Greggs does not expect profits to return to pre-Covid levels until 2022

Greggs has said it does not expect profits to return to pre-Covid levels until 2022 at the earliest in its latest trading update in which it also said pre-tax losses for 2020 could be up to £15m.

The chain, which has more than 2,000 retail outlets throughout the country, reported total sales for 2020 of £811m against £1.17b the previous year. Hit by Covid restrictions, the group made 820 redundancies last year.

The group said fourth quarter company-managed shop like-for-like sales averaged 81.1% of 2019 levels, of which delivery sales made up 5.5%. Greggs said it hopes to expand its delivery service this year.

Chief executive Roger Whiteside said: "In light of the recent government announcements significant uncertainties remain in the near-term. We have taken action to position Greggs to withstand further short-term shocks and are optimistic about our prospects for growth once social restrictions are lifted. I want to thank everyone who has supported Greggs through 2020."