BUSINESS LIVE: Greggs eyes further growth; US rival to buy Spirent; IWG profits soar

KPMG has been fined £1.5million over ‘basic failings’ in its audit of advertising firm M&C Saatchi that emerged following an accounting fiasco in 2019.

Adrian Wilcox, a KPMG partner, was also fined £48,750 as a result of an investigation by the Financial Reporting Council (FRC), which regulates the accounting industry.

Greggs expects further earnings growth in 2024 after underlying pre-tax profits came in 13 per cent higher at £168million for last year, lifted by extending its opening hours into the evening and expanding in food delivery.

The group famed for its sausage rolls posted underlying sales growth of 13.7 per cent for the year, and said a five year plan to double sales by 2026 was on track and it continued to target 3,000 outlets.

It opened 220 new stores in 2023 bringing its estate to 2,473.

Boss Roisin Currie said:

‘Reflecting on another year of rapid growth, I am so proud of how our teams have risen to the challenge of serving more customers through more channels.

‘Whether in our shops, our manufacturing sites, our distribution network, or in Greggs House, our teams stepped up to make sure that we kept pace with the increased customer demand as we delivered on our strategic growth plan.

‘We are very much on track to deliver our bold five-year growth plan to double sales by 2026 and to have significantly more than 3,000 shops in the UK over the longer term.’