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BUZZ-Greggs: revamped bakery chain hits record as hikes guidance

Reuters - UK Focus

** Greggs (Stuttgart: 41G1.SG - news) , which runs a chain of bakery shops, reaches all-time high as raises FY guidance for the second time in three months

** Posts H1 profit +51%, reflecting well received improvements to its products & shops

** Since taking helm of Greggs early 2013, Roger Whiteside, chief executive, has refocused Greggs -- which he felt was losing out to chains like Pret a Manger & coffee shops -- away from bakery & onto growing food-to-go & quality coffee markets

** Despite stock's heady gains -- fifth-top performer on the FTSE 250 YTD with a c.65% rise (up c.150% since Whiteside took control), buyside see scope for further upside

** Standard Life Investments' Harry Nimmo, who first bought Greggs shares in February, said recently: "We think we're in the moderately early stages of the improvement in Greggs... It's got price momentum, it's got earnings momentum, it's got good growth." (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)