Tesco Results

[idpickering]

Here;

viewtopic.php?f=94&t=16264&p=214041#p214041

[Arborbridge]

If I'm reading that right, that's a full year dividend increase from 3p of 192% - so they are trying hard. At 2.4% that keeps it above my sell threshold but clearly below any buy for the moment.

This has been a classic HYP experience - sitting on one's hands waiting for the recovery and hoping to avoid a further collapse Likewise, Lloyds, but that took far longer.

Arb.

PS I find this new idea of posting on some alien board rather confusing. Where am I supposed to reply?

[idpickering]

PS I find this new idea of posting on some alien board rather confusing. Where am I supposed to reply?

I get that Arb. I nearly didn’t bother putting the results up anywhere, such is my frustration. There’s a lot to be said with keeping things simple.

Ian.

[IanTHughes]

Dividend details

https://www.dividenddata.co.uk/ex-divid ... hTerm=tsco

Final Dividend         4.10p
Ex-Dividend Date   16 May 19
Payment Date       21 Jun 19

Ian

[langley59]

Strangely no RNS issued relating to these results yet? I heard about them on the radio.

[Dod101]

Strangely no RNS issued relating to these results yet? I heard about them on the radio.

There are there in all their glory on the Tesco website. I assume although I have not looked that there will be an RNS as well.

Dod

[tjh290633]

On the Tescoplc web site they have the press release at https://www.tescoplc.com/news/news-rele ... ts-201819/ and the RNS is at https://otp.tools.investis.com/clients/ ... id=1246774

A bit of a chase around today. From the latter:

Reflecting the continued improvement in the business and our confidence in ongoing cash generation, we propose to pay a final dividend of 4.10 pence per ordinary share. This takes the total dividend for the year to 5.77 pence per ordinary share, up 92.3% year-on-year, following the payment of an interim dividend of 1.67 pence per ordinary share in November 2018.

We now expect to reach a dividend cover level of around two times earnings (on a post-IFRS 16 basis) in the 2019/20 financial year. We would then expect to maintain this level going forward, expressed as an earnings pay-out ratio of around 50%, with an anticipated split of broadly one-third to two-thirds between interim and final dividends in any given year.

The proposed final dividend was approved by the Board of Directors on 9 April 2019 and is subject to the approval of shareholders at the Annual General Meeting to be held on 13 June 2019. The final dividend will be paid on 21 June 2019 to shareholders who are on the register of members at close of business on 17 May 2019 (the Record Date). Shareholders may elect to reinvest their dividend in the Dividend Reinvestment Plan (DRIP). The last date for receipt of DRIP elections and revocations will be 31 May 2019.

TJH

[MDW1954]

PS I find this new idea of posting on some alien board rather confusing. Where am I supposed to reply?

I get that Arb. I nearly didn’t bother putting the results up anywhere, such is my frustration. There’s a lot to be said with keeping things simple.

Ian.

Moderator Message:
There is ABSOLUTELY NO REASON why these results could not have been posted here. And therefore, there is no need to be frustrated over an inability to do so. Full year results are perfectly OK to be posted here, as has been explained several times. So here they are, below. -- MDW1954

Group sales2 £56.9bn, +11.5%
UK & ROI LFL sales8 +2.9% incl. Tesco UK +1.7% and Booker +11.1%
Central Europe LFL sales8 (2.3)%: fewer trading days and less general merchandise
Asia LFL sales8 (6.2)%: improvement to (3.0)% in 4Q
Group operating profit4 £2,206m, +34.0%
UK & ROI £1,537m, +45.1%; incl. £196m Booker (last year: £185m9) and £79m synergies
Central Europe £186m, +56.3%: significant cost reductions and improved profit mix
Asia £286m, (4.3)%: supplier negotiations concluded and significant restructuring complete
Bank £197m, +16.6%: strong banking performance and one-off contract renewal benefit10
Group operating margin4 3.45%; 2H operating margin4 3.96% (3.79% excl. Booker)
Retail operating cash flow6 £2.5bn: c.£(490)m working capital timing impact year-on-year
Retail free cashflow of £906m: impacted y-o-y by working capital timing, higher tax and market purchases of shares
Net debt6,7 £(2.9)bn: increased by £(238)m after £(766)m Booker cash consideration
Final dividend 4.10p, giving FY dividend of 5.77p – now expect to reach c.2.0x EPS cover11 in 2019/20
Statutory revenue +11.2% to £63.9bn; operating profit +17.1% to £2,153m; profit before tax +28.8% to £1,674m

MDW1954

[idpickering]

Moderator Message:
There is ABSOLUTELY NO REASON why these results could not have been posted here. And therefore, there is no need to be frustrated over an inability to do so. Full year results are perfectly OK to be posted here, as has been explained several times. So here they are, below. -- MDW1954

OK, I accept that, but there's no need to shout at me in a Headmasterly manner.

Ian.

