Greggs has reported a £13.7m loss for 2020 after sales slumped due the pandemic – but said trading so far this year was better than expected.

The bakery chain said it was its first annual loss since it listed on the stock market in 1984 – confirming an outcome it had flagged earlier this year.

Sales fell by 31% to £811.3m as Greggs swung into the red compared to a pre-tax profit of £108.3m a year earlier.

But the company said there had been a progressive recovery in sales throughout the second half of the year and that trading so far in 2021, while still sharply lower, were better than expected given the extent of lockdowns.

Chief executive Roger Whiteside said: “Greggs is well placed to participate in the recovery from the pandemic and has demonstrated its resilience and capability to operate under such challenging conditions.”

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