INTERIM RESULTS 2009/10
SOLID RESULTS, WELL-PLACED FOR GLOBAL RECOVERY.
26 weeks ended 29 August 2009
H1 2009/10
Growth vs H1 2008/9* Group sales (inc. VAT)** £30.4bn 8.3%
Group revenue (ex. VAT) £27.8bn 9.3%
Group trading profit £1,551m 14.0%
Underlying profit before tax £1,571m 8.6%
Group profit before tax £1,419m 1.5%
Underlying diluted earnings per share*** 14.48p 9.1%
Diluted earnings per share 12.93p 0.9%
Dividend per share 3.89p 9.0%
Terry Leahy, Chief Executive, comments:
“Tesco’s core strengths are even more important as we tackle successfully the challenges of recession. Our focus on the customer, the consistency of our strategy, an efficient business model, strong local management teams, and a spirit of innovation and knowledge-sharing, have enabled us to improve the shopping trip for customers – by investing in consistent value they can trust and in rewarding their loyalty through Clubcard – whilst at the same time delivering a robust financial performance.
Last year’s acquisitions – Homever in Korea and Tesco Bank – are already making good contributions to sales and profits. In International, the markets with the greatest growth potential for the long-term have been some of the hardest hit in the short-term but we have nevertheless delivered a good performance against strong headwinds. Our UK business is delivering solid growth and improving volumes. This progress across the Group, combined with our strong financial position funding continued investment in new space and new businesses, means we’re well-placed for the global recovery.”
HIGHLIGHTS
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11.4% increase in Group sales (ex-petrol), 8.3% inc-petrol at £30.4bn
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14.0% growth in Group trading profit and 8.6% rise in underlying profit
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Underlying EPS growth of 9.1%; dividend per share growth of 9.0%
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Strong market share gains in international markets
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UK like-for-like sales converged with industry, driven by strong volumes
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On-track to deliver 8m sq ft of new space this year; 75% outside the UK
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Net debt on-track for £8.5bn by year-end; further reductions planned in 2010/11
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Strong property profits; divestments totalling £0.8bn at attractive yields
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Leadership on climate change; on-track to meet our target of a 5.5% global reduction in CO2 emissions from existing stores and distribution centres
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6,500 jobs created, including 2,500 through local employment partnerships, for UK business
* Growth reported on a consistent calendar 26-week basis. On a statutory basis, Group revenue (ex.VAT) growth was 9.2% and Group profit before tax growth was 1.2%
** Group sales (inc. VAT) excludes the accounting impact of IFRIC13 (Customer Loyalty Programmes)
*** Growth in underlying diluted EPS has been adjusted to reflect a normalised tax rate of 26.7% for the first half.
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