Morrisons turnaround continues as profits jump

Morrisons turnaround continues as profits jump

United Kingdom retailer Morrisons has reported that revenue increased by 5.8% to £17.3 billion past year, with group like-for-like sales up 2.8%.

Wholesale deals with Amazon and the McColl's convenience store chain as well as the development of small late-opening shops on its own supermarket petrol forecourts, and expanding its premium own label The Best also helped drive a 5.8% rise in total sales in the year to £17.3bn.

Morrisons (MRW) shares opened near the top of the FTSE 100 leaderboard this morning after announcing a 4p special dividend, however a largely muted response has since seen the share price turn negative. "The special dividend reflects our good progress so far and our expectations for continued growth".

Pre-tax profits at the UK's fourth-largest grocer over the same period rose almost 17 per cent to £380 million, and 9.5 per cent to £374 million on an underlying comparative basis.

Excluding fuel, revenue was up 4.4% to GBP13.5 billion, and overall fuel sales rose 11% to GBP3.7 billion.


Supermarket giant Morrisons has revealed profit growth of 16.9% to £380m, in a third consecutive year of positive financial growth.

It has now achieved GBP42.0 million of incremental profit from wholesale, services, interest, and online, and Morrisons remains on target to achieve GBP75.0 million to GBP125.0 million "in the medium-term".

With the ever-present threat of German discounters continuing to snap at the heels of the established big four, further sales growth is likely require to inspire shareholder confidence as today's special dividend - presented as a solitary offering rather than the first of many - appears to be shunned.

Looking ahead, Morrisons said that it was confident that the group would continue to grow.

Shares were up 1.4% at the start of trading in London on Wednesday at 229.50p.

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