SUPERMARKET Morrisons plans to close 23 of its M Local stores in the next financial year.

News of the closures came in Morrisons' preliminary results report for the 2014/15 financial year, published today, which revealed losses before tax of £792million.

Morrisons has not indicated which of its stores 100 M Local shops will close.

There is an M Local in Cirencester town centre, and when Morrisons announced in January that it was planning to close 10 of the stores before the end of this financial year, it was feared the Dyer Street shop could be among them.

However, a Morrisons spokeswoman then said that the Cirencester branch would not be closing this financial year.

It is not yet known whether the Dyer Street shop could be among the 23 to close in the next financial year.

Andrew Higginson, chairman of Morrisons, 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. "

The company's total turnover was down almost five per cent in 2013/14 to £16.8 billion from £17.7 billion in 2013/14.

The company's underlying profit before tax was down 52 per cent to £345 million.

Morrisons has posted losses before tax of £792 million compared to £176 million in 2013/14.