IFRS summary

Greggs PLC
05 August 2005

                                                                   5 August 2005

                                   GREGGS plc

               INTERNATIONAL FINANCIAL REPORTING STANDARDS



Greggs is preparing for the adoption of International Financial Reporting
Standards ("IFRS") as its accounting basis for the 52 weeks ending 31 December
2005.  As part of this process, Greggs is presenting today financial information
prepared in accordance with IFRS for the 53 weeks ended 1 January 2005 and at
the transition date of 28 December 2003. The interim results for the 24 weeks
ended 18 June 2005 under IFRS are also released today and are available on the
Group's website www.greggs.plc.uk.



The impact of the adoption of IFRS on the results for the 53 weeks ended 1
January 2005 is as follows


                                    IFRS           UK GAAP        % change
                                   £'000            £'000

Operating profit                  45,763           44,714         +2.3%
Profit after tax                  32,277           31,587         +2.2%
Total recognised income 
and expense attributable         
to shareholders                   31,645           31,587         +0.0%
Diluted EPS                        267.7p           262.0p        +2.2%
Shareholders' funds              157,156          157,158         +0.0%




The primary changes to the reported financial information from the adoption of
IFRS are as follows:



Income statement

•    Inclusion of an estimated fair value charge for outstanding employee share 
     options which reduced profit for the period by £0.1 million

•    Recognition of a lower annual cost in the actuarially assessed pension 
     liability which increased profit for the period by £0.8 million

•    Net increase in profit for the period £0.7 million.



Balance sheet

•    Recognition of actuarially assessed pension liability which net of the 
     deferred tax effect amounted to £7.7 million reduction in net assets and 
     reserves

•    Recognition of dividends as they are declared which increased net assets 
     and reserves by £7.9 million

•    Restatement of certain items of property, plant and equipment to fair 
     value as deemed cost at the transition date which net of the deferred tax 
     effect increased net assets and reserves by £0.5 million

•    Recognition of deferred tax liabilities on rolled over capital gains which 
     decreased net assets and reserves by £0.8 million

•    Overall net assets and reserves virtually unchanged.



The detailed information underlying this summary is contained in the separate
document attached and also published on our website.


ENQUIRIES:
Greggs plc                                             gcg hudson sandler
Malcolm Simpson, Financial Director                    Wendy Baker / James Hill
Richard Hutton, Group Financial Controller             Tel:  [phone]
Tel:     [phone] on Friday, 5 August only        keithhann.communications
         0191 281 7721 thereafter                      Keith Hann
                                                       Tel:  [phone]




                      This information is provided by RNS
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