disclaimer

Disclaimer

The information in this presentation does not constitute an offer

to sell or an invitation to buy shares in George Wimpey Plc or

any other invitation or inducement to engage in investment

activities.

Past performance cannot be relied upon as a guide to future

performance

2

George Wimpey PlcPreliminary Resultsfor the year ended 31 December 2005

Tuesday 21 February 2006

Welcome and introduction

John Robinson

Chairman

Agenda

Key messages Peter Johnson

2005 financial review Andrew Carr-Locke

US business review Peter Johnson

UK business review Pete Redfern

Group outlook Pete Redfern

5

Key messages

Peter Johnson

Group Chief Executive

2005: US growth strategy paid off,

offset by disappointing UK result

Weak market exposed challenges of short term landbank as

well as weaknesses within our business

Bulk of UK business remains sound; those weaknesses have

been addressed

UK soundly based to rebuild margins in stable and improved

market

Morrison Homes has outperformed in a strong market

Management team is strong; internal succession ensures

continuity of strategy7

2005 financial review

Andrew Carr-Locke

Group Finance Director

2005 results

£m

Tax

Profit before tax

Dividend cover

DPS

NAV per share

EPS

366.5 437.6 - 16%

17.6p 16.0p + 10%

3.7x 4.9x -

64.3p 78.4p - 18%

389p 340p + 14%

31% 31% -

9* restated for IFRS and land sales

Interest (71.0) (59.9) + 19%

Operating profit 437.5 497.5 - 12%

Turnover 3,003.2 2,976.0 + 1%

2005 2004* Change

2005 completions

10,678 - 5% £188,600 - 2%UK private

1,422 + 48% £98,600 + 10%UK affordable

12,100 - 1% £178,000 - 4%UK total

4,921 + 11% $312,700 + 8%US total

17,021 + 2%GROUP TOTAL

No Change £ / $ Change

Completions Ave selling price

10

Turnover

£m

Operating profit

Operating margin*

Change £m Change 2005 2004

UK

US

Other

TOTAL

2,157.6 - 5% 278.0 - 32% 12.9%

845.5 + 21% 169.4 + 65%

18.0%

14.7%20.0%

0.1 - (9.9) - 33%

3,003.2 + 1% 437.5 - 12%

Segmental analysis

*Exchange rate in 2005 $/£=1.82, 2004 $/£=1.83

*UK operating profits stated after charging £5m of restructuring costs 11

Interest charge

12

£m

Loans

Pensions

Derivatives

Other

TOTAL

50.0 48.0 + 4%

8.5 8.1 + 5%

5.3 -

7.2 3.8 + 89%

71.0 59.9 + 19%

2005 2004 Change

Yr to Dec2004

Yr to Dec2005£m

Cash flow summary

Operating profit

Land spend

Land realisations

Other working capital movements

CASH INFLOW FROM OPERATIONS

497.5437.5

(935.1)(839.0)

702.1737.4

(88.3)(49.0)

176.2286.9

Interest

Tax

Dividends

Other movements

REDUCTION / (INCREASE) IN NET DEBT

(49.2)(53.6)

(91.3)(117.7)

(33.7)(53.7)

20.8(38.8)

8.3(1.0)13

Exchange rate effects

(14.5)(24.1)

Balance sheet net assets

Dec2004*

Dec2005

Fixed assets and joint ventures

Land

Land creditors

Other net operating assets

Tax and provisions

Net pension deficit

TOTAL NET ASSETS EMPLOYED

36.457.6

1,932.32,153.4

(274.7)(380.5)

403.0469.9

(114.4)(104.9)

(130.3)(129.2)

1,852.32,066.3

£m

* restated for IFRS 14

Balance sheetfinancing

15

Shareholders’ funds £m

Net debt £m

Capital employed £m

Gearing

Interest cover - reported

Interest cover - underlying

ROACE

1,544.4 1,331.4

521.9 520.9

2,066.3 1,852.3

34% 39%

6.2x 8.3x

8.8x 10.4x

22.3% 28.9%

Dec2005

Dec2004

* restated for IFRS

5 year review

16

Group completions

PBT £m

Net worth £m

Dividends per share

Gearing

17,021 16,654 16,654 16,570 16,917 14,437

366.5 437.6

1,544.4 1,331.4

17.6p 16.0p

34% 39%

450.7 378.2 285.9 152.0

1,439.1 1,168.4 944.6 783.3

16.0p

36%

12.25p

45%

9.1p

40%

8.25p

49%

2005 2004 2004 2003 2002 2001

IAS UK GAAP

Profits increased by 141%Dividends annual growth rate 21%Balance sheet strengthened

