Final Results

Greggs PLC
05 March 2004

5 March 2004

                                   GREGGS plc
                              PRELIMINARY RESULTS
                      FOR THE YEAR ENDED 27 DECEMBER 2003

Greggs is the UK's leading retailer specialising in sandwiches, savouries and
other bakery products, with a particular focus on takeaway food and catering.
It has over 1,200 retail outlets throughout the UK, trading under the Greggs and
Bakers Oven brands.

•         Twelfth consecutive year of profit, earnings and dividend growth

•         Record pre-tax profit of £40.5 million - up 10.4 per cent (2002: £36.7
          million)

•         Earnings per share up 10.2 per cent to 230.5 pence (2002: 209.2 pence)

•         Dividends per share increased 10.3 per cent to 80.0 pence per share
          (2002: 72.5 pence)

•         Like-for-like sales up 3.3 per cent - core volume up 1.5 per cent

•         Progressive improvement in like-for-like sales after impact of summer
          heatwave

•         68 new shops opened - net addition of 29 to 1,231 after re-sites and
          closures

"There are some signs that the growth of the sandwich market may be slowing
after the rapid expansion of recent years, and we are facing strong competition
from both new and established operators.  I have no doubt that we are well
equipped to meet these challenges given our established market leadership and
brand strengths, and the quality of our products, facilities, management and
people.  Like-for-like sales in the first nine weeks of the year are up by 3.1
per cent, and I believe that we are well placed to deliver another year of
progress."

                                                     - Derek Netherton, Chairman

"I became Managing Director of Greggs at the beginning of 1984, the year in
which we floated on the stock market.  Over these 20 years we have expanded the
business by almost 1,000 shops, and increased sales from £37 million to £457
million.  Pre-tax profit has grown from £1.7 million to £40.5 million, a
compound growth rate of 17 per cent per annum.  Dividend growth has been ahead
of the rate of profit progress at a compound rate of 19 per cent.  We have also
created jobs for more than 14,000 additional people. Whilst these anniversaries
make it a natural time to look back, our business focus remains firmly on the
future and on our ambitious plans for continued growth as Europe's finest
bakery-related retailer."

                                     - Sir Michael Darrington, Managing Director


ENQUIRIES:
Greggs plc                                          Hudson Sandler
Sir Michael Darrington, Managing Director           Michael Sandler / James Hill
Malcolm Simpson, Financial Director                 Tel:  [phone]
Tel:   [phone] on Friday, 5 March only        Keith Hann
       0191 281 7721 thereafter                     Tel:  [phone]

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                              CHAIRMAN'S STATEMENT

I am pleased to report that the Group has continued to achieve satisfactory
progress, making 2003 our twelfth consecutive year of profit, earnings and
dividend growth.   Consistency in business principles and management approach
have enabled Greggs to deliver remarkably steady growth since its flotation as a
public company, the 20th anniversary of which falls in May 2004.  During this
period the company has achieved a massive increase in scale, transforming it
from a regional baker into the leading national specialist in bakery-related
takeaway food.

Results

Sales for the year were £457 million (2002: £423 million), a rise of 8.1 per
cent including like-for-like sales growth of 3.3 per cent.  Operating profit
grew by 10.8 per cent to £39.2 million (2002: £35.3 million), as increased
efficiency enabled our operating margin to improve despite the pressures of
rising wage, National Insurance, business insurance and ingredient costs.
Interest receivable remained at around £1.3 million and therefore pre-tax profit
was up by 10.4 per cent at £40.5 million (2002: £36.7 million).  Basic earnings
per share were 230.5 pence (2002: 209.2 pence), an increase of 10.2 per cent.
Net cash in the balance sheet at the year end was £36.4 million, compared with
£28.6 million at the end of 2002.

Dividend

The Board recommends a final dividend of 54.5 pence per share (2002: 49.0
pence), an increase of 11.2 per cent.  Together with the interim dividend of
25.5 pence, paid in October 2003, this makes a total for the year of 80.0 pence
(2002: 72.5 pence), a rise of 10.3 per cent.

The dividend has increased each year since the company floated in 1984,
producing a compound rate of growth over the last 20 years of 19 per cent per
annum.  The Board remains committed to a progressive dividend policy which seeks
to provide shareholders with increases in their income broadly in line with the
underlying growth of earnings per share over the medium term.

