Greggs predicts tough trading ahead as wheat prices soar

10 August 2010 by
Greggs predicts tough trading ahead as wheat prices soar

Newcastle-based bakery chain Greggs ]( warned that rising wheat prices will make trading tougher over the coming months.

Wheat prices hit a 22-month high last week after Russia announced that it would suspend wheat exports following a severe drought in the country.

The firm, which has 1,400 shops and aims to open 50-60 more this year, recorded a 12.3% rise in pre-tax profit to £18.6m for the first half of the year.

Revenue rose to £321m, up from £312m.

Greggs chief executive Ken McMeikan said: "We have delivered a resilient first half performance under challenging conditions."

"Our accelerated shop opening and refit programmes are progressing as planned and delivering encouraging early results."

Food prices set to rise after Russia bans grain exports >>

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By Neil Gerrard

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