US business review

Peter Johnson

Group Chief Executive

2005 financial summary


Legal completions

Comps excluding Atlanta

Ave selling price

Turnover

Operating profit

Operating margin

4,921 4,422 + 11%

4,797 4,110 + 17%

$312,700 $288,900 + 8%

$1,538.8m $1,277.3m + 20%

$308.3m $188.3m + 64%

20.0% 14.7% + 5.3pp

2005 2004* Change

Five year review

CompletionsOperatingmargin %

Operatingprofit* $m

Turnover*$m

ASP$

2004

2005

2001

2002

2003

1,277.3 188.3 14.7% 4,422 289,000

1,538.8 308.3 20.0% 4,921 313,000

687.7 66.4 9.7% 2,900 238,000

804.7 80.7 10.0% 3,197 252,000

988.3 118.6 12.0% 3,661 270,000

CAGR 22.3% 46.8% - - 7.1%


Margin

Gross margin up from 25% to 30%average selling prices +8% but big mix changes

underlying house price inflation >10% in Florida, Phoenix, North

California; <5% in Texas, Denver

increase in land costs offset by change in regional mix

impact of build cost inflation on margin ~4.5% - 5%

Overhead to sales stable at 10%increased bonuses offset by scale efficiencies

20

Some industry comparisons

:

Company Est PBT margins 2005 asp 2005 increase % US GAAP $000 %

Toll Brothers 21.6 654 13 NVR 21.0 376 13Morrison 18.5 313 8Standard Pacific 17.6 352 -6DR Horton 17.0 263 9 Hovnanian 16.7 319 14 Pulte 15.8 316 10 Ryland 15.6 274 9 Centex 14.4 297 10

Beazer 12.2 271 17

Estimates from broker reports 21

Successful growth strategy

Focus on growth markets

Growth through satellites

Growth through product development

Addressing underperforming businesses

Landbank

22



Morrison markets account for 45% of job growth

49% of

population growth

38% of 2005

H2 SF permits




Landbank 23

Morrison Homes markets major beneficiaries of underlying trends

209

151

166

81

40

647

1,681

38%

1

3

2

6

12

SFPermitsH2 2005

Rank

Florida

California

Texas

Arizona

Colorado

TOTAL

Total US

Morrison Markets

297

278

154

117

55

901

2,010

45%

1

2

3

4

18

JobGrowth

last 12 mths

Rank000s

24

404

290

388

199

63

1.344m

2.753m

49%

1

3

2

4

11

Population Growth Rank




2001 new satellites in Jacksonville, Sarasota, Central Valley

2005 these satellites accounted for 20% completions

2005 new satellites in Daytona Beach, Fort Myers and Reno



Landbank

25





townhomes were >12% of Florida completions in 2005

townhome volumes expected to grow 2.5 times in 2006


Land bank

26






Atlanta exited

Texas 2005 completions +47%

Texas order book at 31 December +55%

net reservations weeks 1-6 2006 +14%

Landbank

27






Landbank

total plots at end 2005 23,514

% of plots used during the year 140 % of land for 2006 targeted completions 100 % of land for 2007 targeted completions 90

