LONDON (dpa-AFX) - Tesco PLC (TSCO.L), a British groceries and general merchandise retailer, Thursday reported profit before tax from continuing operations of 1.392 billion pounds for the first half, nearly 20 percent higher than 1.161 billion pounds in the same period a year ago, primarily helped by 2.9 percent growth in revenue as well as 50 million pounds lower finance costs.
The company also raised its full-year retail adjusted operating profit outlook.
'The significant investments we are making in value, quality and service across the Group have delivered volume growth ahead of our expectations in the first half,' the company said in a statement.
Excluding one-time items, adjusted profit before tax was 1.378 billion, up from 1.143 billion pounds in the prior year.
Operating profit increased 13 percent to 1.612 billion pounds from 1.426 billion pounds last year.
Adjusted operating profit was 1.649 billion pounds, 15.6 percent up from 1.426 billion pounds in the previous year.
Retail adjusted operating profit increased to 1.555 billion pounds from 1.417 billion pounds last year.
Profit from continuing operations grew to 1.022 billion pounds or 14.62p per share from 887 million pounds or 12.25p per share a year ago.
Adjusted profit from continuing operations increased to 1.010 billion pounds from 846 million pounds in the prior year.
Net profit was 1.051 billion pounds or 15.03p per share compared with 929 million pounds or 12.83p per share a year ago.
Adjusted earnings per share increased 23.7 percent to 14.45p from 11.68p last year.
Revenue from continuing operations rose 2.9 percent to 34.773 billion pounds from 33.801 billion pounds in the previous year.
Tesco has declared an interim dividend of 4.25p per share, to be paid on November 27, to shareholder of record on October 11.
Looking ahead, the company currently expects retail adjusted operating profit for fiscal 2024/'25 to be about 2.9 billion pounds, up from the previous outlook of at least 2.8 billion pounds.
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