StockMarketWire.com - Tesco booked a 29% jump in annual profit that beat its expectations after the supermarket giant benefited from its acquisition of wholesaler Booker.

Pre-tax profit for the year through 23 February rose to £1.67bn, as sales rose 12% to £56.9bn.

The company almost doubled its annual dividend to 5.77p, up from 3.00p on-year.

UK and Ireland like-for-like sales rose 2.9%, while Booker sales jumped 11.1%.

'After four years we have met or are about to meet the vast majority of our turnaround goals,' chief executive Dave Lewis said.

'We have restored our competitiveness for customers and rebuilt a sustainable base of profitability.'

Lewis said the company's full year margin of 3.45% represented 'clear progress'.

The second half margin of 3.79%, before the benefit of Booker, put it 'comfortably in the aspirational range we set four years ago'.


At 9:05am: [LON:TSCO] Tesco PLC share price was +1.95p at 235.85p



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