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British baker Greggs reports 41 pct jump in annual profit

Reuters - UK Focus

LONDON, March 4 (Reuters) - British baker Greggs posted a 41 percent jump in annual profit on Wednesday, helped by improved products, service and shops as well as a favourable trading environment.

The company, which sells sausage rolls, sandwiches and pastries from 1,650 retail outlets, said it made a record profit before tax and one-off items of 58.3 million pounds ($89.4 million) in the 53 weeks to Jan. 3, up from 41.3 million pounds in the previous year.

The performance was consistent with guidance issued in January when Greggs (LSE: GRG.L - news) upgraded its profit outlook for the third time in five months.

Total (Swiss: FP.SW - news) sales grew 5.5 percent and were up 4.5 percent at stores open for more than a year.

The company said it is confident of delivering a further year of good growth in 2015. ($1 = 0.6519 pounds) (Reporting by James Davey; Editing by David Goodman)