Morrisons has stated that they have had a major jump in profits for its most recent financial year report, which has been helped by a strong performance across its stores.
The retailer explained that its pre-tax profits have risen by 16.9 per cent in the year to 4 February to £380m. This was ahead of the average analyst forecast in a Reuters poll. Revenue has also risen by 5.8 per cent to £17.3bn and the company also said that it had decided to pay its shareholders a special dividend of 4p.
“We had a strong year, becoming more competitive and increasingly differentiating Morrisons for all stakeholders,” said chief executive David Potts.
“We are pleased to be paying shareholders a special dividend of 4p a share, which reflects our good performance so far and confidence for the future.”
Looking ahead, Morrisons said that it was confident that the group would continue to grow. It said that it was on track for annualised wholesale supply sales to its partners to exceed £700m by the end of this year and to be more than £1bn “in due course”.
