Morrisons has reported a healthy increase in its annual profits as it embarks on the challenge of absorbing Safeway into the business.
For the year to February, the supermarket posted record profits of £319.9 million, a rise of 13 per cent.
At the operating level profits of £305.1m would have been higher had the group not had to pay £10.9m in advisers’s fees during the takeover process.
Sir Ken Morrison said: “The business is presently in very good shape… I see another good year of progress in prospect.” Last year total takings at Morrisons stores reached £5.3bn up 15.3 per cent on the previous year, as the group opened new supermarkets and attracted more customers.
Current sales are up 9.7 per cent on a like-for-like basis, which strips out sales from new stores - in the six weeks to March.
The group now has a market share of more than 15 per cent and employs 145,000 staff.
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