In its results for the year to 1 February 2015, Morrisons has reported a fall of more than 50% in pre-tax profits compared with the previous year.

Pre-tax profits fell by 52% to £345m against £719m for 2013-14. Total turnover was down 4.9% to £16.8bn, while like-for-like sales declined by 5.9%.

Morrisons new ceo David Potts is set to join on 16 March replacing Dalton Phillips.

Chairman Andrew Higginson said: “Last year’s trading environment was tough, and we don’t expect any change this year. However, Morrisons is a strong, distinctive business – we own most of our supermarkets, have strong cash flow, and are famous with customers for great quality fresh food at low prices. This gives us a good platform.”

He continued: “David Potts joins as Chief Executive next week. Under his leadership, we will focus on building trading momentum and being more like the Morrisons our customers expect.”