Jan 6, 2021

City Bulletin: Greggs cautions 2020 will be a lossmaking year

The bakery chain operator posted total sales for 2020 of £811m, down more than 30 per cent year on year. For the fourth quarter, revenue fell 14.8 per cent to £293m as "Variable trading conditions across the UK" meant like-for-like sales averaged 81.1 per cent of the 2019 level. "Throughout this crisis government support has been essential in order to minimise the number of job losses caused by lower levels of demand and to contain losses in the business, which we now believe are likely to be up to £15m before taxation for the year as a whole," Greggs said. Greggs said it had extended revolving credit facilities having repaid a Bank of England emergency loan under the Covid Corporate Financing Facility, which reduced its net cash position to £37m at the year end. Hedge fund group Winton has suffered a nearly 80 per cent drop in its assets over the past five years, with poor returns and client withdrawals accelerating in a tough 2020.

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