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Annual profit rises for Morrisons

A good year, despite a tough economy.

The British supermarket chain Morrisons has reported a profit of £690m attributable to the owners of the company for the year ended 29 January 2012, compared to £632m the previous year.

Profit before tax was £947m, up from £874m.

Ian Gibson, chairman of Morrisons, said: “This was another good year for Morrisons, despite a tough economic backdrop. Record numbers of customers visited our stores and we delivered an 8 per cent increase in underlying earnings and an 11 per cent increase in the dividend, while also investing for the long-term health of the business.”

Turnover surged by 7 per cent to £17.66bn for the 52-week period (2011: £16.48bn).

Dalton Philips, CEO of Morrisons, said: “Customers were having a tough time but we responded with a new M savers brand for budget conscious shoppers, promotions that customers understood, and industry leading service.”

Gross profit was £1.22bn, compared to the previous year's £1.15bn. Diluted earnings per share were £26.03p in 2012 and £23.43p in 2011.

Philips added: “We know that 2012 will be tough and we will be working hard to deliver even better value for our customers. At the same time, we have ambitious plans for the long-term development of the business, through new supermarkets, convenience stores and the development of our multi-channel capabilities. I am confident that Morrisons will make further progress this year.”

As of 29 January, the company had total assets of £8.54bn, with total liabilities of £2.3bn.