Greggs (LON:GRG) said on Wednesday that it will share a £7 million bonus among its employees after an “exceptional” year for the business.
The British bakery chain said that it has ended 2019 in a “very strong financial position”.
For the 2019 financial year, total sales rose by 13.5% and company-managed shop like-for-like sales increased by 9.2%.
Growth was driven by the huge popularity of its new vegan ranges. Indeed, the bakery chain launched a vegan sausage roll last year as part of the Veganuary campaign.
Greggs said that it has seen strong demand across its traditional ranges, in addition to the highly popular vegan product.
It kicked off the new year by adding more to its vegan menu; it launched a new vegan steak bake and its first vegan doughnut.
The time has come. pic.twitter.com/AUP82hPcBj
— Greggs (@GreggsOfficial) January 2, 2020
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“We delivered a strong finish to what has been an exceptional year for Greggs,” Roger Whiteside, Chief Executive, commented on the results.
“The major investments we have made in recent years to make Greggs an attractive choice in the food-on-the-go market are delivering. Consumers are responding very positively and we have seen increasing visits from both new and existing customers,” the Chief Executive continued.
“Our record financial performance in 2019 has enabled us to enhance returns to shareholders. I am delighted to announce that we will also be making a special additional payment to all of our colleagues across the business who have worked so hard to deliver this success in what has been a phenomenal year,” the Chief Executive said.
Roger Whiteside continued: “Looking to the year ahead, we face strong sales comparatives and cost inflation headwinds present a challenge. However, with strong momentum in the business we see further growth opportunities across a number of channels as we invest in new ways to make Greggs more accessible and convenient for customers.”
Shares in Greggs plc (LON:GRG) were up on Wednesday morning, trading at +0.33% as of 09:54 GMT.