Greggs Full-Year Profit Surges

Greggs PLC GGGSF reported a 50% rise in its pretax profit for 2014. Greggs posted a pretax profit of GBP49.7 million for the year, compared to a year-ago profit of GBP33.2 million. Profit attributable to equity holders climbed to 37.56 million pounds versus 24.19 million pounds, while EPS gained to 36.8 pence from 23.9 pence. Its revenue climbed to GBP804 million from GBP762.4 million, while like-for-like sales jumped 4.5% in the year. The company's profit, before tax and one-time items, jumped 41% to GBP58.3 million in the same period, while EPS excluding exceptional items rose to 43.4 pence from 30.6 pence. Its like-for-like sales rose 6.3% for the eight weeks to February 28. The company's board lifted dividend by 12.8% to 22 pence per share and announced plans to resume share buyback program.