Today’s news in brief – 30/07/24

Greggs has reported that sales rose 13.8% to £960.6m during H1. During the period, the food-on-the-go retailer saw underlying profit before tax rise 16.3% to £74.1m and opened 99 new shops, including 30 relocations and 18 closures. This resulted in 2,524 shops trading. Greggs remains on track to achieve 140 to 160 net new shop openings in 2024. 

Tim Martin has sold almost £10m worth of shares in JD Wetherspoon. On 26 July, Martin sold 1,361,000 of the company’s ordinary shares on the London Stock Exchange at a price of £7.39 per share. As a result, Martin’s voting rights in the company now comprise 30,382,253 shares which is 24.58 % of the issued share capital of the company.

Diageo has reported that net sales fell 1.4% to £15.8bn in the year ended 30 June. The company has put this down to an unfavourable foreign exchange impact and organic net sales decline, partially offset by hyperinflation adjustments. Its organic net sales declined by £100.4m, primarily driven by a 21.1% decline in its Latin America and Caribbean region. 

Foodservice YoY inflation has fallen for 12 months in a row, as inflation in June stood at 3.6% – a rate now considered normal for the industry. The 12 consecutive months of decline are a very welcome trend for both businesses and consumers, who have faced several years of historically high inflation.