Greggs PLC (LSE:GRG) said it is "confident" in its prospects for 2023 after reporting a 23% increase in sales last year.
Revenues for the sausage roll specialists for the year ended 31 December 2022 was £1.5bn compared to £1.2bn a year earlier, according to a statement.
Greggs also reported an increase in pre-tax profits, up 1.9% to £148.3mln, and recommended a final dividend of 44p per share, taking the total dividend for the year to 59p.
“Although consumer incomes remain under pressure, Greggs continues to offer exceptional value to people looking for great tasting, high-quality food and drink on-the-go,” said chief executive Roisin Currie.
Commenting on current trading, the FTSE 250 company said like-for-like sales in company-managed shops were up 18.8% in the first nine weeks of 2023, in line with expectations and reflecting the impact of Omicron in the same period last year.
As a result, Greggs said it is confident in its prospects for 2023 and the “medium-term opportunity to become a significantly larger multichannel business”.
Greggs said it has a “robust” cash position of £191.6mln which supports “plans for future investment in growth”.
“The significant opportunities on which the plan is based will remain centre stage in the year ahead as we make Greggs more accessible to even more customers,” said Currie.
"We have an exciting, ambitious plan for the years ahead and, by continuing to nurture what makes Greggs special, I believe we are extremely well-placed to realise the opportunity to become a significantly larger, multi-channel business."
In a separate statement, Greggs said it appointed Nigel Mills as an independent non-executive director with immediate effect.