Sep 8, 2021

Morrison in talks with Takeover Panel over competing offers

Wm Morrison has called on the Takeover Panel to break the deadlock between the US private equity funds jostling to buy the supermarket. Morrison is in talks with the Panel to launch a formal auction process, having last month agreed a £7bn offer from Clayton, Dubilier & Rice. The ready meal and convenience foodmaker reported an adjusted operating profit of £47m on revenue up 4 per cent to £915.7m. "Despite unprecedented challenges in labour availability and its impact on the supply chain, as well as raw material inflation, the group expects to deliver full-year operating profit margin in line with the first half," it said. For the full year ended June, Dunelm reported a £157.8m pre-tax profit on sales of £1.3bn, up 44.6 per cent and 26.3 per cent respectively. For the full year ended May Frontier posted operating profit up 20 per cent to £19.9m on revenue up 19 per cent to £90.7m. Winkworth, the London-focused estate agent, said first half pre-tax profit jumped 330 per cent to £2m as revenues more than doubled to £5.3m. Sales applicants continue to track well ahead of 2019 levels and the rental market has seen a significant upturn in activity, it said.

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