Morrisons doubles profits

Supermarket chain Morrisons has doubled its profits, despite tough trading conditions, it has announced.

The retailer reported pre-tax profits for 2007 of £612m, up from £369m in 2006 as long-standing chairman Sir Ken Morrison retired from his post.

Like-for-like sales at the Bradford based grocer, excluding fuel sales, rose 4.6%, down from the 5.2% in 2007.

The results would suggest Morrisons has now recovered from its purchase of the Safeway chain in 2004.

Sir Ken said: "In my last statement as chairman of Morrisons, it gives me particular pleasure to be reporting record earnings and to see that more customers than ever before are experiencing the freshness, quality and value that Morrisons has to offer."

Sir Ken will be replaced by deputy chairman Ian Gibson, who will succeed him as non-executive chairman, the first non-family member to ever head the firm.

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