Morrisons posts £1.1bn loss as debt payments rise
The company’s fuel sales fell over £560m down to £3.4bn just two months before it offloaded its petrol forecourt business to Motor Fuel Group for £2.5bn
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Morrisons has posted a loss before tax of £1.1bn for the year ended 29 October 2023 as its debts increased as a result of its takeover by Clayton Dubilier and Rice.
The company saw its finance costs rise to £735m, up from £593m in the same period last year.
These costs were related to external debt and inter-company loans causing the 23% increase.
Alongside this, the supermarket’s revenues dropped from £1.87bn last year to £1.84bn this year.
Despite this, its underlying profits excluding debt interest costs hit £970m up from £911m.
The company’s fuel sales fell over £560m down to £3.4bn just two months before it offloaded its petrol forecourt business to Motor Fuel Group for £2.5bn.
A spokesperson for Morrisons said: “Morrisons’ financial performance highlights the progress the company has made, delivering six consecutive quarters of like-for-like growth.”
They added that while statutory profits had been impacted by “a number of non-cash items”, it insisted that “the underlying performance of the business is strong”.
