Tesco have almost doubled it dividend to 5.77p per share, a huge 92.3% increase from the previous year. The increase comes after it reported full year pre-tax profits of £1.7bn, a 28% increase from last year, with revenue rising by 11% to £63.9 billion.
Tesco stated that, whilst the market remains uncertain, its performance has been strong to date and it remains confident with its profit expectations for 2019/20.
In the UK and the Republic of Ireland, like-for-like sales grew by 2.9%, the third full year of growth, with Tesco UK like-for-like sales growing by 1.7%.
Fox & Ivy and Go Cook ranges contributed to like-for-like sales growth of 4.2% in Tesco’s home category, with clothing like-for-like sales growing by 3.0%. Online grocery sales grew by 2.8% year-on-year.
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 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.”