Greggs shares rise on FTSE 250

The share price immediately responded up 21 pence by 9:45 am, plus 4.81 pct.

The bakers shop, which sells cheap sandwiches, pasties and sweet breads, has done well in the recession maintaining last year's pretax profits only slightly down at £48.8m (2008: £49.47m).

Sales however increased 4.7 pct (like-for-like 0.8 pct) to £658m from £628m last time.

"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 Greggs chairman, Derek Netherton.

The group also rebranded 60 pct of 'Bakers Oven' shops (taken over in 1994) in its ongoing strategy to brand everything under the 'Greggs' name.