28

Landbank in place to deliver growth

0

5,000

10,000

15,000

20,000

25,000

2001 2002 2003 2004 2005

controlled owned/optioned total

29

Focus on growth markets balanced landbank to support growth

30

West

Southeast

Southwest

1,187

2,253

1,481

4,093

12,040

7,381

2005comps land comps land

1,130

2,092

1,200

3,997

10,573

7,009

comps land

832

1,684

1,145

3,125

8,816

5,886

2004 2003

Focus on growth markets growth in completions and landbank

31

West

Southeast

Southwest

5%

8%

23%

2%

14%

5%

2005/4comps land comps land

43%

34%

29%

31%

37%

25%

comps land

832

1,684

1,145

3,125

8,816

5,886

2005/3 2003

Outlook economy, housing market - macro picture remains healthy

US economy remains strong

600,000 jobs created in last three months

consumer confidence at highest since June 2002

unemployment rate down to 4.7%

30 year fixed rate mortgage at 6.22%

Housing industry projected to remain at high levels

NAHB projects SF new home sales down 8.1% to 1.19m

that matches 2004 and is 10%> average 2002-2004

1.28m new owner households created to grow home

ownership rate from 69% in 2004 to 70% in 2010

32

Outlook Morrison Homes

- too early to call full year outlook

Outlets* +10%

Order book at 1 Jan 06* +20% in volume

+36% in value at margins and prices ahead of 2005 full year

Order book at end week 6* +19% in volume

+36% in value

Salesweeks 1-6 -3% on 2005sales rate 0.93 vs 1.05West down, Southeast flat, Southwest up

*excluding Atlanta33

UK business review

Pete Redfern

Deputy Group Chief Executive

Two key questions

Why have UK margins fallen in 2005?

What have we done to address these issues?

35

Two key questions

Why have UK margins fallen in 2005?


36

Causes of margin reduction

Impact of tough market and mix on selling prices

affordable housing

smaller private product – houses and apartments

southern market significantly weaker

Habitual second half volume weighting reduced business flexibility

Impact of rising costs – mostly land, due to short term landbank

Underperforming businesses and sites affected overall margin

performance

37

Margin movement

Mix / volume impact

Net operating expenses impact

2005 margin

Build cost impact

Land cost impact

2004 margin

Sales pricing impact

12.9%

2005

18.0%

(1.8%)

(0.3%)

(0.4%)

(2.6%)

0.0%

38

2005 financial summary

* restated for IFRS and land sales39

Total completions

Private completions

Affordable completions

Private ASP

Total turnover £m

Gross margin %

Operating profit £m

Operating margin %

12,100

10,678

12,232

11,274

1,422 958

£188,600 £193,400

2,157.6 2,277.9

21.5% 26.1%

278.0 409.4

12.9% 18.0%

2005 2004*

2 key questions

Why have UK margins fallen significantly in 2005?


40

Actions to improve margin performance

Put sales on front footimprove quality of sales processes and performance

ensure sales are moving on all sites

lengthen order book to create urgency for customers

Improve H1/H2 volume balancethrough sales catch up and focus on next six months

through build planning

Continue to improve land processes, culture and people

Drive down build and overhead costs £20m of cost savings achieved (£2m in 2006)

further overhead reductions to come through

more to go on build costs in 2006

41

Actions to improve margin performance

Addressing underperforming businesseschallenging management, changing where necessary

new Management Team established - experienced housebuilding team

structure simplified, central drive and control, not more overhead

Laing business structure rationalised and absorbedall UK businesses run on same model

two smallest subscale businesses closed

strong underlying Laing businesses and people retained

two brands nationally available to allow local differentiation for growth

Decision to withdraw from high rise City businessstrong skills within business retained

releases £100m of cash over two years for reinvestment

42

2006 business structure

43

New business structure

North 8

Midlands 8

South 9

TOTAL 25

+ 3 new satellites

Completions from 350 – 700 per business

Overheads before restructuring costs (£m)

Bristol

ManchesterLiverpool

Newcastle

EdinburghGlasgow

Birmingham

Leeds

London

Plymouth

Aberdeen

2005 2004 2003

109 118 117

2005 market

Market has been difficult since mid 2004total market volumes down 17.2% (source: Land Registry)

