Morrisons raises dividend after profits surge

SUPERMARKET chain Morrisons saw a 21 per cent surge in profits last year to £767m.

The company, Britain’s fourth largest grocer, raised its full year dividend 41 per cent to 8.2 pence a share on the strength of the results.

Morrisons new chief executive Dalton Philips starts later this month.

Former chief executive, Marc Bolland, left the company in December and is due to become the new boss at Marks and Spencer on 1 May.

The company opened 43 new stores last year with the average number of weekly customers across all stores up seven per cent.

It said in a statement: "We expect the economic environment to remain challenging, disposable incomes to be under pressure and value to be a high priority for consumers.

"The Board believes that Morrisons unique offer of high quality, fresh food at great value prices will continue to attract customers from our competitors and drive market share growth in the year ahead."