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| Morrisons sees surge in profits | Morrisons sees surge in profits |
| (20 minutes later) | |
| The UK's fourth-largest supermarket, Morrisons saw half-year pre-tax profits rise 45%, saying new customers had been drawn in by its prices in the downturn. | |
| The firm made £449mm in the six months to 2 August, attracting a million new customers in the past two years. | |
| Chief executive Marc Bolland said he was confident shoppers would stay with the firm as the economy picked up. | Chief executive Marc Bolland said he was confident shoppers would stay with the firm as the economy picked up. |
| Customers were still looking for value, he said, but added sales of "treats" such as cakes were rising. | Customers were still looking for value, he said, but added sales of "treats" such as cakes were rising. |
| The most recent data from TNS Worldpanel survey of the grocery sector found Morrisons' market share had risen to 11.6% in the 12 weeks to 12 July, up from 11.2% a year ago. | The most recent data from TNS Worldpanel survey of the grocery sector found Morrisons' market share had risen to 11.6% in the 12 weeks to 12 July, up from 11.2% a year ago. |
| The figures indicated that Morrisons had seen the fastest year-on-year growth in the sector. | The figures indicated that Morrisons had seen the fastest year-on-year growth in the sector. |
| But it warned there would be slower market sales growth to come as food price inflation eases back. | |
| Its profits - which were up 22% to £359m on an underlying basis - came after same-store sales rose by 7.8%, excluding fuel and VAT. |