14 April 2021 | 08:18am
StockMarketWire.com - UK stocks eked out modest gains in early trading on Wednesday after a reasonably tame US inflation reading eased concerns about rising bond yields, offsetting a disappointing earnings release from Tesco.
At 0816, the benchmark FTSE 100 index was up 8.28 points, or 0.1%, at 6,898.77.
Supermarket group Tesco fell 3.6% to 223.75 as it reported a 20% drop in annual profit after rising grocery sales were offset by lower fuel sales, costs associated with adapting to the pandemic and a writedown at its banking operation.
Tesco held its annual dividend steady at 9.15p per share, while forecasting a strong improvement in profitability in the current financial year.
14 April 2021 | 07:12am
StockMarketWire.com - Supermarket group Tesco reported a 20% drop in annual profit after a rise in grocery sales was offset by lower fuel sales, costs associated with adapting to the pandemic and a writedown on its banking operation.
Pre-tax profit for the year through March fell to £825 million, down from £1.03 billion year-on-year, as revenue edged back 0.4% to £57.89 billion.
Sales excluding fuel, on a continuing operations basis, rose 7.1% to £53.4b billion.
Operating profit, before exceptional items and amortisation of acquired intangibles, fell 28% to £1.82 billion.
Tesco held its annual dividend steady at 9.15p per share.
The company said it expected a strong improvement in profitability in the current financial year, albeit with trading conditions likely to remain volatile.
Director Deals
26 January 2021 | 06:02am
StockMarketWire.com - Alan Stewart, Financial Director, bought 57 shares in the company on the 22nd January 2021 at a price of £2.41. The Director now holds 130,201 shares representing 0.00% of the shares in issue.
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