Good morning, and thank you for taking the time to join us today for the Greggs 2022 preliminary results presentation. I have met a number of you here today, for me, it's nice to see some familiar faces. For those I haven't yet met, I am Roisin Currie. I took over the baton from Roger Whiteside as Chief Executive of Greggs in May last year at the AGM, and it's great to be here today presenting my first full set of results. I continue to be supported by a capable, high-performing team driving forward at pace, including Mr. Hudson here. The agenda today will be in the usual format. I will outline the results announced in the RNS, and I will then hand over to Richard to take us through the financial performance.
I will then provide an operational and strategic review and finish with our current trading and outlook for the year. In terms of the overview and the results we've announced today, really pleased to announce a strong financial performance in 2022, and good progress on our strategic priorities. As you can see on the slide, total sales are up 23%, and that is 17.8% on a like-for-like growth basis. That is a whopping GBP 1.5 billion of sales for Greggs. Pre-tax profits are slightly ahead of 2021, and that's a great result given all the support that was still in place in 2021, and Richard will talk about that more in terms of those moving dynamics within his section.
I'm pleased to announce a final dividend of GBP 0.44 for 2022, bringing the total ordinary dividend per share to GBP 0.59. We are also really delighted to announce that we will be sharing GBP 16.6 million of profit with our colleagues at the end of March. Our colleagues will be finding out today what that means for each of them, and then it will be in their pay packet at the end of March. In terms of the update on our strategic progress, we remain very positive with regards to our shop estate. We opened a record number of shops for Greggs last year.
That was 147 net new shops. That gave us 2,328 shops trading at the end of the year, continuing to progress towards the potential that we see for significantly more than 3,000 shops in the U.K. We're also making good progress in developing our new channels and the evening day part. We remain confident in extending our trading hours. We delivered our target to have more than 500 shops trading to 8 P.M. or beyond last year. In addition, we now have 1,270 shops that offer delivery to our customers. It's also great to be able to share that our brand health and our market share is at an all-time high. We've had strong growth in the use of the Greggs App, with more customers than ever scanning to get their loyalty benefits.
Very importantly, it's great to be able to update that our ESG agenda is progressing well in line with our pledge commitments. On that note, I will hand over to Richard for an overview of our financial performance.
Super. Thank you, Roisin. First up on slide five, you see the overview of income and expenditure. There's quite a lot going on below the surface here, as Roisin hinted. I will dig into this in a few slides' time and show you the moving parts. I'll also put it in the context of 2019 as well, because I think it's helpful to look back to that sort of pre-pandemic level and see how the ratios have moved. Yes, top line profit before tax, top line result is GBP 148.3 million of PBT, and you can see that that translates through to earnings per share slightly more strongly due to the tax allowances that were available in the year, and I'll come onto that in a moment.
That's the headline result. If we just have a look at first at the sales performance, this is the one-year like-for-like. Having gone through the cycle of three-year, two-year, all sorts of numbers over the last few years to try and unpick it, we're back to a standard one-year comp again now. You can see it was still very affected this time last year by the comparison with the lockdown period but really normalized from April onwards as we got past that point. We had a pretty good run through June, July, and then actually that continued in an underlying basis through August and September. In August, we're comparing with the famous staycation effect of the year before. In September, of course, we had to close for a day for...
out of respect for the funeral of Her Majesty The Queen. That took about 3% out of the September number. If you sort of added those factors back in, you'd have seen a very consistent performance through that period. It steps up in October, partly because we put through a further price increase at that point. Through November onwards, you start to get into the period that compared with the sort of Omicron affected comp, which we feel we've still felt going into the start of this year as well. December reflects the Christmas comparative. It was a particularly good Christmas trading pattern for retailers this year, the way Christmas Day fell, we shouldn't read too much into that little spike.
Altogether, I think, you know, if you'd offered me that at the start of the year, I'd been very happy. We've started this year well as well. A good track record through in terms of like-for-likes. Everything I've mentioned there has been sort of external factors and, you know, we are trying to drive the like-for-like ourselves as well. We've been trying to work out how to kind of tell that story really in terms of the growth drivers we've been describing to you. We think this chart helps, so I'm now on slide seven. There are two different axes here, so sort of treat this with care.
