Share Prices & Company Research

Market News

11 Mar 2021 | 07:09

Morrisons pays special dividend as annual profits halved

(Sharecast News) - Supermarket chain Morrisons saw annual profits halved as it was impacted by extra Covid-19 costs, but also declared a special dividend alongside a final payout. Profit before tax and exceptionals fell 50.7% to £201m, including £290m in direct Covid-19 costs. Group like-for-like sales ex-fuel/ex-VAT rose 8.6%, with final quarter like-for-like sales up 9.0%.

A special dividend of 4p a share deferred from the second half of the 2019/20 fiscal year was declared along with a final dividend of 5.11p.

"We expect 2021/22 profit before tax and exceptionals including rates paid to be higher than the £431m profit achieved in 2020/21 excluding the £230m waived (business) rates relief," the company said, adding that it expected strong free cash flow and a significant reduction in net debt.

"This target assumes a gradual return to more normal trading conditions, no significant increases in expected direct Covid-19 costs such as elevated colleague absence, and no further restrictions such as another period of prolonged café closures."
Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
Continuing our Personal Service: View our Latest COVID-19 Update: 7th October 2021
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.