Subject to the approval of the Annual General Meeting, the final dividend will
be paid on 21 May 2004 to shareholders on the register at 23 April 2004.

Business highlights

The Group enjoyed a benign trading climate during the first half (24 weeks) of
the year.  Following the impact of the summer heatwave early in the second half,
we saw a gradual recovery in like-for-like sales performance during the final
quarter.  Rising ingredient prices were also a feature of the second half, but
we were successful in recovering these and also took a range of measures which
reduced costs generally across the Group.  Mike Darrington provides a more
detailed commentary on these and other trading and business development issues
in more detail in his Managing Director's Report on pages 4 - 9.

The Board

Bob Bennett, Group Finance Director of Northern Rock plc, joined the Board as an
additional Independent Non-Executive Director on 1 December 2003.  We are sure
that his extensive financial experience will prove of great value to us, and I
am delighted to welcome him to Greggs.

Sonia Elkin, our Senior Independent Non-Executive Director, will retire at the
Annual General Meeting in May, having served on the Board since 1992.  We are
most grateful to her for her wise and supportive contribution over the last 12
years, and wish her a long and happy retirement.  She will be succeeded as
Senior Independent Non-Executive Director by Stephen Curran, and as Chairman of
the Audit Committee by Bob Bennett.

On 1 January 2004 Mike Darrington celebrated 20 years as Managing Director of
Greggs.  I and our colleagues across the Group were particularly pleased that
this milestone coincided with the award of a knighthood to Mike in the New Year
Honours List.  This recognised not only his considerable contribution to
building a successful business but also his service to the community,
particularly in the North East.  I know that he regards this very much as an
honour for Greggs, providing official recognition of our distinctive corporate
culture and values, with our emphasis on putting people first.

People

The business has continued to prosper only because all our 17,900 people have
continued to work together to deliver great products at good value prices, in a
friendly and attractive shopping environment.  The cheerfulness of our shop
assistants is one of the most notable characteristics of both our retail chains,
and we aim to maintain that admirable tradition by treating all our people with
fairness, consideration and respect.  We are grateful to all of them for the
contribution they have made to another successful year for the Group.

Prospects

There are some signs that the growth of the sandwich market may be slowing after
the rapid expansion of recent years, and we are facing strong competition from
both new and established operators.  I have no doubt that we are well equipped
to meet these challenges given our established market leadership and brand
strengths, and the quality of our products, facilities, management and people.
Like-for-like sales in the first nine weeks of the year are up by 3.1 per cent,
and I believe that we are well placed to deliver another year of progress.


                                                       Derek Netherton, Chairman
                                                                    5 March 2004

                           MANAGING DIRECTOR'S REPORT

I became Managing Director of Greggs at the beginning of 1984, the year in which
we floated on the stock market.  Over these 20 years we have expanded the
business by almost 1,000 shops, and increased sales from £37 million to £457
million.  Pre-tax profit has grown from £1.7 million to £40.5 million, a
compound growth rate of 17 per cent per annum, with only one small setback in
1991.  Dividend growth has been consistent and ahead of the rate of profit
progress at a compound rate of 19 per cent.  We have also created jobs for more
than 14,000 additional people.  All this has been reflected in the rise in our
share price from its flotation level of 135 pence to £31.40 at the end of 2003.

Whilst these anniversaries make it a natural time to look back, our business
focus remains firmly on the future and on our ambitious plans for continued
growth as Europe's finest bakery-related retailer.

Trading performance

Satisfactory progress was achieved during 2003, despite the well-publicised
impact of the heatwave at the time of our interim results announcement in
August.  This has to be balanced against the benefit of favourable weather in
the early part of the year, and we would regard conditions over the year as a
whole as being no worse than the long term UK average.  Group like-for-like
sales for the year grew by 3.3 per cent, including a core volume increase of 1.5
per cent.  Having grown by 4.7 per cent in the first half (24 weeks),
like-for-like sales growth over the second half averaged 2.2 per cent, with
performance showing a gradually improving trend after the period of
exceptionally hot weather.  Although consumer spending overall appears to have
remained robust, we saw some evidence of weaker customer traffic on the high
street during the second half, including the Christmas period.

