Morrisons annual profits jump 50%

Turnround efforts at WM Morrison gathered pace as the UK's third-largest supermarket increased annual profits by almost 50 per cent, even as rising commodities prices and the falling pound began to stretch consumers' budgets. The results mark Morrisons' first improvement for more than five years in like-for-like sales and underlying profit. Pre-tax profits rose 49.8 per cent from £217m to £325m on turnover up 1.2 per cent at £16.3bn during the 12 months. Like-for-like sales increased by 1.7 per cent, with a particularly strong 2.5 per cent climb in the final quarter. Underlying profit before tax, the company's preferred performance measure, increased 11.6 per cent to £337m, at the upper end of the higher forecasts the company gave in January.

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