second hand market very slow

price sensitive and incentive led

In H1, North was strongest and South weakest

H2 started to show slow improvementparticularly in the last two months

particularly in South

Apartment market has been particularly price and product sensitive

impact c. 2.5% margin difference to average

44

Ave weekly sales rates GW 2003 – 2005

45

0.00

0.20

0.40

0.60

0.80

1.00

1.20

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Sa

les

pe

r s

ite

pe

r w

ee

k

2003 2004 2005

• H2 sales create 32% growth in order book

• Nov/Dec sales remain strong due to focussed pressure

Net prices on reservationsGW 2003 – 2005

46

165

170

175

180

185

190

195

200

205

210

Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec

AS

P a

chie

ved

on

res

erva

tio

ns

£000

s

2003 2004 2005

•Sales growth driven by performance not just price – cost 1% of net price

•Building order book will allow reduction in incentives

Product mix

Managing our apartment mix2005 land approvals 30% apartments

margin hurdles increased on apartments in 2004

size down 5% and still being reduced

preferred range 10 - 15% more efficient in size/plotting

PD completions

Apartments

2 / 3 bed houses

4 / 5 bed houses

2005

36%

32%

32%

100%

2004

31%

32%

37%

100%

47

Cost reduction

2005 cost saving programmesub-contractor savings

replans of high cost sites/products

More potential for 2006standard build detail eg floor systems

rationalisation of doors/fittings

option cost efficiencies

Preferred housetype range designed and in place

adopted first in new and underperforming businesses

cost per square foot 5% below average product

48

rationalisation of brick supply chain

rationalisation of site overheads

loading scaffolding/joist hangers

kerb remedials

sales and showhome costs

Landbank

North

Midlands

16,447

13,878

5,112

4,662

2005 2004 2005 2004

Owned andcontrolled plots

Strategic acres

18,615

11,882

4,934

5,529

TOTAL 50,985 14,16951,119 17,571

49

•Landbank broadly maintained, North land prices still inflating until late 2005

•Strategic landbank and process challenged – sifting sand, finding some nuggets

South 20,660 20,622 7,1084,395

Owned land cost and value

Opening landbank

Acquired net*

Completions*

Closing landbank

2005

45.6

51.0

(47.3)

47.2

2004

44.6

46.8

(44.3)

45.6

Cost Per Plot (£000)

*Plot cost high in year, driven by South/North mix

ASP £000s

Cost per plot £000s

2005 completions Landbank

Land value % ASP

178.0 181.2

47.3 47.2

26.6% 26.0%

•Closing plot cost marginally lower than 2005 completions

•Landbank average selling price higher than completions due to South mix50

Example sites acquired in 2005

51

Newton Leys

Lawley, Telford

Masterton, Dunfermline 695

1,167

1,650

No of plots

66

71

90

No of acres

17.3%

19.6%

20.7%

Cost per plot as % of ASP

UK objectives

Margin improvement objective for H2 2006move net prices forward having strengthened sales position

continuous cost reduction plan to hold inflation or better

show improvements from underperforming businesses

Medium term volume growth2006 volumes will be less H2 weighted – foundation for housebuilder

growth culture

existing structure has ability for growth

-undersize businesses

-three new satellites

-improvements in land buying structure and people

52

Outlook

Market recovery seen in Nov/Dec continuesRICS survey shows completions up 15% year on year

more confident, committed visitors

outlets below last years peak at 292 (2005: 320)

sales rate still maintained at 0.96

order book at lower margins, starting to move net prices on new

reservations

Opportunities in both material supply and subcontract costs,

despite energy pressures

53

Group outlook

Pete Redfern

Deputy Group Chief Executive

Group outlook

US

economy and housing market projected to remain healthy

although too early to call full year outlook

strong forward order book

sales remaining sound

UK

market recovery seen in Nov/Dec continues

further cost saving opportunities identified and in place

strong forward order book starting to reduce use of incentives

55

Forthcoming events

AGM statement and trading update 20 April

Pre-close trading update W/C 3 July

Management dinner W/C 3 July

Interim results 1 August

Site visit October

56

George Wimpey PlcPreliminary Resultsfor the year ended 31 December 2005

APPENDIX

Pensions

UK defined benefit scheme closed to new members in 2002Investment position

68% fixed interest

32% equitiesMortality assumptions fully updated following detailed study of recent mortality experience of the Scheme March 2005 Actuarial Valuation

gross deficit £148m

net £104mIAS 19 valuation 2005

gross £185m (2004 £186m)

net £129m (2004 £130m)Deficit funding contributions paid for 2004 and 2005, agreed contributions for 2006 of £15mTotal contribution (including deficit funding) £21m (2004 £23m)

57

Undeveloped land disposals

58

Land sales UK

US

TOTAL

Profit (loss) UK

US

TOTAL

24.3 22.7

13.2 7.0

37.5 29.7

15.4 9.3

1.6 (0.1)

17.0 9.2

2005 2004£m

Revenue from land disposals is no longer included in turnoverThere is no impact on reported operating profits

