Greggs is set to share 10 per cent of its profits with its employees after a strong financial year.

The bakery chain reported reported underlying pre-tax profit of £167.7 million versus £148.3 million in the previous year and a 19.6 per cent revenue rise to around £1.8 billion.

The retailer said its strong performance was driven largely by evening trade, with more than 1,200 sites competing for food-on-the-go-sales until 7pm or later; extending its delivery reach through Uber Eats and Just Eat; and further investment into its supply chain.

Greggs shared that 25,000 out of its 32,000 UK employees would receive a share of £16.7 million as part of a bonus in their end of March pay packets.

“We continue to share 10 per cent of our profits with team members with at least six months of service,” Greggs said. “We have also increased our matched contribution rates for Greggs pensions, meaning that all our colleagues can now access up to six per cent employer contributions.”

Greggs chief executive Roisin Currie said that the company is on track to deliver its five-year growth plan to double sales by 2026 and have "significantly more than 3,000 shops in the UK over the longer term.”

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