[Arborbridge]

PS I find this new idea of posting on some alien board rather confusing. Where am I supposed to reply?

I get that Arb. I nearly didn’t bother putting the results up anywhere, such is my frustration. There’s a lot to be said with keeping things simple.

Ian.

Moderator Message:
There is ABSOLUTELY NO REASON why these results could not have been posted here. And therefore, there is no need to be frustrated over an inability to do so. Full year results are perfectly OK to be posted here, as has been explained several times. So here they are, below. -- MDW1954

[


MDW1954

Now I am more confused than ever. You say there's no reason not to post results here, but it is the Tesco company board - so isn't that now the "correct" place? I think the problem was with HYP practical, wasn't it?

And isn't this the problem: no one knows what they are supposed to be doing anymore since the moderators have caused such confusion with various interventions which no one can remember. People have also pointed out that we sometimes end up believing we are posting on one board, but the post pops up on another.

Arb.

Just to reinforce the point: I thought I was posting on the company board, not the HYP practical board. See how easy it is to cause confusion? The whole thing is now a mess of rules and regulations which keep morphing or being misunderstood. It never was a problem until people made it so, about a year back.

[idpickering]

I get that Arb. I nearly didn’t bother putting the results up anywhere, such is my frustration. There’s a lot to be said with keeping things simple.

Ian.

Moderator Message:
There is ABSOLUTELY NO REASON why these results could not have been posted here. And therefore, there is no need to be frustrated over an inability to do so. Full year results are perfectly OK to be posted here, as has been explained several times. So here they are, below. -- MDW1954

[


MDW1954

Now I am more confused than ever. You say there's no reason not to post results here, but it is the Tesco company board - so isn't that now the "correct" place? I think the problem was with HYP practical, wasn't it?

And isn't this the problem: no one knows what they are supposed to be doing anymore since the moderators have caused such confusion with various interventions which no one can remember. People have also pointed out that we sometimes end up believing we are posting on one board, but the post pops up on another.

Arb.

Just to reinforce the point: I thought I was posting on the company board, not the HYP practical board. See how easy it is to cause confusion? The whole thing is now a mess of rules and regulations which keep morphing or being misunderstood. It never was a problem until people made it so, about a year back.

I agree Arb, and I’ve had enough. It ain’t worth my time or the hassle. Thanks for your input. Good luck all.

Ian.

[MDW1954]

I get that Arb. I nearly didn’t bother putting the results up anywhere, such is my frustration. There’s a lot to be said with keeping things simple.

Ian.

Moderator Message:
There is ABSOLUTELY NO REASON why these results could not have been posted here. And therefore, there is no need to be frustrated over an inability to do so. Full year results are perfectly OK to be posted here, as has been explained several times. So here they are, below. -- MDW1954

[


MDW1954

Now I am more confused than ever. You say there's no reason not to post results here, but it is the Tesco company board - so isn't that now the "correct" place? I think the problem was with HYP practical, wasn't it?

And isn't this the problem: no one knows what they are supposed to be doing anymore since the moderators have caused such confusion with various interventions which no one can remember. People have also pointed out that we sometimes end up believing we are posting on one board, but the post pops up on another.

Arb.

Just to reinforce the point: I thought I was posting on the company board, not the HYP practical board. See how easy it is to cause confusion? The whole thing is now a mess of rules and regulations which keep morphing or being misunderstood. It never was a problem until people made it so, about a year back.

Arb,

Moderation will be impossible if moderators have to bear in mind the possibility that people are posting or replying on one board, while imagining that they are actually posting on another.

You were posting on HYP Practical, and it is perfectly sensible to assume that this is where you intended to post.

I won't say any more, as that would veer into a discussion of moderation.

To reiterate, for everyone's benefit: minor pieces of company news should go on the Company News board, HYP-relevant news (which full year results and dividend announcements obviously are) is very welcome on this board.

The purpose of this is to improve the quality of information on the HYP Practical board. That is the sole intent.

MDW1954

[Dod101]

MDW That may be the sole intent but the new arrangements have resulted in confusion and two threads on the same topic. Is that what was intended? No wonder Arb is confused.

Dod

[MDW1954]

MDW That may be the sole intent but the new arrangements have resulted in confusion and two threads on the same topic. Is that what was intended? No wonder Arb is confused.

Dod

Dod,

Idpickering deleted the second topic himself, as he had inadvertently created a duplicate. So that data point can be ignored.

Arb appears to have thought he was on the Company News board, when in fact he wasn't. It's difficult to pin that on the new arrangements, as well.

So while your comment is doubtless well-intentioned, I judge it as being wide of the mark.

Happy to discuss this by PM, or in the Biscuit Bar, but further comment here would probably not be appropriate.

What I will add, though, is that mods intend to make it even clearer which types of posts should go where, by amending the guidelines text in the "sticky".

MDW1954

[Dod101]

Thanks MDW I will say no more.

Dod