Apr 14, 2021
Tesco predicts ‘strong recovery’ after pandemic hits profits
Tesco's full-year results beat recently upgraded earnings forecasts, with the grocer saying it expects a "Strong recovery" in profits in the current year as pandemic-related costs reduce. "Whilst we expect some of the additional sales volumes we have gained this year in our core UK market to fall away as Covid-19 restrictions ease, we expect a strong recovery in profitability and retail free cash flow as the majority of the additional costs incurred . . . in the 2020/21 financial year will not be repeated," it said in a statement. The airline reported a 90 per cent drop in group revenue to £235m for the six months ended March and guided for a headline pre-tax loss for the period between £690m and £730m. Passenger numbers fell by 89 per cent to 4.1m over the six months, which was matched by a capacity cut that meant it flew just 14 per cent of the first-half 2019 level. Estate agent Foxtons said is started the year well with revenue in the first quarter ended March of £28.5m, up 24 per cent year on year. The update came amid criticism of Foxtons from investors and shareholder groups over its decision to award its chief executive almost £1m in bonuses for a year in which it took government support and raised cash to see it through the pandemic.
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