Morrisons signals confidence with special dividend after profits rise​

Morrisons

Morrisons is handing shareholders a 4p special dividend after profits and revenues grew last year

The Bradford-based group saw its revenue rise 5.8% to £17.3bn, with group like-for-like sales excluding fuel and Value-Added Tax up 2.8%, up from 1.9% a year earlier, benefiting from an improved performance from stores as well as a push into wholesale and online markets.

Morrisons' profits were by 16.9 per cent to £380m during the 2016/2017 financial year while the supermarket giant also enjoyed a boost in sales and revenue.

Wholesale deals with Amazon and the McColl's convenience store chain as well as the development of small late-opening shops on its own supermarket petrol forecourts, and expanding its premium own label The Best also helped drive a 5.8% rise in total sales in the year to £17.3bn.

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

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

"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". 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".

Looking ahead, Morrisons said that it was confident that the group would continue to grow.

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