Greggs warns cost pressures will hold back profits

Greggs, the bakery chain, has warned that rising prices for energy and ingredients will hold back profits this year. Roger Whiteside, Greggs chief executive, said on Tuesday that the chain was working to "Mitigate the impact" of steeper costs on customers, but added: "We do not currently expect material profit progression in the year ahead.". Greggs often beat the City's expectations, but it has not been able to avoid the disruption to supply chains and sharply rising energy costs that have hit food businesses hard. Pre-tax profits were up 34 per cent to £145.6mn and the group said that it was still targeting 150 new shop openings this year. Greggs said that it planned to pay a final dividend of 42p per share as well as a special dividend of 40p per share thanks to the strength of its balance sheet.

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