WM Morrison has announced FY20/21 preliminary results in line with the street’s estimates. Although the revenue and adjusted operating profit were in line, FCF slumped significantly, on the back of lower operating profit, the temporary decline in fuel sales and working capital headwinds. We continue to see Morrison as a healthy business and believe that the FY21/22 outlook is achievable. We remain positive on the stock’s valuation.
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No surprises in FY20/21 prelim results
- Published:
12 Mar 2021 -
Author:
Nishant Choudhary -
Pages:
3
WM Morrison has announced FY20/21 preliminary results in line with the street’s estimates. Although the revenue and adjusted operating profit were in line, FCF slumped significantly, on the back of lower operating profit, the temporary decline in fuel sales and working capital headwinds. We continue to see Morrison as a healthy business and believe that the FY21/22 outlook is achievable. We remain positive on the stock’s valuation.