Morrisons

Morrisons has reported its first rise in profits in six years as its turnaround plan continues to bear fruit. Chief executive David Potts said the positive growth “was powered by listening to customers.”

The retailer boasted a 49.8% rise in pre-tax profits to £325m for the year to 29 January. Stripping out restructuring costs and other adjustments, Morrisons’ pre-tax profits rose by 11.6% to £337m. Meanwhile, like-for-like sales grew 1.7% over the year, buoyed by a 2.5% rise over the crucial Christmas period.

“Our full year of like-for-like sales and profit growth was powered by listening to customers, and shows what our hard-working team of food makers and shopkeepers can do,” said Potts.

“Our turnaround has just started,…