Greggs, the UK bakery chain known for stodgy baked goods, saw its share price jump after reporting a first‑half pre‑tax profit of £76mn, beating analysts’ expectations. The stock now trades at about 15 times earnings, the highest since early last year, despite lingering fears of “peak Greggs”.

The 20 per cent profit rise came even though hot weather usually dampens sausage‑roll sales. The star product driving growth is a new chicken roll, showing the company is experimenting beyond its classic pork offering. Chief executive Roisin Currie is also rolling out smaller “Express” formats, which research shows boost spend per visit.

Greggs plans to open two distribution centres over the next two years and aims for 3,500 locations, requiring roughly 100 new stores annually for seven years. While site costs may pressure margins short‑term, the expansion should leave the business in a stronger position. Yet the sector still faces weak UK consumer confidence, fierce competition and high costs.