Morrisons’ results lift share price

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Morrisons’ results lift share price
Master Investor Magazine

Master Investor Magazine 60

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Shares in FTSE 100 supermarket chain Morrisons (LON:MRW) climbed 11.23% to 200.60p (as of 14:05 GMT) after it reported a 43.6% rise in statutory pre-tax profits for the year ended 2nd February. Management had planned to announce a special dividend, but have opted against doing so in light of the current uncertain climate. The balance sheet is currently strong and sales in recent weeks have been very high, but this is due in part to customers bringing forward purchases.

The Chairman Andrew Higginson and CEO David Potts commented: “We are currently facing unprecedented challenges and uncertainty dealing with COVID-19. Looking after our colleagues and customers is our priority, ensuring that we have a clean, safe place to shop and work.

“At Morrisons, we have a strong, experienced, and above all, determined team of the best food makers and shopkeepers in Britain. We promise to work as hard as we can for customers, suppliers, and all stakeholders to keep our shops operating as smoothly as possible. Thank you to all our colleagues for your incredible efforts so far“.

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