTOMERS' FAVOURITE
FOR FOOD-ON-THE-GO
MANUFACTURING
In our own food manufacturing centres of excellence, we make great tasting, freshly prepared food that our customers can trust.
LOGISTICS
We move products from our food manufacturing sites to our shops ourselves, which helps us to keep our prices as low as possible.
OUR PEOPLE
We have 33,000 amazing colleagues, working together to provide our customers with the best experience, offering fast and friendly service, day in, day out.
CUSTOMER CHANNELS
With more than 2,600 shops, including 561 with franchise partners, our wholesale partnership, delivery service and Click + Collect, we are available to serve customers wherever, whenever and however they choose.
CUSTOMER RELATIONSHIPS
Through our Greggs App, we are building long-term connections with our customers and rewarding their loyalty. Our Customer Relationship Management (CRM) systems allow us to talk to our customers on a one-to-one basis and serve them personalised communication, with exclusive offers and benefits for being an opted-in App customer.
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Disclaimer
Greggs plc published this content on April 16, 2025, and is solely responsible for the information contained herein. Distributed via , unedited and unaltered, on April 16, 2025 at 10:16 UTC.