Sir Ken upbeat for Morrisons future

5:42pm Wednesday 7th May 2008

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Bradford-based supermarket group Morrisons will continue to prosper in the current economic climate so long at it sticks to its founding principles.

This is the view of Sir Ken Morrison, who retired as company chairman in March after a career spanning 55 years, during which he led it to become Britain's fourth largest supermarket chain with 375 stores employing 117,000 staff.

In his final chairman's statement to shareholders in the annual report and accounts Sir Ken says: "In my last statement as chairman of Morrisons it gives me particular pleasure to be reporting record earnings and to see more customers than ever before are experiencing the freshness, quality and value that Morrisons has to offer.

"I am sure the new management team will spare no effort in further extending your company's run of success."

Sir Ken says Morrisons fought hard to avoid passing on the rising costs of commodities such as wheat and dairy products and would strive to continue operating as a low cost business in order to give value to customers.

The recent Competition Commission report into the grocery sector contained nothing to make Morrisons change the way it does business.

The proposed competition test over the siting of supermarkets in Britain's high street would offer Morrisons opportunities in several parts of the country where Morrisons was under represented.

Looking back on his career, Sir Ken says it has been both demanding and fulfilling but always enjoyable.

He urges his successors, new chairman Sir Ian Gibson and chief executive Mark Bolland, to achieve success by assuming a leading business position.

He also reminded them that, although Morrisons was a large and sophisticated company, it carried out the simple task.

"We buy things and sell them," he said.

Sir Ken goes on: "Our task is to ensure that we always please the customer with the quality of what we offer for sale and at all times we ensure outstanding value for money. This can only be achieved by strict control of all costs and remaining in touch with all aspects of what is a fascinating industry."