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Greggs issues warning over soaring wheat prices
GREGGS, the UK’s largest bakery chain, has warned that rising wheat prices will hit its business but reported a surge in profit.
It said ingredient costs would rise after the price of wheat hit a 22-month high last week, with wildfires destroying crops.
But pre-tax profit for the half-year was £18.6m – up 12.3 per cent on the same period last year.
Revenue rose from £312m to £321m.
The company said that despite the setback triggered by wheat prices the company would make progress.
Chief executive, Ken McMeikan said: “We have delivered a resilient first half performance under challenging conditions.”