6th Jan 2022 10:53
(Alliance News) - Greggs PLC on Thursday laid out chief executive succession plans, with Roger Whiteside leaving the post and Retail & Property Director Roisin Currie to take the reins.
The baker added that it expects its full year outcome for 2021 slightly ahead of its previous expectations.
The Newcastle upon Tyne-based company said Currie is to take Whiteside's role of CEO when he retires at the next annual general meeting on May 17. Whiteside will remain in a support role until January next year to facilitate a transition.
Roisin will be appointed as CEO designate and as an executive director on February 1.
"Roisin has played a central role in the success of Greggs as it has developed as a multi-channel food-on-the-go business and I am delighted that she will lead the next phase of our growth as chief executive," said Chair Ian Durant.
Greggs shares were down 1.2% to 3,332.00 pence each in London on Thursday morning.
Turning to the year's performance, Greggs said 2021 sales were GBP1.23 billion, up 5.3% compared to 2019.
Like-for-like sales, however, were 3.3% lower than two years earlier.
In the fourth quarter of 2021, two-year like-for-like sales in company-managed shops grew by 0.8%. This was "achieved against a backdrop of continued disruption to staffing and supply chains", Greggs noted.
"As expected, inflationary pressures increased towards the end of 2021 and are likely to remain elevated in 2022. Operational cost control in the final quarter of 2021 was good," the firm added.
Greggs anticipates a full year outcome slightly ahead of its previous expectations. In October, Greggs set its annual revenue outlook at GBP1.20 billion, up from GBP811.3 million in the year that ended January 2, 2021.
"Whilst conditions in the first few months of 2022 are likely to remain challenging, we are confident that we are well placed to make progress on the many attractive opportunities that lie ahead," Greggs said.
Greggs will report its preliminary results for 2021 on March 8.
By Greg Roxburgh; [email protected]
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