Our selling prices increased by 1.8 per cent over the year as a whole, rising
from 1.7 per cent in the first half to 1.9 per cent in the second.  Our constant
drive to upgrade products remained an important contributor to this, but we also
had to recover a range of cost increases including a further substantial rise in
business insurance premiums, higher National Insurance contributions from April
and, in the final quarter, inflation over a wide range of ingredients including
flour, meat and dairy products.  With many ingredient prices effectively
denominated in euros, currency movements contributed to these pressures together
with the effects of poor harvests across Europe as a result of the very hot
summer.

Including the benefit of new shop openings in the current and prior year, total
sales rose by 8.1 per cent, comprising increases of 9.9 per cent in the first
half and 6.8 per cent in the second.

Cost reduction measures across the Group contributed to the 10.8 per cent
improvement in operating profit to £39.2 million.  With net interest receivable
remaining at around £1.3 million, pre-tax profit grew by 10.4 per cent to £40.5
million.

Greggs brand UK

Once again the nine Greggs divisions were the main drivers of group sales and
profits.  Like-for-like sales grew by 3.8 per cent over the year as a whole,
including a core volume increase of 1.8 per cent.  This comprised like-for-like
sales increases of 5.4 per cent in the first half and 2.6 per cent in the
second, including core volume uplifts of 3.6 and 0.4 per cent respectively.

Divisional highlights included an outstanding performance by our business in
Wales and the South West, and continued strong growth in Scotland.  After a
number of years of excellent progress the recent integration of our divisions in
the South East, together with disruptive expansion works in our Enfield bakery,
contributed to a short term setback in the region.  The integration of our
former Enfield and Twickenham divisions is now progressively bedding down, under
a unified management team, and we expect to see a steady improvement in
performance during 2004.

Bakers Oven brand

The four Bakers Oven divisions together made a satisfactory increase in their
profit contribution to the Group.  Like-for-like sales grew by 1.6 per cent over
the year, including a core volume rise of 0.3 per cent.  Having grown by 2.4 per
cent in the first half, including core volume growth of 0.6 per cent, second
half like-for-like sales advanced by 0.9 per cent while core volumes were flat.
In the last few months of the year sales growth improved, benefiting from a
positive consumer response to our enhancement of the Bakers Oven sandwich offer.


During the final quarter we appointed a new national managing director of the
Bakers Oven brand, Martin Kibler, who will focus on driving the continued
improvement of its product offer, retail environment and profitability.

Greggs Continental Europe

Our first two shops on the Continent, at Antwerp and Leuven in Belgium, opened
early in 2003.  Both have achieved progressive sales improvements after a slow
start, as our local management team has worked to refine our product range and
retail format, and to build consumer awareness.  We have always viewed this as a
long-term, low-risk experiment to determine the potential of the Greggs concept
in Continental markets.  This learning process will continue in the current
year, when we expect to open at least two more shops in Belgium.

Retail profile

We opened 68 new shops during the year and closed 39, including 13 re-sites to
better locations.  This gave us a net increase of 29 shops to a total of 1,231
at the year end.  This comprised 1,009 under the Greggs brand, a net addition of
36; and 222 under the Bakers Oven fascia, a net reduction of 7.  We also
completed 22 comprehensive shop refurbishments and 20 minor refits during the
year.

Both the new shop opening and refurbishment programmes were slower than we had
originally planned, as we focused on refining the new Greggs format to soften
its takeaway orientation and re-emphasise our strong bakery heritage, and also
to reduce its cost. A further tranche of refits under an enhanced Greggs format
is scheduled for the coming months and, if these units meet our expectations, we
will gradually accelerate the pace of refurbishments and new shop openings
during the year.  Our current target is to add a net total of 30 shops to our
portfolio by the end of 2004.

Product profile

Savouries and sandwiches remained the main driver of Group sales. There was
evidence of a slowdown in overall growth in the sandwich market, which also saw
increased competition.  Savouries were our strongest-growing category under the
Greggs brand, though sandwiches performed more strongly in Bakers Oven as a
result of our focus on improving its product offer.  We also continued to
respond to changing consumer requirements in Greggs, with the launch of the '
Lifestyle Choice' range of healthier-eating sandwiches. Cakes and confectionery
products showed modest like-for-like sales growth, while the traditional bakery
staples of bread and rolls continued to decline as a proportion of our sales.

