Greggs has outperformed its fellow FTSE 250 gainers on the stock exchange today, after raising its profit outlook and ramping up its expansion plans.
The bakery chain’s share price rose by 11.1% to end the day at 3,192p, after it said it would up its net openings by an extra 50 stores per year from 2022. The chain is aiming to double its turnover to £2.4bn by 2026.
FTSE 250 peer Great Portland Estates inched up by 0.6% to 754p. Earlier today, GPE confirmed the sale of 160 Old Street, E1, held in a joint venture with Ropemaker Properties, to JP Morgan Global Alternatives for £181.5m. The pricing reflected a 5% premium to March book value.
GPE boss Toby Courtauld also outlined his expectations for “robust” occupier demand to continue. The company has signed up £14.3m of new annual rent, with £3.3m of further lettings under offer at 7.3% ahead of estimated rental value.
Notable mid-cap fallers of the day include workspace provider IWG, which was down 2.8% at 291p.
The FTSE 100 closed up 1% at 7,077 points. The FTSE 250 was down 0.3% at 22,730.
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