Greggs swings to its first annual loss since 1980s float, but bakery chain optimistic about London

The company expects to record a full-year pre-tax loss of up to £15 million, down from a £108.3 million profit.

That marks its first annual loss since the firm floated in 1984. However, the loss is not as deep as expected.

Greggs does not expect that profits will return to pre-Covid levels until 2022 at the earliest.

Chief executive Roger Whiteside said: "Whilst the impact of Covid-19 has been enormous, we have established working practices that allow us to provide takeaway food services under the different levels of restrictions we have experienced.  The breadth of Greggs' customer base provides ongoing demand for our services which, combined with our diverse geographical spread, has demonstrated the resilience of our business.”

Whiteside said there had been high demand for takeaways, via Just Eat, during the year, with sausage rolls and breakfast orders popular with families.

He added that Greggs opened 28 net new stores, including two new branches at St Pancras International station.

The firm expects to open around 100  net new stores in the year ahead, “subject to prevailing market conditions”.

Whiteside told the Evening Standard: “We have to remain optimistic that the vaccine is being rolled out, and the quicker it is rolled out the quicker everybody can get back to normal.”

He added: “We know London will come back [from the pandemic], so we want to be ready for when it does.”