First off, I'm going to talk about the bars which relate to the left-hand axis, and they describe the proportion of our daily sales, which are now coming through either the evening day part or through the delivery channel. There's an overlap between the two, which is the green bit in the middle, which is relatively modest at the moment. If you start with the blue bars, you can see that the proportion of sales coming in the evening, which is defined as post-4 P.M., has been steadily increasing quarter by quarter through the year. Now, partly, that's post-pandemic behavior, so people returning to the walk-in market, particularly at that time of day.
Progressively through the year, as we've extended shop trading hours and started to market more heavily the availability of Greggs at that sort of time of day, you can see that that's also been a contributor. We've seen that absolutely in common with the rest of the market, and we know from talking with Just Eat that that's consistent with what other food to-go brands have seen. By the end of the year, we think it's sort of steadied out in Q4 to be about 5% of sales are now through the delivery channel. I think that's the base we now build from, and as Roisin will talk later, that we still see there's plenty of opportunity ahead.
Particularly that interface between delivery and the evening, which is the little green bit in the middle, it's very, very modest at the moment, but we do think, you know, that's a big opportunity if we can persuade people that Greggs is a business that they would shop through delivery in that early evening day part. I think, you know, some positive signs there, particularly in the evening. The red line is really interesting. The red line reads against the right axis. It's the proportion of transactions in Greggs shops that involve a customer scanning the app. They would scan the app either to clock their loyalty points or because they've used click and collect to pre-order and guarantee availability.
You can see how that was progressing through the year as we got more people downloading the app and then becoming active customers. With a real step-up in Q4 when we really upped the marketing support for that. That's now at just over 8% of customers scanning the app as they transact with us, and that's really important in two ways. Firstly, by doing so, they're engaging in the loyalty program, which effectively gives them a free product for every nine they buy. The evidence is that if they do that, they will come more often. It's driving frequency of visit.
The second, more long-term benefit of that then is if they're doing so, then they're recording their behavior with us, and we're able to tailor our offers to them in the future and spot the gaps in their buying, which is the CRM aspect of the digital loyalty program. I think a really encouraging trend in terms of Greggs App, and we put it on a different axis because, of course, it overlaps with the other things. Those transactions could well be coming through in our evening sales already. Some positive signs on the growth drivers. We bring it back to profit now on slide eight, we get into some of the moving parts now.
On this slide, although I've skipped 2020, being the pandemic year, I've given you 2019 as a comparative as well, so that you can see how the ratios progress over time. Inflation is a big factor here. If we start with gross margin, that's where you've seen the majority of the cost inflation in 2022, because that's where food inflation lands. Food inflation has been in the mid-teens, at a time when our own price recovery has been around 8% in 2022. There's an under recovery of food cost inflation in gross margin, but then you see the opposite of that when you get to distribution and selling costs, where the key components there are wage costs and occupancy costs of shops.
Rents have been reducing as a proportion of our overall sales, and wage costs in the certainly in 2022 were inflating at less than the level of price recovery. You see this sort of reversing of that factor in 2022. If you look at 2021, you see the benefit that Roisin referred to earlier, which is the business rates relief. Business rates in 2021 were some GBP 50 million lighter than they've been in the past year when they've been back to full level. You can see the impact that's had. On the admin expenses line, it's very much a case of operational leverage as we grow the business faster than the support costs.
In finance expenses, there's the overall sort of benefit there of reducing finance cost as we get more interest on the cash deposits that we've been carrying into the investment program. Overall, the margin happens to be back where it was in 2019, but I think under that sort of belies actually quite a strong performance when you consider how much inflation has had to go through the top line over that period. You can see that in the Return on Capital Employed, which is the more meaningful metric actually, and it's the thing that we target over time, and we are incentivized to drive under the long-term incentives programs. A Return on Capital Employed at 21% is a very healthy number and compares favorably with where we were pre-pandemic.
Moving on to cost inflation on slide nine, this is where all the actions been. I'll walk you around it. If we start with top left with energy, we had a great forward contract that we entered two years ago, which gave us a lot of comfort and cover over our gas and electricity needs right through to the end of March 2023, which gave us a lot of protection last year. Pleased to say that we've managed to extend our cover now through to the end of September. We have a fixed price for electricity through Q2 and Q3. It's still going to be inflationary because it's obviously at a higher level than the great rates we were enjoying last year.
