Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

Greggs does not expect profits to return to pre-Covid levels until 2022

06 January 2021 by
Greggs results.

Greggs has said it does not expect profits to return to pre-Covid levels until 2022 at the earliest in its latest trading update in which it also said pre-tax losses for 2020 could be up to £15m.

The chain, which has more than 2,000 retail outlets throughout the country, reported total sales for 2020 of £811m against £1.17b the previous year. Hit by Covid restrictions, the group made 820 redundancies last year.

The group said fourth quarter company-managed shop like-for-like sales averaged 81.1% of 2019 levels, of which delivery sales made up 5.5%. Greggs said it hopes to expand its delivery service this year.

Chief executive Roger Whiteside said: "In light of the recent government announcements significant uncertainties remain in the near-term. We have taken action to position Greggs to withstand further short-term shocks and are optimistic about our prospects for growth once social restrictions are lifted. I want to thank everyone who has supported Greggs through 2020."

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Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

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