David Potts backs Morrisons’ turnaround with share investment

CHIEF executive of Wm Morrisons Supermarkets, David Potts, has thrown his weight behind turnaround plans for the business, investing £360,000 in shares.

Mr Potts earlier this week purchased 180,000 ordinary shares at 10p each at a purchase price per Share of £2.01.

His total shareholding following this purchase is 1,002,881 Shares.

Morrisons is in the middle of major “capital light, returns enhancing” turnaround plans.

It is seeing renewed optimism, following a £1bn improvement in figures at the company’s year end results which has seen the company get back in the black.

It has announced pre-tax profits of £217m for the year to January, compared with a £792m loss a year earlier.

The business briefly lost its FTSE100 status at the end of last year, but will officially return to the index later this year.