Company news: Greggs hails record results, Savills 'turns around' to profit

Pre-tax profit came in slight down by 1.5 pct to £48.8m as they managed costs in a 'challenging trading environment', however record sales up 4.8 pct to £658m, and like-for-like sales up 0.8 pct brought in a 'year of record results'.

"We have achieved our key objectives despite the pressures of a harsh recession and delivered record underlying operating profit while completing a major programme of reorganisation to create the right structure for future growth." said Derek Netherton, Chairman.

"We are also pleased to report sales growth of 2.8% in the first ten weeks to 13 March 2010, despite the continued impacts of the recession and the extreme weather conditions in early January".

The bakers rebranded 60 pct of their 'Bakers Oven' shops to 'Greggs' with the remaining scheduled for 2010.

"In February we launched our new marketing campaign, designed to increase consumer awareness of Greggs' bakery heritage and of our core proposition as "The home of fresh baking". In 2010 we plan to open 50 - 60 net new shops, bringing Greggs' great taste, freshness, quality and value to many more customers." added Mr Netherton.

With 25 years of consecutive growth, Greggs also announced an increase in dividend per share of 16.6p (up 11.4 pct) on the back of diluted earnings per share 34p (up 11.1 pct).

Meanwhile, Savills, one of the largest property agents, reported a net profit of £8.9m compared with a loss of £8.9m.

The news follows a recovery in the property market this year, and a rise in share prive by 62 pct.

Savills, who rely on high-end property sales, said that the market had been performing well since Q2 of last year. They also eliminated £62m in costs through cutting jobs.