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Finance

‘Broader, stronger’ future as Morrisons unveil interim results

Bradford-headquartered retail giant, Morrisons, has seen a rise in turnover and profits simply because it works towards “building a broader, stronger” brand.

For the half year to 30 July, turnover was up at 8.42 billion – up 4.8% on 2016’s figure of 8.03 billion.

Underlying profit before tax was likewise to the up, by using a rise of 12.7% to 177 million.

Reported profit before tax, meanwhile, was up by almost 40% to 200 million.

Free cashflow, however, took a little dip, falling from 558 to the previous period to 352 million.

The interim results reflect the retailers efforts to “fix, rebuild and grow” because it is way to strengthen Morrisons continues in earnest.

During now, the retailer also extended its new store-pick online service, which rolled out Morrisons.com into North East England.

This period also saw Morrisons forge a completely new wholesale supply agreement with McColl’s which saw the revival in the Safeway brand.

“A completely new Morrisons is beginning to consider shape,” said Ceo David Potts.

“Our supermarkets continue their give attention to improving the customer shopping trip and, in wholesale supply, we’ve been beginning to realise a lot of the opportunities the unique team of food makers and shopkeepers bring us.”

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