British bakery Greggs, famed for its sausage rolls, said Tuesday it logged soaring profit last year, as consumers flocked to the budget chain during a cost-of-living crisis.

Net profit leapt almost a fifth to £142.5 million ($180.6 million) from 2022, Greggs said in a results statement, adding that revenue soared by a similar proportion to £1.8 billion.

Greggs, which sells bread, cakes, pastries and other baked items out of nearly 2,500 UK stores said it achieved a "record financial performance" in 2023, even as the group faced its own high costs amid elevated inflation.

"Our teams stepped up to make sure that we kept pace with the increased customer demand," noted chief executive Roisin Currie.

"Despite an economic backdrop that continued to be challenging with high inflation and the resulting cost-of-living pressure... we kept on providing the great value, tasty products and friendly service," she added.

Greggs, headquartered in the northeastern English city of Newcastle, employs more than 32,000 people across Britain.