Morrisons announces 66% profits increase

Ken Morrison rounded off 55 years at the supermarket chain Morrisons today by announcing a 66% hike in annual profits to £612m (€799m).

The chairman, who retires today from the family firm that he joined in 1952, said it gave him “particular pleasure” to report the record profits haul.

It comes after the group saw like-for-like sales grow by 4.6%, excluding fuel, last year.