(RTTNews) – Tesco plc. (TSCO.L, TSCDY.PK) reported that its profit attributable to owners of the parent for the first-half of fiscal year 2021/2022 climbed to 781 million pounds or 10.07 pence per share from 460 million pounds or 4.71 pence per share in the prior year.
The British retailer said it has raised its adjusted retail operating profit expectations for this financial year to between 2.5 billion pounds and 2.6 billion pounds, as a result of strong first half performance.
The company said it now expects Tesco Bank to deliver adjusted operating profit of at least 120 million pounds for this financial year. The expectation remains highly dependent on the economic outlook.
The interim dividend has been set at 3.20 pence per ordinary share. The interim dividend will be paid on 26 November 2021 to shareholders who are on the register of members at close of business on 15 October 2021.
Tesco confirmed that it will aim to grow the dividend per share each year, broadly targeting a pay-out of around 50% of earnings.
The company announced the start of an ongoing share buyback program, with the first tranche of 500 million pounds in shares to be repurchased by no later than October 2022.
Tesco’s profit before tax for the first-half of fiscal year 2021/2022 was 1.14 billion pounds up from 551 million pounds in the prior year.
Adjusted earnings per share were 11.22 pence, an increase of 54.0% reflecting higher retail profits and return to profitability for Tesco Bank.
Revenue for the period grew to 30.42 billion pounds from 28.72 billion pounds last year.