Greggs has said it plans to open dozens of new stores in the UK this year after reporting a jump in profits.

The bakery chain said it achieved underlying pre-tax profits of £74.1m in the first six months of 2024, a 16% rise on the same time last year.

Total sales also soared by nearly 14% to £960.6m during the period.

However, Greggs said it had increased the prices of some menu items in recent weeks amid “pressure” on its staff wage bill.

Some bakes and sandwich ranges have gone up by 5p and 10p, but the cost of meal deals has remained unchanged.

Chief executive Roisin Currie said there were “no price increases on the cards currently” for the remainder of the year.

She said it came after the company raised salaries for its 32,000-strong workforce ahead of the introduction of the new National Living Wage of £11.44 per hour in April.

Greggs’s rise in profits comes as it continues to expand both its range of products and its number of branches across the country.

The company credited its iced drinks range and pizza deals for helping to spur its growth, along with better sales in the evening.

From January to June, the company opened 99 new shops, including 25 franchised outlets. However, it also closed 18 shops and relocated 25.

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Ms Currie said: “Greggs has made good progress in the first half of the year, further broadening our range of on-the-go food and drink whilst making it more accessible to more customers.

“Our success is founded on the exceptional value that Greggs offers to customers looking for food and drink on-the-go and the fast and friendly service delivered by our colleagues.”

The chain currently has just over 2,500 branches across the country, but said it was investing in its supply chain to build capacity to one day support 3,500 outlets.

Greggs’s half-year report said the company was “confident” it would open a net total of between 140 and 160 new shops this year.

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The company said it was also moving to diversify the location of its branches, rather than focusing just on town and city locations.

The firm said it had achieved “particular success” in growing its presence in roadside spots, with such locations now making up a quarter of its estate.

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