Morrisons to hand shareholders special dividend as turnaround continues

Morrisons to hand shareholders special dividend as turnaround continues

Morrisons has reported a jump in profits for its most recent financial year, helped by a strong performance across its stores but also a push into wholesale and a focus on online shopping.

Based in the northern English city of Bradford, the group made an underlying pretax profit of 374 million pounds in the year to February 4 - ahead of analysts' average forecast of 371 million pounds and up from 337 million pounds in 2016-17.

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%.

Morrisons declared a final ordinary dividend of 4.43p, taking the full-year ordinary dividend to 6.09p, up 12.2 percent year-on-year, and further declared a special dividend per share of 4.00p.

Andrew Higginson, chairman of Morrisons, said: "Morrisons is now entering its third consecutive year of growth, which is a credit to the whole team".

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However Potts stressed that the company "will continue to prioritise consistent, meaningful and sustainable growth, which I am confident we are well placed to keep delivering". The big four member said rising import costs and other "cost headwinds" had provided "challenges", but they continued their strategy of "Fix, Rebuild, and Grow".

During the past year, Morrisons started a programme to supply McColl's with branded products and Morrisons' own Safeway brand across the country.

Morrisons said it was on track to hit its target of 700 million pounds of annualised wholesale sales by the end of 2018, and its medium-term target of 75-125 million pounds of incremental profit from wholesale, services, interest and online.

"All parts of our progress so far have one common link: our colleagues".

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