Morrisons announced FY 16/17 sales at £16,317m, slightly higher than our expectations. Margins rose leading to a £305m net result, i.e. a net margin of 1.8% vs. 1.3%, a year ago. Morrisons succeeded in reducing its net debt despite a stronger capex, mainly thanks to improving cash flows from operations. The proposed dividend is about 5.43p per share vs. 5p a year ago (5.16p in our model). Regarding the outlook, Morrisons reiterated caution about Brexit’s impact on depreciati
10 Mar 2017
Turnaround plan starts lifting profitability
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Turnaround plan starts lifting profitability
- Published:
10 Mar 2017 -
Author:
Ranya GNABA -
Pages:
2
Morrisons announced FY 16/17 sales at £16,317m, slightly higher than our expectations. Margins rose leading to a £305m net result, i.e. a net margin of 1.8% vs. 1.3%, a year ago. Morrisons succeeded in reducing its net debt despite a stronger capex, mainly thanks to improving cash flows from operations. The proposed dividend is about 5.43p per share vs. 5p a year ago (5.16p in our model). Regarding the outlook, Morrisons reiterated caution about Brexit’s impact on depreciati