Profits jump for Morrisons

Supermarket chain Morrisons has seen its profits almost double despite a reduction in market conditions following the wet summer.

The Bradford-based retailer's half-year pre-tax profits soared to £266.3 million and come off the back of a major rebranding and revamp in March earlier this year.

Owner Sir Ken Morrison has been trying to turn around its fortunes since its 2004 takeover of rival Safeway pushed it into the red.

However, while the year started well, the group warned that it had experienced a "marked slowdown" towards the end of the reporting period.

It blamed rising interest rates - which cut into consumer spending - as well as increased competition for the tougher sales environment.

As well as shaking up the business, chairman Sir Ken Morrison announced in July his intention to resign.

Sir Ian Gibson, chairman of newspaper group Trinity Mirror, will take over the post in March 2008 - a move that will mark the first time a non-family member has headed the firm since it was founded in 1899.

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