UK retailer Morrisons has reported that revenue increased by 5.8% to £17.3 billion last year, with group like-for-like sales up 2.8%.
Full-year profits jumped 11% to £374 million, despite increased costs and a challenging UK retail market.
The supermarket operator said that these results represent 'meaningful and sustainable' growth, and has announced a special dividend for stakeholders of £0.04 per share, taking the full year total dividend up 85.8%.
"Morrisons is now entering its third consecutive year of growth, which is a credit to the whole team," said chairman Andrew Higginson.
"We will continue to prioritise consistent, meaningful and sustainable growth, which I am confident we are well placed to keep delivering."
'Strong Year'
During the year, Morrisons made a number of developments across its business.
The retail group began a programme to supply McColl's convenience stores nationwide with both branded products and the renewed Safeway brand, as well as expanding its online services, and extending the geographical reach of the 'Morrisons at Amazon' partnership.
Since the end of the year, the group has also announced a new wholesale supply agreement with SandpiperCl, bringing Morrisons to the Channel Islands, and acquired Yorkshire egg business Chippindale Food.
"We had a strong year, becoming more competitive and increasingly differentiating Morrisons for all stakeholders," said David Potts, Morrisons chief executive.
"All parts of our progress so far have one common link: our colleagues. Listening to customers, responding, and improving the shopping trip are as important now as when we started this turnaround three years ago."
Looking ahead, Morrisons says it is confident that the business will continue to grow, reducing net debt and increasing wholesale supply sales.
Morrisons is currently the fourth largest supermarket in the UK, with 10.6% market share, according to the latest figures from Kantar Worldpanel.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.