Group reservations

UK private

UK affordable

11,318

1,881

10,640

1,278

307 295 0.71 0.69

US TOTAL

GROUP TOTAL

5,211

18,410

UK TOTAL 13,199 11,918

4,822

16,740

95 100 1.05 0.93

2005 2004

Reservations Ave sites Per outlet /per week

2005 2004 2005 2004

59

UK – turnover analysis

2004

Year H2 H1

11,274 6,631 4,643

193.4 192.4 194.9

2,181 1,276 905

958 508 450

89.8 92.5 85.9

86 47 39

Private - volume

turnover £m

Affordable - volume

ave price £000s

turnover £m

Other turnover £m 11 9 2

60

2005

Year H2 H1

10,678 6,524 4,154

188.6 184.8 194.5

2,014 1,206 808

1,422 1,000 422

98.6 103.3 87.7

140 103 37

4 2 2

12,232 7,139 5,093

185.3 185.3 185.3

Total - volume

ave price £000s

turnover £m 2,278 1,332 946

12,100 7,524 4,576

178.0 174.0 184.6

2,158 1,311 847

ave price £000s

UK - margin analysis


20042005

Year* H2* H1*Year H2 H1

595.4 348.0 247.4464.2 265.6 198.6

26.1% 26.1% 26.2%21.5% 20.3% 23.4%

(75.9) (39.7) (36.2)(86.2) (45.7) (40.5)

(119.4) (61.4) (58.0)(115.4) (58.4) (57.0)

409.4 253.6 155.8278.0 171.3 106.7

18.0% 19.1% 16.5%12.9% 13.1% 12.6%

Gross profit £m

Operating profit £m

Overheads / JVs £m

Operating margin %

Gross profit %

Direct selling £m

Land profits £m 2.615.4 9.8 5.6 9.3 6.7

UK - PD product mix

2005

Year H2 H1

Apartments 36% 37% 34%

2 / 3 bed houses 32% 32% 32%

4 / 5 bed houses 32% 31% 34%

100 100 100

2004

Year H2 H1

31% 29% 32%

32% 29% 35%

37% 42% 33%

100 100 100

Completions

62

UK – PD activity analysis

20042005

Year H2 H1Year H2 H1

Ave house size sqft 1,033 1,008 1,069994 980 1,015

Ave selling price £ / sqft 187 190 182189 188 192

63

UK -PD price mix %

£0 – 50k

£51 – 100k

£101 – 150k

£151 – 200k

£201 – 250k

£251 – 300k

£301 – 500k

£500k +

TOTAL

64

20042005


0 0 0

6 7 4

30 31 30

32 32 32

18 17 19

7 6 8

6 6 6

1 1 1

100 100 100

0 0 0

7 7 7

29 29 29

31 31 30

18 19 18

7 7 7

7 6 8

1 1 1

100 100 100

% completions by price band £000s

Legals

20042005

LegalsSizesqft

ASP£000

North 4,182 1,084 167.53,813 1,043 167.0

Midlands 3,197 1,018 177.93,079 965 170.2

South 3,606 1,012 232.93,599 989 225.6

TOTAL 11,274 1,033 193.410,678 994 188.6

Sizesqft

ASP£000

City 289 729 249.0187 766 273.4

65

UK -PD geographic mix

UK -landbank by region


2005 2004

Strategic acres

2005 2004

North

Midlands

South

16,447 18,615

13,878 11,882

20,660 20,622

5,112 4,934

4,662 5,529

4,395 7,108

TOTAL 50,985 51,119 14,169 17,571

66

UK -short term land (private & affordable)

20042005


Start of period 33,559 34,191 33,55937,222 39,784 37,222

Net acquired 15,895 10,170 5,72514,319 7,181 7,138

Legal completions (12,232) (7,139) (5,093)(12,100) (7,524) (4,576)

End of period 37,222 37,222 34,19139,441 39,441 39,784

CONTROLLED 13,897 13,897 16,71011,544 11,544 14,596

TOTAL LANDBANK 51,119 51,119 50,90150,985 50,985 54,380

Plots OWNED

67

UK -owned land (private & affordable)

Plots

2004 2005

PlotsCost perplot £k

Value£m

Opening landbank 33,559 44.6 1,49637,222 45.6 1,698

Additions 15,895 46.8 74414,319 51.0 733

Completions (12,232) (44.3) (542)(12,100) (47.3) (572)

