The reopning of non-essential shops has boosted demand but the easing of restrictions on hospitality could provide increased competitionGreggs has said that profits will be “materially higher” than expected and could return to pre-pandemic levels this year thanks to robust sales since shops reopened. In the latest indication that the UK economy is recovering strongly, the bakery chain noted that pent-up demand for retail during lockdowns had boosted high street footfall. SponsoredThe company’s shares surged by more than 6 per cent this morning after the company reported positive growth since restrictions were eased on April 12. Despite uncertainty in the trading environment for the year ahead, if this performance is maintained it said that profit could return to close to 2019 levels, when pre-tax profits were £114.2 million on sales of £1.17 billionThis would be “materially higher” than previous expectations of the

Source: The Times May 10, 2021 11:03 UTC