In 1985, the chairman reported that over the preceding 10 years profits had grown from £15 million to over £168 million, a compound annual rise of 30.4% – after allowing for inflation a real annual growth rate of 17.6%. In 1991, the Sainsbury's group boasted a twelve-year record of dividend increases, of 20% or more and earnings per share had risen by as much for nearly as long. Also in 1991, the company raised £489 million, in new equity to fund the expansion of supershops.