Thursday September 03, 2015
Greek Hovel wildlife diversity report…now it is the poisonous spiders
Tara the cat medical update – the bills are going the roof, but some progress
Weekly Postcard #121 - The Women's FA Cup Final and what it says about the loathsome BBC

PERSONAL, UNDILUTED VIEWS FROM TOM WINNIFRITH

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Greggs – A bad 2012, 2013 will be worse: change of stance

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- Tom Winnifrith

I have always been a fan of Greggs (GRG) the UK’s largest retailer of sausage rolls, puff pastries and all the other sort of comfort food that helped to give me diabetes. The company has always had net cash, benefitted from operational gearing and delivered solid year on year earnings increases. But in 2012 things appeared to start to go slightly awry and the share price has fallen from 550p at the start of the year to 458p. As recently as 7th November I foreasaw a bounce ( at 470p) but I have been reviewing my assumptions about UK consumer behaviour. As such I apologise for that bad share tip, a volte face is on the way.I would like to buy this stock as fundamentally it is a good business serving six million Britons each week. But ….

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