Strategic principles

We have maintained our strong focus on the Group-wide Mission, Vision and Values
statement set out in our annual report, and have made further progress in each
of the key areas this defines.

'A Great Place to Work'.  One of the founding principles of Greggs is that we
put people first.  We are passionate in our belief that if the company treats
its people correctly, they will treat customers with similar consideration and
so help to deliver the performance that shareholders expect.  I believe that our
track record demonstrates the effectiveness of this philosophy.  We continually
seek to improve working conditions in our shops and bakeries, and to ensure that
the Greggs culture is one that enables people to derive real enjoyment and
satisfaction from what they do.  There has been a particular emphasis on
ensuring that we really do treat people in line with our Values and that the
behaviour of our staff at all levels reflects this.

'Enjoyable Experience'.   Greggs will prosper only by delivering products that
people enjoy.  Hence we attach great importance to maintaining a continuous flow
of new and improved products that reflect customer expectations and their
changing tastes.  The most significant product innovation during the year was
the launch of our 'Lifestyle Choice' range of sandwiches, based on growing
evidence of consumer demand for healthier-eating options.  These included the
main 'Lifestyle Choice' range using a 50% fat-reduced mayonnaise, a 'Just'
selection of simple fillings with no mayonnaise and a 5% fat spread, and a 'Low
Fat' range containing under 3g of fat per pack.  Initially trialled in Greggs of
the North East and South East, to a positive customer response, these products
are being rolled out across the Greggs divisions.  We are also successfully
developing other low-fat carrier options, such as wraps, and in the longer term
we will look to the potential development of 'Lifestyle Choice' in other product
categories.

Our capabilities in product development and testing have been greatly enhanced
by the work of our group technical centre in Balliol Park, Newcastle upon Tyne,
which has also enabled us to maintain the highest standards of food safety
through its facilities for the rapid microbiological testing of ingredients and
products.

'Business Excellence'.  Continuous improvement in every area of our business is
the objective of everyone in Greggs.  We endeavour to assist this by striving to
simplify what we do, and by facilitating and encouraging effective two-way
communication throughout the Group.  This enables all our people to understand
our corporate goals and the contribution that they can make to realising them.
We continue to attach importance to systematic targeting, benchmarking and the
measurement of progress, and have started to use EFQM total quality management
standards with their emphasis on raising business performance through
self-assessment and the identification of critical areas for improvement.

'Challenging Targets'.  For many years we have set and achieved stretching
targets for the expansion of the business.  Our latest goal, which has been in
place since 1998, is to attain Group turnover of £1 billion and 1,700 shops by
2010.  Progress towards these targets is currently behind schedule, chiefly
because we had assumed at the time they were set that we would be able to drive
expansion of the Bakers Oven brand alongside Greggs.  In fact the Bakers Oven
chain has contracted to date, though we are continuing to progress towards the
right formula to drive its expansion.  We remain committed to our targets and
are as confident as ever in the long term potential of the business, with scope
for at least 2,000 shops under our existing brands in the UK and additional
opportunities on the Continent.

'Caring for the Community'.  From its earliest days, the Group has been
committed to putting something back into the communities where it operates,
particularly in areas of social deprivation.  The Greggs Breakfast Clubs,
providing free breakfasts for children in selected primary schools, have
continued to expand successfully and now operate in 60 locations.  The Group
continues to be a strong supporter of Business in the Community, and during the
year I was appointed HRH The Prince of Wales' Regional Ambassador for the North
East.  The annual Children's Cancer Run in Newcastle, which we have sponsored
since 1983, has raised a total of more than £2 million for cancer research.
Other initiatives during the year included support for the launch of a credit
union on Wearside.  The Group is a founder member of the Per Cent Club and our
total charitable donations during the year amounted to £420,000 (2002:
£379,000), principally channelled through the Greggs Trust.  We also recognise
the importance of corporate environmental responsibility, and continue our
efforts to minimise the impact of our operations on the environment in areas
such as energy utilisation, the recycling of packaging and the disposal of waste
materials.