End of period 37,222 45.6 1,69839,441 47.2 1,859

Short term Cost perplot £k

Value£m

Strategic Acres Value £mAcres Value £m

End of period 17,571 8514,169 71

68

Morrison Homes - turnover analysis

2005

Year H2 H1

Volume 4,921 2,925 1,996

ASP $000s 313 320 302

Turnover $m 1,539 936 603

2004*

Year H2 H1

4,422 2,708 1,714

289 296 278

1,277 801 476

69* restated for land sales

Morrison Homes - margin analysis

2004*2005


Gross profit $m 316.9 200.7 116.2456.5 288.2 168.3

Gross profit % 24.6% 24.9% 24.0%29.2% 30.6% 27.1%

Selling expenses $m (64.0) (37.3) (26.7)(72.8) (41.2) (31.6)

Overhead costs $m (64.5) (35.0) (29.5)(77.0) (40.6) (36.4)

Operating profit $m 188.3 128.2 60.1308.3 206.4 101.9

Operating margin % 14.7% 16.0% 12.7%20.0% 22.0% 16.9%


Land profits $m (0.1) (0.2) 0.11.6 - 1.6

Morrison Homes -activity analysis

20042005


Ave house size sqft 2,386 2,371 2,4092,299 2,263 2,355

Ave selling price $ / sqft 121.1 124.8 115.3136.0 141.0 128.2

71

Morrison Homes - price mix

17 15 19 19 20 19$0 - <200k17 14 20 24 26 24$201 – 250k17 17 17 17 19 16$251 – 300k16 19 13 14 16 13$301 – 350k12 13 11 11 11 12$351 – 400k9 9 9 8 4 10$401 – 450k6 6 6 3 1 4$451 – 500k6 6 5 3 3 3$500k +

100 100 100 100 100 100TOTAL

Year H2 H1 Year H2 H1

2005 2004% completions by price band $000s

72

Morrison Homes - regional performance

TOTAL 1,2771,539 188.3 14.7308.3 20.0

73

-Corporate (20.1) -(23.7) -

* restated for IFRS and land sales

Turnover

2005$m

2004$m

453517

553681

284365

West

Southeast

Southwest

2005$m

2004*$m

74.2

26.0

Operating profit Operating margin

2005%

2004%

23.9

13.4

9.1

139.7

141.3

51.0

27.0

20.7

14.0

108.2

Exclude land sales (13)(24) - -- -

Morrison Homes - completions

2005

Year H2 H1

West 1,187 727 460

Southeast 2,253 1,321 932

Southwest 1,481 877 604

TOTAL 4,921 2,925 1,996

2004

Year H2 H1*

1,130 728 402

2,092 1,276 816

1,200 704 496

4,422 2,708 1,714

*restated to reflect new regional profile 74

Morrison Homes - average selling price

2005 Change

West

Southeast

Southwest

TOTAL

$436,000

$302,000

$246,000

$313,000

9.6%

15.7%

5.6%

8.3%

2004

$398,000

$261,000

$233,000

$289,000

75

Morrison Homes -landbank by region


2005 2004

West

Southeast

Southwest

4,093 3,997

12,040 10,573

7,381 7,009

TOTAL 23,514 21,579

76

Morrison Homes - short term land

2005

Year H2 H1

End of period 2,702 2,702 3,058

TOTAL LANDBANK 23,514 23,514 22,719

LAND SPEND $m 303 152 151

OWNED AND OPTIONS

2004

Year H2 H1

Start of period 18,892 19,661 18,892

Additions 6,841 4,076 2,765

Legal completions (4,921) (2,925) (1,996)

End of period 20,812 20,812 19,661

15,304 17,456 15,304

8,010 4,144 3,866

(4,422) (2,708) (1,714)

18,892 18,892 17,456

2,687 2,687 2,606

21,579 21,579 20,062

282 174 108

CONTROLLED

77

Impact of dollar

Morrison $ op profit

Ave exchange rate

Morrison £ turnover

2005 2004 Change

$188.3m$308.3m + 63.7%

$/£ = 1.83$/£ = 1.82

£698.0m£845.5m + 21.1%

Morrison $ turnover $1,277.3m$1,538.8m + 20.5%

Morrison £ op profit £102.9m£169.4m + 64.6%

78

disclaimer

Documents

business bulk of uk

disappointing uk

uk private1

uk affordable12

uk total4

uk operating profits

net debt49

exchange rate effects14