Morrisons sees shares surge
- Published: 29 September, 2006
Page 12
Wm Morrisons' shares reached the highest level since its takeover of Safeway two years ago, after it posted better than expected results last week.
Shares went up by 18p, or 7.7%, to 251½p, as it revealed profits of £134.2 million in the six months to 23 July, ahead of expectations.
New chief executive Marc Bolland promised to reveal his strategy for the business in March after completion of a review. He said he would consider all aspects of the retailer including how to improve smaller store profitability and product ranges.
Analysts now expect Morrisons to make pre-tax profits of about £281m for the full year.
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