UK retailer lays bare full scale of trading woes

British supermarket group Morrisons laid bare the full scale of its trading woes today when it disclosed annual profits could be as low as £50m (€74m).

The firm estimated profits before tax, exceptionals and goodwill would be between £50m (€74m) and £150m (€212m) – well below the equivalent £320m (€477m) figure posted last year.