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Greggs profits down despite last year's budget pasty hoopla

Company results of the day.

Despite a rise in total sales, Greggs full-year profits have fallen. Pre-tax profits fell 2.2 per cent to £51.9m. Although total sales rose 4.8 per cent to £735m, like-for-like sales, which remove the effect of new stores, fell 2.7 per cent.

The company blamed wet weather for the results, although earlier today Robert Peston tweeted: