Delivered strong financial performance driven by relentless focus on value for customers:
Strong sales across the Group, with Retail LFL7 sales up 7.8%; inflation fell across the half, with volume and sales mix trends ahead of expectations:
UK & ROI LFL sales up 8.4%, including UK up 8.7%, ROI up 6.9% and Booker up 7.5%
C.Europe LFL sales up 0.9% reflecting strength of LY base and market volume contraction due to sustained high inflation
Retail adjusted operating profit5 £1,417m, up 13.5% at constant rates, including Save to Invest delivery of c.£290m
UK & ROI adjusted operating profit £1,371m, up 17.2%, with accelerated cost savings and a resilient volume performance offsetting significant cost pressures
Central Europe adjusted operating profit £46m, down (41.8)% due to a significant decline in Hungary driven by the impact of currency devaluation on input costs and regulatory actions; Slovakia and Czech Republic performing well
Tesco Bank adjusted operating profit £65m, up 25.0%, primarily driven by strong income growth; £250m special dividend returned to the Group reflecting the strength of Bank's balance sheet
Strong retail free cash flow6 £1,368m, including a positive working capital inflow of £368m
Net debt3,6 improved by £605m since year-end due to strong cash flow & Bank special dividend; net debt/EBITDA ratio 2.3x
Dividend;
Interim dividend per share of 3.85p, in line with our interim dividend policy at 35% of prior year full year dividend
The interim dividend was approved by the Board of Directors on 3 October 2023. It will be paid on 24 November 2023 to shareholders who are on the Register of members at close of business on 13 October 2023.
A dividend reinvestment plan (DRIP) is available to shareholders who would prefer to invest their dividends in the shares of the Company. For those shareholders electing to receive the DRIP, the last date for receipt of a new election is 3 November 2023
https://www.investegate.co.uk/announcem ... 24/7794914
Ian (I hold).