British supermarket group Morrisons has today reported a halving in annual profit as a Covid-19-related jump in sales was more than offset by the huge extra costs of the crisis. 

The group said today it made profit before tax and exceptional items of £201m in the year to January 31, prior to a business rates payment of £230m.

That compared to analysts’ average forecast of £200m and £408m made in 2019-20.