Tesco sees major uplift of prelim annual figures

Tesco plc has reported its Preliminary Results 2018/19, showing group sales of £56.9bn, an uplift of 11.5%, and group operating profit was £2,206m, a rise of 34%.

Group operating margin stood at 3.45%, with the second half operating margin at 3.96% (3.79% excl. Booker).

For the UK & ROI, like-for-sales rose to £1,537m, up 45.1%; including £196m Booker (last year: £185m) and £79m synergies.

Statutory revenue was 11.2% to £63.9bn; operating profit showed a rise of 17.1% to £2,153m; profit before tax was up 28.8% to £1,674m.

Dave Lewis, Chief Executive, said, “After four years we have met or are about to meet the vast majority of our turnaround goals. I’m very confident that we will complete the journey in 2019/20.

'I’m delighted with the broad-based improvement across the business. We have restored our competitiveness for customers - including through the introduction of ‘Exclusively at Tesco’ - and rebuilt a sustainable base of profitability.

'The full year margin of 3.45% represents clear progress and the second half level of 3.79%, even before the benefit of Booker, puts us comfortably in the aspirational range we set four years ago.

'I’m pleased that we are able to accelerate the recovery in the dividend as a result of our continued capital discipline and strong improvement in cash profitability.”