Morrisons pays special dividend after profit rises 11 pct

Cornelia Mascio
Marzo 14, 2018

The top line was partly boosted by an 11pc jump in petrol sales, but revenues at stores open more than one year, excluding fuel and Value-Added Tax, also rose 2.8pc.

The supermarket group, based in Bradford, has reported a pre-tax profit of £380 million, up 16.9 per cent, in the year to February 4 on revenue that was up almost 6 per cent higher at £17.3 billion.

The Bradford, northern England, based group, which trails market leader Tesco, Sainsbury's and Walmart's Asda in annual sales, said on Wednesday it made an underlying pretax profit of 374 million pounds ($522.6 million) in the year to February 4.

These figures came just above analysts' expectations and maintained its position in the Big 4 despite continuing competition from discounters and online rivals.

"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". This is almost double its payout in 2017.

"We had a strong year, becoming more competitive and increasingly differentiating Morrisons for all stakeholders", said David Potts, Morrisons chief executive.

Morrisons' chairman Andrew Higginson said: "Morrisons is now entering its third consecutive year of growth, which is a credit to the whole team. Listening to customers, responding, and improving the shopping trip are as important now as when we started this turnaround three years ago".

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