Success of vegan sausage roll gives Greggs (GRG) surge in sales. Bakery chain upgrades profit expectations for third time in three months. Greggs has credited the fanfare of publicity around its vegan sausage rolls for a surge in sales that has sent the value of the company to an all-time high. The UK’s biggest bakery chain said it had made “an exceptionally strong start to 2019” with sales climbing nearly 10% in the seven weeks to 16 February. The Quorn-filled vegan alternative to the traditional meat pastry – which was developed after 20,000 people signed an online petition organised by animal welfare group Peta that called on the baker to produce a vegan version of its bestselling item – went on sale on 3 January. It had taken more than a year to perfect and its launch coincided with Veganuary, a growing movement that encourages people to try plant-based diets during January
HSBC warns of weak global economic outlook. Bank’s revenue down 8% as CEO blames Chinese slowdown, trade tensions and Brexit. HSBC Holdings (HSBA) has warned about a weaker global economic outlook, as the slowdown in China, trade tensions and fears around Brexit hit its revenues towards the end of the year. Europe’s biggest bank reported a 16% rise in 2018 profits to $19.9bn (£15.4bn), disappointing the City, where analysts had been expecting nearer $22bn. Revenues in the fourth quarter, which was marked by turmoil in global financial markets, fell 8% from the previous quarter. In Asia, profits grew 16% to $17.8bn – nearly 90% of the total. HSBC said it had increased its impairment provision by $165m to cover credit losses related to the economic uncertainty around Brexit. Its chief financial officer, Ewen Stevenson, said this reflected the increased risk of a hard Brexit, and that government contracting, high street retailers and some restaurant chains were particularly vulnerable to the UK crashing of the EU without a deal.
