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Tesco resumes dividend as profits rise

04 October 2017 07:10

Tesco reported a large rise in first-half profit and resumed dividend payments after restructuring costs fell and it boosted sales at its grocery stores.

The company booked a pre-tax profit of £562m, up from £71m in the previous corresponding period.

Group sales rose by 3.3% to £25.2bn, but the rise was only 0.7% on a constant currency basis.

Tesco declared an interim dividend of 1.0p per share.

"Today's announcement that we are resuming our dividend reflects our confidence that we can build on our strong performance to date and in doing so, create long-term, sustainable value for all of our stakeholders," chief executive Dave Lewis said.

Turning to the outlook, the company said it's firmly on track to reduce its costs by £1.5bn, generate £9bn of retail cash from operations and improve operating margins to between 3.5% and 4.0% by 2019/20.

It said capital expenditure in the current year is now expected to be £1.1bn and is expected to remain between £1.1bn and £1.4bn per year.

Story provided by StockMarketWire.com

Related Company: TSCO

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