Capital investment

Capital expenditure during 2003 was £32.4 million, compared with a record £42.1
million in 2002, when we made a substantial land purchase for future expansion.
The 2003 total comprised investment of £14.3 million in new shops and
refurbishments, £13.8 million in land, buildings and plant, and £4.3 million in
vehicles.  This was lower than we had originally expected, largely reflecting
the slower rate of new shop openings and refits.  Major capital projects
undertaken during the year included the redevelopment of our Enfield bakery in
London, increasing its capacity by over 50 per cent, and the extension of our
Birmingham bakery.  We also began work on an expansion project in Leeds.  All
these investments are essential to provide additional capacity to support the
future growth of our retail operations, and to ensure that all our plants
operate to the highest standards of quality, consistency and safety.

Our investment plans for the business in 2004 are for total capital expenditure
of some £34 million.  This will include the completion of our Leeds bakery
development and an extension of our Edinburgh facility, as well as the opening
of a net 30 new shops and an acceleration of our refit programme as the year
progresses.

Cash flow and balance sheet

The Group has consistently demonstrated its strong cash generating capabilities.
Net cash on the balance sheet at the year end had risen to £36.4 million,
compared with £28.6 million at the end of 2002.

People

Our business depends entirely on its people, and our philosophy of making Greggs
'A Great Place To Work' is based on our belief that this is not only the right
thing to do, but also makes sound business sense.  Our 14,200 shop staff are our
daily point of contact with our customers, and the 2,700 people who work in
production and distribution ensure the timely delivery of quality, enjoyable
products.  Our reputation depends entirely on the service and products these two
groups provide, while our 1,000 people in management and administration ensure
that the Group operates efficiently for the benefit of all its stakeholders.
Once again, I would like to thank all our people for their individual
contributions to another year of progress.

Corporate governance and regulation

We continue to strive for good standards of corporate governance, and to comply
with all relevant legislation, regulations and codes of best practice.  Across
every area of our business, however, we are faced with a rising tide of
legislation and bureaucracy which is occupying increasing amounts of management
time and can ultimately only detract from our ability to achieve profitable
growth.  While we recognise that much of what Government proposes is
well-intentioned, I appeal to them to temper some of their proposals with common
sense and to examine the scope for businesses to undertake sensible
self-regulation in many areas so as not to dampen enterprise or innovation.

The future

As the Chairman has noted, we believe that we can achieve continued progress
despite the more competitive trading environment, building on our established
strength as the leading specialist operator in our field.  Our focus has always
been on long term growth, and on reducing risk.  This means making investment
decisions on expansion only when we are sure that we have got things right.
Hence the recent slowing of shop openings and refits in the UK while we refine
the Greggs format, and our cautious approach to development on the Continent.  I
expect that the pace of shop refurbishments will accelerate as the year
progresses, and we will also make increasing investment in support of our core
Greggs brand.  I have greatly enjoyed my first 20 years with Greggs, and I am as
confident today as when I joined the business of the Group's long term growth
potential.  I look forward to reporting on our continued progress.


                                                          Sir Michael Darrington
                                                               Managing Director
                                                                    5 March 2004

Greggs plc
Group Profit and Loss Account
for the 52 weeks ended 27 December 2003
                                                                            2003                     2002
                                                                           £'000                    £'000

Turnover                                                                456,978                  422,600
Cost of sales                                                          (175,284)                (163,406)
                                                                        _______                  _______

Gross profit                                                            281,694                  259,194

Distribution and selling costs                                         (209,559)                (192,790)
Administrative expenses                                                 (32,968)                 (31,070)
                                                                        _______                  _______

Operating profit                                                         39,167                   35,334

Net interest receivable and other income                                  1,305                    1,332
                                                                        _______                  _______

Profit on ordinary activities before taxation                            40,472                   36,666

Taxation on profit on ordinary activities                               (13,235)                 (11,980)
                                                                        _______                  _______

Profit on ordinary activities after taxation                             27,237                   24,686

Dividends paid and proposed                                              (9,476)                  (8,570)
                                                                        _______                  _______

Retained profit for the financial year                                   17,761                   16,116
                                                                         ======                   ======
Basic earnings per share                                                  230.5p                   209.2p
Diluted earnings per share                                                227.6p                   205.4p


The Group's operating profit for both the current and preceding financial year
derives from continuing operations.  There are no recognised gains or losses
during the current and previous year other than the profit for the year.


