Greggs’ FY20 results were in line with expectations and highlight a year of two halves from a profit perspective. COVID-19 wrought the most damage in H120 before ‘better’ revenue and cost management restored the H220 operating margin back to normal levels (10.8%). Although current trading remains negative (-28.8% for the first 10 weeks of FY21), it is better than we and management expected and momentum is improving, leading us to increase our FY21 PBT forecast by c 5%. There is a very clear mess ....
17 Mar 2021
Greggs - Looking forward
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Greggs - Looking forward
Greggs plc (GRG:LON) | 2,740 -438.4 (-0.6%) | Mkt Cap: 2,802m
- Published:
17 Mar 2021 -
Author:
Russell Pointon -
Pages:
3
Greggs’ FY20 results were in line with expectations and highlight a year of two halves from a profit perspective. COVID-19 wrought the most damage in H120 before ‘better’ revenue and cost management restored the H220 operating margin back to normal levels (10.8%). Although current trading remains negative (-28.8% for the first 10 weeks of FY21), it is better than we and management expected and momentum is improving, leading us to increase our FY21 PBT forecast by c 5%. There is a very clear mess ....