Hot off the press, we've managed to extend a fair bit of that period into our gas buying as well. Electricity is the bigger commodity, though. All of our shops, you know, depend on electricity, and that's where the most of our consumption is. But our bakeries do have some sort of processes that use gas as well, so it's good to have a bit more visibility on that as we stand here today. The green segment of the pie chart is food and packaging, which is a third of our cost base. That was the area that took off midyear last year, following the invasion of Ukraine and all the consequences of that.
We'll continue to see food price inflation annualizing through the first part of this year, it continues to be a big driver in the first half. But most of our pricing response to that is already in place, we're in a much stronger position coming into this year in terms of price recovery. We've got greater visibility going forward as well, we've got about four or five months worth of food and packaging price cover in place, which is better than we were. The tail end of last year, we had about three months. As those commodity markets have softened, we've been able to take firmer forward positions, which is very helpful. On the right-hand side, you've got our people costs. We saw 4.9% overall inflation in wages and salaries last year.
That will step up this year with the minimum wage, going up by 10% in April. We've moved our wages from January, and we think overall, across all staff members in Greggs, it'll be about 8% wage and salary inflation that you'll see in the year as a whole. That will be a bigger factor this year. At the bottom there, you've got shop occupancy costs. That's mainly rent and rates on our shops, and that's been an improving ratio as we've been able to get better terms on our leases. You can see that the lease accounting charge is now for 4.3% of turnover, benefiting, of course, from inflation on the top line as well, as better terms in terms of rents.
If we pull it all together, we saw 9% overall sort of like-for-like cost inflation last year. On top of that, you have to add the kind of the non-like-for-like inflation we saw in terms of business rates, VAT, rates resetting, that sort of thing. In the current year, all that's pretty much behind us and we expect the like-for-like inflation to be in a similar place, 9%-10%. I think we felt like it was kind of closer to 10 coming into the year. We feel like it's closer to nine as we stand here today, but that's the sort of area we imagine that you'll see, but more driven by people costs this year than it had been last year. Moving on from OpEx to CapEx.
Slide 10 gives you an overview of the CapEx we spent last year, which was GBP 110.8 million. You can see the step up from 2021 was primarily driven in the retail side by increasing the pace at which we were opening new shops, and the rate at which we were refurbishing them as we'd slowed all that down through the pandemic. Looking forward, we'll have a similar step up in the number of refits that we do in the year ahead. You can see that the big change comes in supply chain, where we expect to start now laying down more capacity to pave the way for the growth that we have planned for the next few years.
The next slide talks to that in more detail, I will click onto that. Page 11 gives you the latest view that we have on the multi-year CapEx program to create more capacity to support the growth plan. To put this in some context, we have capacity standing here today to open a couple of 100 more shops before we would literally be maxed out in terms of particularly our distribution network. We do need to start work this year to create more capacity for growth. You can see that that's the big change on this chart. The retail expenditure, which is the green bit, is relatively stable in the forward position at about GBP 100 million, that supports the pace of growth that we've been seeing in recent years.
The blue part, which is the supply chain, is the step up, and the call-outs at the top of the bars describe the key investments that we expect to make. We'll make these decisions in stages as we go, and we'll, you know, we'll be sensible about it. If we decide we've got the wrong pace, we can change that pace. What we think will happen at the moment is, well, we know we've got to complete the work on our latest sausage roll and bake manufacturing line at Balliol Park, which is half built at the moment and should be on stream by the end of this year. That will be completed this year. Then we'll start work on two distribution centers, which are already in the network, but can be extended in terms of capacity.
One is a relatively modern one at Amesbury in Wiltshire, where we have a piece of land on the side that's ready to add circa 200 shops capacity. The other one is our Birmingham distribution center, which is an older building that's been refurbished to increase its throughput, and we think that will add 50 to 100 shops capacity there as well. That's taking another 300 shops worth of capacity over those two relatively modest investments over the next two years. If you sort of follow where we are, we've got 2,300 shops now. I said we have another couple of 100 capacity, takes you to 2,500. That investment in those DCs would take the capacity up to about 2,800 shops.
You'll see in the statement that we talked about the next stage of the investment program supports the ambition that the business could have significantly more than 3,000 shops. To take that step. You've got to be confident that that's the case, we will do that in stages. That's why you see the reference in this statement to significantly more than 3,000 shops, because the next phase of this would be a national distribution center somewhere in the Midlands. We expect to try and source the land for that this year and start building that out over 2024 and 2025. What it would do is increase the throughput of all of our regional distribution centers around the south of England.
