SAM HART |
New chief executive, Dalton Philips, came across very well on his first outing in front of the analyst community. His strategic update highlighted a number of opportunities to drive the top line and improve operational efficiency. We expect Morrison to deliver low double-digit growth in underlying
JONATHAN JACKSON |
KILLIK & CO
Although there is little depth in terms of numbers, we believe there is plenty of scope to make operational improvements in areas such as IT and distribution. The outlook statement highlights that the consumer environment remains challenging, with disposable incomes coming under pressure from a rising tax burden and consumer confidence.
The new chief executive also highlighted the strategic move into a convenience store format pilot and that an online presence was under consideration. The accompanying comments were comforting, reiterating that the company had retained a tight control on costs having anticipated the largely expected current consumer environment.