Brokers note - Greggs
The broker says the update was positive with underlying like-for-like sales in H2 similar to those seen in H1 and gross margins in Q4 are likely to recover some of the ground lost last year.
Although Brewin Dolphin is keeping its pre-tax profit forecasts for 2009 and 2010 unchanged it expects growth to accelerate through a combination of store roll-out, operational efficiencies and an improved economic climate. It is also retaining its ‘Add’ recommendation on the company.
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