It could potentially be quite a significant step up in capacity when we make that move, but we'll do it sensibly in stages. The final piece you see on this is that if all goes the way we expect, then we will start to need more manufacturing capacity as well. We through the last phase of supply chain development, we've put in place some fantastic new kit in terms of donut manufacturing and savories, which some of you will have seen on site visits. Some of that will start to get full, and we'll have to sort of invest in the next phase of that, which again, we think will be in the Midlands of the country.
Just to give people an idea about, well, where does this go, because GBP 200 million a year is a lot of money, we know that. We think the kind of like, the run rate coming out of this is that to maintain Gregg's in that sort of 2026 state will probably require maintenance CapEx at about 5% of turnover, just to give it some context, plus any further growth as we see it at the time. Moving on then to a bit more housekeeping in terms of tax, earnings dividend. The tax rate for the year was 18.9%.
It benefited from super-deduction on our plant and machinery purchases in 2022, although there's some offset because some of the tax that was deferred as a result of those allowances will now get taxed at the higher rate of 25% in future rather than 19%. That was a clever little claw back by the then chancellor, now prime minister. The forward guidance we've given you there, no change there. We expect this year's effective tax rate to be about 24% following that increase in April, and for it to annualize out at 26% going forward. Basically, the effective tax rate in Greggs is normally about 1% above the headline tax rate.
Earnings per share, we've already called out, up 2.8%, and that's given us the confidence to increase the final dividend by two pence year-on-year. Forty-four pence final dividend, which makes 59 pence for the year as a whole, compared with 57 pence ordinary dividend last year, although we did have the special dividend in the prior year, just to note. That ordinary dividend is twice covered by earnings. Finally, on slide 13, cash and balance sheet. We finished the year with a net cash inflow from operating activities of GBP 198 million, slightly less than the year before, but the year before benefited from the recovery of working capital post-pandemic. That was a slightly inflated number.
Working capital itself has been relatively stable this year, and we finished the year with cash of GBP 191.6 million, which we're carrying into this investment program that I've described. Should we need it, if there's another bump in the road, we do have a revolving credit facility, which effectively adds another GBP 70 million of liquidity above that level. In terms of allocating capital, as we've said, we'll prioritize that growth opportunity that we see, deploy the cash to support those CapEx plans. In doing so, we'll maintain the progressive dividend policy. We would normally plan to have about GBP 50 million in the bank at the end of the year to fund working capital.
Obviously, we've got a lot more than that at the moment, which will be deployed over the next couple of years in line with that plan. If we find ourselves in a position where there is surplus cash, we've said the special dividend is the preferred mechanic for returning that. I say that without raising any expectations over the next few years because we've got plenty of opportunity and plans ahead of us. With that, I will hand over to Roisin Currie to give you a bit more color on those plans.
Thanks, Richard. It's great to be able to update you now on the progress that we're making on the ambitious plans to address the many growth opportunities available to us, as we progress to become the multi-channel food on-the-go brand. Before I go on to the strategic, opportunities available to us on the update, I am just going to spend a minute or two talking about brand strength and market share. On this slide, you will see a number of metrics, and it's from the 2022 YouGov BrandIndex, and that's within the QSR Coffee and Delivery Service sector. Pleasingly, you can see that we have achieved our highest ever brand score, and we are number 1 overall. You can see that in the orange box that is highlighted.
It's also worthy of note that when value is so important to customers out there, we have retained our number one value position. The other piece just to fill out in this slide is we have also grown our market share of visits in 2022 in the food to go market to 7.7%. That's the highest share of visits we've had. In 2019, we're at 6.5%, 2021, 6.9%, and we are now at 7.7%. One piece for us as a team is that in a year of complexity and uncertainty, we have stayed very focused on delivering the strategic growth plan.
I'll now just talk about the strategic growth plan, the progress we've made, and also how it's supported by the investments in our supply chain, in our technology, and also, very importantly, our focus on sustainability. The Greggs' estate.
Yes.
Growing and developing the Greggs' estate is the biggest part of our growth plan. We've got a great track record in this. We exited the year at 2,328 shops. As I said earlier, 147 net new openings last year was a record for the business. We continue to target that level of opening for this year and beyond, but always with the caveat of ensuring that we deliver the return on investment from those opportunities. We've previously shown you the opportunities available to us in the catchments where we have low representation. As we open in these catchments, we remain very confident in those locations and those ambitions. It's great that we have made significant progress in areas such as retail parks, Central London, and key transport hubs, including airports.
