Greggs has posted a 58% rise in first-half profit, driven by a boost to sales from its vegan sausage rolls.
The firm, which trades from around 2,000 outlets in the UK, reported underlying pretax profit of £40.6 million in the six months to 29 June, up from £25.7 million pounds in the same period last year.
Total sales rose 14.7% to £546 million, while like-for-like sales at company-managed shops were up 10.5%.
Arlene Ewing, investment manager at Brewin Dolphin, said: “It’s been a great 2019 for Greggs. The company launched the now almost iconic vegan sausage roll to much acclaim at the start of the year and it’s been good news ever since – reflected in a share price that is up around 90% in the year to date.
"March’s strong update has been followed up by another today, with good sales and profit growth. The question is how Greggs can maintain this momentum in the months and years ahead – is the vegan sausage roll a one-off? You’d like to think not. The company has proven so adept at adjusting to consumer habits, few would bet against Greggs repeating its success.”
