Pasty firm on a roll as shares leap 16%

SHARES in pasty chain Greggs soared yesterday after it predicted better than expected profits.

The firm announced sales jumped 12.4% in the past six weeks. The big rise comes as many retailers are struggling.

Newcastle-based Greggs, which has more than 2,000 stores, also said costs “remain well controlled”.

It said: “The board now anticipates that full year underlying profit before tax will be higher than our previous expectations.”

The upbeat trading statement triggered a 16.5% jump in Greggs’ share price yesterday, to more than £20 each.

The stock took a knock last month, and is still down on this year’s peak of more than £24.

Greggs’ storming

HOLESOME Doughnuts sales have been helped by the runaway success of vegan sausage roll.

The sales rise emerged as Greggs began promoting doughnuts with holes in the middle, saying they have fewer calories because of the lack of filling.

Russ Mould, investment director at City firm AJ Bell, said: “Having got on something of a roll with its vegan version of a pastry favourite, the company had until today stalled on a lack of earnings upgrades since the summer.

“The products it sells might not always be the healthiest, but its business looks in good shape. “Encouragingly, sales growth is being driven by an increase in customer visits, suggesting perhaps that people attracted by the vegan sausage roll are sticking around.” its

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