Greggs Company Research (GRG)

Greggs’ AGM trading update for the first 19 weeks of the year indicates both an improvement in revenue growth in recent weeks and an acceleration in growth, given comparatives from FY25 became tougher as the period progressed. The still-challenging market is highlighted by volumes continuing to decline on a two-year basis, but the trend has clearly become less negative in recent weeks. Menu innovation, an ever-present focus for Greggs, continues to provide self-help and there is good momentum in B2B revenues. It will be interesting to see how the trial of the first Greggs outlet in an overseas airport – South Tenerife, which is highly frequented by UK holidaymakers – progresses.