Morrison announces special dividend

Morrison announces special dividend

It’s been an extraordinary few years for supermarket chain Morrison (MRW), and chief executive David Potts is celebrating the group’s return to form by announcing a 4p special dividend. That amounts to a £237m handout – something Mr Potts says is possible thanks to “meaningful, sustainable sales and profit growth”, not to mention strong free cash flow. In fact, that strong cash flow helped reduce group debt by another £221m last year, allowing the grocer to comfortably beat its target to end the financial year with less than £1bn in net borrowings.

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