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Greggs still enjoys a hit with a boom in his vegan snacks | Business
The dazzling success of the vegan sausage roll has resulted in exceptional annual profits for the UK's largest bakery chain, Greggs.
The vegan sausage roll was launched in early January 2019 to coincide with Veganuary, a movement that encourages people to adopt herbal diets in January and has been a big bestseller ever since.
The firm recorded a 27% increase in its pre-tax profits in 2019 excluding exceptional charges to 114.2 million euros. Like-for-like sales increased by a record 9.2%. CEO Roger Whiteside hailed 2019 as an exceptional year for Greggs.
This year, Greggs launched a vegan steak bake and a vegan donut in response to consumer demands for more vegan choices, and Quorn-filled steak bake became his second best-selling vegan product after the vegan roll.
Greggs exploited the growing popularity of herbal foods. Almost a quarter of all new food products launched in the UK last year were labeled vegan, and the number of Britons who ate foods containing meat substitutes rose from 50% in 2017 at 65%, according to the market research firm Mintel.
The traditional Greggs pork sausage rolls are still one of its best sellers with 2.5 million euros sold each week.
Greggs is now trading in 2,050 stores, up nearly 100 from the previous year, and is deploying a delivery service in partnership with Just Eat. The company plans to pay another special dividend and will make an announcement in July. Last year, it paid out 35.5 million euros to shareholders via a special dividend.
Its 25,000 employees received a bonus of 300 thanks each in January, although some workers only keep a quarter of the premium thanks to universal credit deductions. Greggs said he would share an additional 12.8 million benefits with the employees. All staff benefit from the 10% profit sharing agreement. The amount they will receive will depend on the length of their employment in the business and the number of hours worked.
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Whiteside said: We got off to a good start in 2020 in January, but in February we saw a significant slowdown in sales growth due to the storms that hit the UK. There is some uncertainty in the outlook, especially given the potential impact of the coronavirus.
The February storms, which caused high winds and flooding across much of Britain, caused disruption in one of Greggs' factories. It was the wettest month of February since the recordings started.
While conditions for UK retailers remain difficult in a context of transition to online shopping and fragile consumer confidence, the on-the-go food sector continues to grow. It is estimated at 24 billion euros and has increased by 3.7% last year, according to market research firm NPD.
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