Apr 10, 2019

Tesco raises dividend after 4-year turnround success

Tesco has raised its dividend by more than expected as it draws near to achieving the goals of a four-year turnround programme. The UK's biggest grocer on Wednesday announced a final dividend of 4.10p, bringing its full-year dividend to 5.77p, 93 per cent above the previous year, as rising margins and further cost cuts put it on track to complete an overhaul of the company in the coming year. Tesco had targeted £1.5bn in cost savings and a margin of 3.5 to 4 per cent by the 2019-20 financial year. On Wednesday, it said margins for the last financial year had risen to 3.45 per cent overall and 3.96 per cent in the second half, not including the benefits of the £4bn acquisition of wholesaler Booker. Cost savings of £532m brought total savings to date to £1.4bn. "Dave Lewis, Tesco chief executive, said:"After four years we have met or are about to meet the vast majority of our turnround goals.

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