Greggs plc
Reconciliation of movement in consolidated shareholders' funds

                                                                           2003                  2002
                                                                          £'000                 £'000

Profit for the financial year                                           27,237                24,686

Dividends                                                               (9,476)               (8,570)
                                                                       _______               _______

Retained profit for the financial year                                  17,761                16,116
New share capital
- nominal value                                                             18                     4
- share premium                                                          1,452                   291
                                                                       _______               _______

Net addition to shareholders' funds                                     19,231                16,411
Opening shareholders' funds                                            119,965               103,554
                                                                       _______               _______

Closing shareholders' funds                                            139,196               119,965
                                                                        ======                ======


Greggs plc
Group Balance Sheet at 27 December 2003

                                                                27 December               28 December
                                                                   2003                      2002

                                                             £'000        £'000        £'000        £'000

Fixed assets

Tangible assets                                                        160,704                   148,184
Investments                                                              5,046                     3,561
                                                                       _______                   _______

                                                                       165,750                   151,745
Current assets

Stocks                                                      7,126                     6,330
Debtors                                                    13,037                    11,740
Cash at bank and in hand                                   36,358                    28,635
                                                          _______                   _______

                                                           56,521                    46,705

Creditors: amounts falling due within one year            (68,558)                  (64,943)
                                                          _______                   _______
Net current liabilities                                                (12,037)                  (18,238)
                                                                       _______                   _______

Total assets less current liabilities                                  153,713                   133,507

Creditors: amounts falling due after more than one
year                                                                      (112)                     (119)
                                                                          
Provisions for liabilities and charges

Deferred tax                                                           (14,405)                  (13,423)
                                                                       _______                   _______

                                                                       139,196                   119,965
                                                                        ======                    ======
Capital and reserves

Called up share capital                                                  2,422                     2,404
Share premium account                                                   11,537                    10,085
Profit and loss account                                                125,237                   107,476
                                                                       _______                   _______

Equity shareholders' funds                                             139,196                   119,965
                                                                        ======                    ======



Greggs plc
Group Cash Flow Statement for the 52 weeks ended 27 December 2003

                                                                                   2003                      2002
                                                                     £'000        £'000        £'000        £'000

Net cash inflow from continuing operating activities                            57,722                    55,555

Returns on investments and servicing of finance

Interest received                                                   1,313                     1,361
Interest paid                                                          (8)                      (29)
                                                                  _______                   _______
Net cash inflow from returns on investments and servicing of
finance                                                                          1,305                     1,332

Taxation paid                                                                  (10,908)                   (9,474)

Capital expenditure and financial investments
Purchase of tangible fixed assets                                 (32,361)                  (42,143)
Disposal of tangible fixed assets                                     787                     1,009
(Purchase) / disposal of investments                               (1,485)                        2
                                                                  _______                   _______
Net cash outflow from capital expenditure and financial
investments                                                                    (33,059)                  (41,132)

Equity dividends paid                                                           (8,807)                   (7,968)
Financing
Issue of ordinary share capital                                     1,470                       295
                                                                  _______                   _______
Net cash inflow from financing                                                   1,470                       295
                                                                               _______                   _______

Net increase / (decrease) in cash in the period                                  7,723                    (1,392)
                                                                                ======                    ======




Greggs plc
Reconciliation of operating profit to net cash inflow from operating activities

                                                                                   2003                      2002
                                                                     £'000        £'000        £'000        £'000

Operating profit                                                                39,167                    35,334
Depreciation charges                                                            18,985                    16,813
Loss on disposal of fixed assets                                                    69                       260
Release of government grants                                                        (7)                       (7)
Increase in stocks                                                   (796)                      (55)
(Increase) / decrease in debtors                                   (1,297)                      666
Increase in creditors                                               1,601                     2,544
                                                                  _______                   _______
Net (increase) / decrease in working capital                                      (492)                    3,155
                                                                               _______                   _______

Net cash inflow from continuing operating activities                            57,722                    55,555
                                                                                ======                    ======

NOTE:


1.      The financial information set out above does not constitute the
Company's statutory accounts for the years ended 27 December 2003 or 28 December
2002.  Statutory accounts for 2002 have been delivered to the Registrar of
Companies, whereas those for 2003 will be delivered following the Company's
Annual General Meeting.  The auditors have reported on those accounts; their
reports were unqualified and did not contain a statement under Section 237(2) or
(4) of the Companies Act 1985.



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