Police continue to investigate the robbery where two masked offenders threatened staff with a knife and punched another male staff member in the face.

A sum of cash was taken during the hold up, while a drought relief fundraising tin, which contained donations was also stolen.

In early March police released CCTV images of the two offenders, who both had their faces covered, during the incident.

One photograph even shows the terrifying moment as one of the armed offenders confronts a bakery staff member, who has his arms raised in self defence.

Another photo shows one of the offenders entering the bakery, his face covered with dark material.

In another image both men are pictured with a staff member emptying contents of the cash register into a plastic bag.

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Police said one male staff member was struck on the back of the head and then punched in the face by one of the robbers as he accessed the safe.

The two alleged offenders, believed to be in their 20s, were both around 175 to 180 centimetres tall.

Both had their faces covered during the incident. One was wearing a khaki green colour hooded jacket and the other a white hooded jumper.

Both appeared to be wearing tracksuit pants.

Police said CCTV from around the area showed the two men leaving the bakery, one on a pushbike and the other on foot, heading towards Ulladulla Harbour.

Police continue to investigating any links between the robbery and a light coloured sedan that was seen leaving the area at speed shortly after the incident.

Anyone who may have any information or may have witnessed the incident is urged to come forward, they can contact Ulladulla Police or detectives 4454 8599 or Crime Stoppers on 1800 333 000 or https://nsw.crimestoppers.com.au.