Some of you may remember for the interims in August, we had a jazzy slide up there on Leicester Square. We had our pantries, our blue carpet. We had our social media star, Pasty Kween, and that was really to bring some Greggs fun to the Leicester Square opening. It really does then attract customers to go to that shop when they're in London, and it gets the brand known further afield from our customers. We also now have 441 franchise shops, and our partnerships continue to extend, and that helps us get into places such as petrol forecourt retailing. We continue to ensure that as we relocate and refit our shops, we provide them the space that we need to realize the future ambitions in terms of the different channels.
That's our food preparation capability as well as our digital channels. Let me talk to you about extending our evening day part. As Richard said, we continue to be very excited by that. We have a great talented cross-functional team working on this ambition. We know that more than 35% of visits are post 4 P.M. for food to go, and we have our lowest penetration in that day part. We currently sit at 1.2%. By opening later, improving our menu options in the evening, particularly in hot food, and as Richard said, offering delivery in those shops, we are very confident that we can significantly grow that day part in utilizing the current shop base.
In 2022, we delivered the target, which was to open 500 shops to 8:00 P.M. and beyond, and it's now our strongest growing day part. For those of you that have been on the journey for a while, that's akin to the breakfast market when we first went into breakfast. Now, on the menu, our existing favorites such as the goujons, the potato wedges, and the pizza slices and the pizza boxes are proving popular, and we continue to try out new options. A number of which went viral recently on TikTok. I'm sure there's a lot of TikTokers in the room, so you've probably seen them. We know that delivery is capturing that evening customer, and 80% of our late opening shops now offer delivery to our customers.
This year, we will provide further marketing support for that, we aim to have 300 of our shops open to 9:00 P.M. In our delivery channels, we talked a little bit about delivery in Roisin, in Richard's presentation. We accelerated our digital journey during the pandemic, and we're in a good place to really enable us to move this forward. The overall delivery market is still growing. In 2019, it was at 7.7%. It exited 2022 at 10.8%. Yes, there was a COVID spike in the middle. That was driven by lockdown behavior. Delivery offers customers another channel to be able to access our offer in a way that is most convenient for them.
It's great that we now have 1,270 shops that offer that, accounting for around 5% of our sales currently. Our focus now is extending the geographical reach and improving the operational standards in delivering that service, and we are very excited about it. As Richard says, though, within the app, when customers use the app, we also offer click and collect, and that allows customers to skip any queue, guarantee availability, but they can also get made to order options. We also do made to order at breakfast. We now do it at pizzas, and we will be trialing the baguette option.
We talked previously about our journey to broaden our appeal, understand our customers' behavior better, and tailor what we offer to them, and as a result, drive loyalty and drive frequency of visit to our shops. We're really pleased with our progress. We're driving much more messaging through the digital screens, so you see them in our shop windows. You may have heard the adverts that we've had on radio. We're also trialing video on demand. If you have gone to cinema recently, you may well have seen VOD at the cinema, but it's a great way to really reach that younger consumer. Within our marketing investment, we are converting the food to go customers. You can see on the slide, consideration level, we get 36.3% of customers would consider us.
We are now converting at highest ever level of 42% down to purchase intent. That goes from the 36.3% down to the 15.3%. We know our Greggs App offers a more engaging customer experience, and it rewards their loyalty. When we talk about it, we talk about it like it's a 10% discount mechanic, 'cause for every ninth product you buy, you get the tenth one free. We're delighted that we now have 1.1 million individual active customers in the club. That was 400,000 at the same period last year. We now, as Richard says, we have just over 8% of our customers that actually scan their app when they're in our shops, increasing the visit frequency, providing us with more insight, and letting us tailor the communication we offer to them.
The great news is the increased visits that we're seeing of those customers that are using the app is actually higher than we had in our trials, so it gives us even more confidence. The strategic priorities are extremely important for us, but fundamentally we are a food business, and that's what gets us excited. Key to our success is ensuring we have a great menu of tasty, great value food and drink, and our focus continues in this area of menu development. The menu development needs to both deliver through our go-growth objectives and also our ESG commitments through the Greggs Pledge. Chicken goujons, wedges, hot sweet treats, and pizza slices continue to prove particularly popular in the evening, and we now have the pizza boxes that are available for customers to shop in the evening in store or to get delivered to their home.
