Morrisons increases profits by 8%

Morrisons made a pre-tax profit of £947m for the year to 29 January 2012, compared with £874m in 2010/11.

This 8% rise was due to record customer numbers, 34 new supermarkets and productivity improvements, the company said.

Turnover was up 7% from £16.5bn in 2010/11 to £17.7bn in 2011/12.

Morrisons, which has its own farm in Ayrshire, Scotland, said it was partly relying on a flexible supply chain and farming links to give it a competitive advantage over other supermarkets going forward.

“This has been Morrisons best year yet with another good financial performance and growth ahead of the market,” said chief executive Dalton Philips.

“We know that 2012 will be tough, and we will be working hard to deliver even better value for our customers.”

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