Morrisons is expected to report a 2.9% increase in turnover to £12.5bn when it releases its full-year results on Thursday (15 March), as the City eagerly awaits the outcome of its strategic review.

The supermarket group is also expected to unveil a pre-tax profit of between £300m to £330m, up from £61.5m the year before.

Morrisons' shares hit a high of 320.5p in Friday trading with analysts weighing up what the group's strategic review, carried out by new chief executive officer Marc Bolland, could include.

Morrisons is understood to have looked at all areas of the business including marketing, in-store layout, IT investment, online, non-food and green initiatives.

The review could also include a new image for the chain, with reports suggesting Morrisons could ditch its yellow and black branding and logo 'More reasons to shop at Morrisons'.