Customers are loving the hot dessert lines, as am I, which is the Hot Yum Yums, the milk chocolate cookies, and then you can get the chocolate dipping sauces and the salted caramel. Again, that was a TikTok favorite. We've also extended our range with our rice salad meal boxes, and we introduced the vegan sweet potato bhaji option. We do need to keep trialing new options though, because we do know to get into that evening day part, we need to keep exciting our customers. We've got other trials going on just now. In the northeast, we have hot chicken wraps, we have loaded wedges, and we have a chicken burger that we're currently trialing. Richard talked about our investment, which is extremely important for us as a vertically integrated business.
We need to grow the capacity of our supply chain and our systems. It's great to be able to update you that the pizza line that we talked about in Enfield previously is now commissioned, and that will allow us to triple our pizza production capacity. We have made significant progress at Balliol Park Campus in Newcastle, and that will enable us to bring the fourth savory line. As Richard said, that's for the iconic sausage rolls and bakes. We're also migrating our logistics fleet to double-deck trailers. That will provide us with lower distribution costs, but very importantly, it will also reduce carbon emissions. SAP is complete for now, but we continue to invest in technology. That's business information tools, and we are constantly improving our digital capabilities.
Worth mentioning as well, that's not on the slide, we have now implemented our upgraded recruitment tool that we talked about last year. That reduces our time to hire and gives a much better candidate experience, and it's really important in a tight labor market and one where we have significant growth ambitions. On the slide, you will see the new supply chain priorities for 2023, some of which Richard has already referenced. We have got plans to redevelop Birmingham distribution center and extend our Amesbury distribution center. This year, as Richard said, we will aim to acquire a site for the national distribution center. All of this is critical to being able to support the capacity needed for our growth.
There will be further investment between 2024 and 2026 to enable us to increase the supply chain capacity to significantly more than 3,000 shops. As Richard says, really importantly, those decisions will be made on a phased basis, and we plan to maintain our track record of strong return on capital, which remains a key management metric. As a business that's always prided itself in doing the right thing, we are delighted with the focus and progress that we continue to make against our commitments made in The Greggs Pledge. That's our approach to ESG. Clearly, this is getting ever more important, and as of this year, you've seen the annual report, that also will be part of our long-term incentive plan. There are lots of highlights on this slide.
I am absolutely delighted, and it's a real credit to the whole team for the hard work and effort that goes into delivering against these commitments. Just some to pull out, yeah, we now feed 49,000 school children every single day with a free breakfast. We opened our 30th outlet shop, which is a key part of our strategy to get unsold food to those most in need and also fund local charities who are targeting food insecurity. We opened our first eco shop in Northampton, a shop where we can test innovative solutions and initiatives aimed at reducing the environmental impact of our entire estate. We achieved the National Equality Standard, which is a prestigious award for diversity and inclusion. 32% of the products on our shelves are healthier choices for our customers to be able to make the right choice for them.
Very importantly, as part of our carbon agenda, we have set our science-based targets in line with a 1.5 degrees Celsius ambition, supporting our ambition to be net zero in scopes one and two by 2035 and in Scope three by 2040. It's pleasing to see that just last week; these were approved by the Science Based Targets initiative. Our pledge progress is an area that we are very proud of. There is much more to do, and we will continue to focus on it, and we will publish our next full report in April with further details. Just looking forward, we have started 2023 well, and we are trading in line with our plan.
Most recently, we have delivered like-for-like in the first nine weeks of this year of 18.8%. This is in line with our expectations. It's reflective of the softer comps from Omicron last year. Cost inflation does continue to be a challenge. We know that consumer disposable incomes are under pressure. However, we also know that we offer exceptional value. This will remain compelling for customers looking to make their money go further. It's pleasing to be standing here in such a complex environment with market-wide inflationary pressures. Able to state that we continue to perform well. Remain confident in our plan for 2023. In the exciting, ambitious plan for the years ahead, we are extremely well placed to realize the opportunity to become a significantly larger multi-channel business.
In summary, this is an excellent business, but despite headwinds and macroeconomic factors, it's trading very well. We are delighted that we have grown our market share to a level of 7.7% of the food to go market. As a team, we have high confidence in the significant opportunities that lie ahead, and very importantly, we have a clear plan to deliver against those ambitious targets.