By BFN News | 09:17 AM | Thursday 11 March, 2021 Morrisons has seen pre-tax profits fall more than 60% in 2020, with £290 million relating to covid costs , in spite of a rise in sales and revenue for the high street supermarket chain.
The company reported end of year sales were up 8.6% on 2019 and total revenues had increased 0.4% to £17.6 billion.
Total revenue excluding fuel was up 8.9% as fuel sales slumped 32.1% to £2.49bn during the pandemic.
The company also announced a final ordinary dividend of 5.11p, taking the full-year ordinary dividend up 5.6% to 7.15p and full-year total dividend up 27.1% to 11.15p.
Morrisons expects 2021/22 profit before tax and exceptionals including rates paid to be higher than the £431m profit achieved in 2020/21, excluding the £230m waived rates relief.
By BFN News | 08:57 AM | Thursday 11 March, 2021 Rolls Royce has said its performance in 2020 has been significantly affected by the COVID-19 pandemic as it reports a fall in revenue to £11.8 billion.
The underlying revenue of £11.8 billion reflected lower activity and included a £1.1 billion revenue impact from Civil Aerospace LTSA contract accounting catch-ups.
The underlying operating loss of £2 billion included £1.3bn of one-off charges largely due to COVID-19 comprising charges for LTSA catch-ups, contracts that have become loss-making in the year and customer provisions.
In a statement, the company said: In May 2020 we launched a major restructuring programme to fundamentally re-size the cost base and capital requirements of our Civil Aerospace business. In total we expect the restructuring to lead to the reduction of at least 9,000 roles by the end of 2022, most of which are in Civil Aerospace.