At the end of Sir Ken Morrison's last-ever analyst presentation yesterday, the group of hardened cynics stood in ovation, writes Tim Sharp.

This might seem remarkable given the hostile treatment he received from the City only two years ago when its 2004 takeover of Safeway was proving to be more tricky than expected and the company he chaired reported its first-ever loss.

Yesterday record earnings allowed Morrison to finally bury concerns about the wisdom of his purchase.

But what the analysts were recognising was not a short-term turnaround but what his chief executive Marc Bolland called "55 years of hard work" as he expanded the company from some market stalls in Bradford to, in the wake of the Safeway takeover, a national supermarket empire.

This might explain Morrison's distinct lack of enthusiasm about his retirement plans, noting gloomily the advice of a friend that the first month of retirement is the worst.

"I have been in the business for 55 years. The first thing is to get a little bit adjusted to it."

Gardening appears to be part of his future plans, as is "a farm that struggles".

"It will be interesting to see the other side of the fence," he added.

Morrison, 76, who claims to have first worked on his father's egg and butter stalls at the age of five, took over the business in 1952 on return from National Service. Its first self-service store was set up two years later.

Morrison rejected the opportunity to dwell on his achievements. His greatest accomplishment was "building a team of people who could build a good business", he said yesterday.

But he is clearly proud of the company.

Asked about his regrets, he launched into a fierce defence of the £3bn Safeway takeover that saw him forced to bring in non-executive directors for the first time.

"It was a very good deal and I was very satisfied with it and it brought great benefit to the business."

His parting shots yesterday underlined the common-sense approach he was renowned for.

Should Morrison follow its competitors in squeezing better deals out of suppliers as food prices rise?

"The bond is between good customers and good suppliers. We are only the agent."

He also refused to back a government-supported drive against plastic bags, noting their use as bin liners in the home.

"It is no good saying carrier bags are a nuisance."

Bolland said: "One of his secrets is that he has the consumer at his heart. When he goes round the stores he looks at things and says that is not what the customers want'."

He will not have to look too far if he needs that kind of insight in future. Morrison, who would not be drawn on the future of his stake in company, is becoming its honorary president.