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Tesco PLC (LON:TSCO) today announced the sale of its 20% share in Gain Land to a subsidiary of its joint venture partner, China Resources Holdings.  Gain Land is the Chinese joint venture with CRH that was established in 2014.  The disposal will result in net cash proceeds to Tesco of c.£275m which will be used for general corporate purposes. The disposal …

Tesco deliver fifth consecutive Christmas of growth

FTSE News FTSE 100

Tesco (LON:TSCO) has today announced its 3Q and Christmas Trading Statement 19/20. Trading update (3Q: 13 weeks to 23 November 2019; Christmas Trading: 6 weeks to 4 January 2020) Whilst the UK environment has clearly been challenging, the combination of our attractive customer offer and strong operational delivery enabled us to outperform the market once again, following on from our …

Tesco Plc

Tesco start review of strategic options in Thailand and Malaysia

FTSE News FTSE 100

Tesco (LON:TSCO) has confirmed that, following inbound interest, it has commenced a review of the strategic options for its businesses in Thailand and Malaysia, including an evaluation of a possible sale of these businesses. The evaluation of strategic options is at an early stage, no decisions concerning the future of Tesco Thailand or Malaysia have been taken, and there can …

Tesco announce Dave Lewis to step down as Group CEO

FTSE News FTSE 100

Tesco (LON:TSCO) has today announced that Dave Lewis has decided to step down as Group CEO of Tesco.  He will leave the business next year and will be succeeded by Ken Murphy. John Allan, Chairman: “It is with regret that I have accepted the resignation of Dave Lewis as Group CEO of Tesco, who has decided that he wants to leave the business in …

Tesco Bank confirms sale of mortgage portfolio to Lloyds Banking Group

FTSE News FTSE 100

Tesco Personal Finance Plc. / Tesco Bank (LON: TSCO) today confirmed the sale of its mortgage portfolio to Lloyds Banking Group (LON: LLOY) for a cash consideration of c. £3.8bn. Tesco Bank has over 23,000 mortgage customers. The mortgage portfolio has a lending balance of c. £3.7bn and generated directly attributable pre-tax profits of £9.1m in the 2018/19 financial year …

Tesco PLC Make a strong start to the year in a subdued UK market

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Tesco PLC (LON: TSCO) have today provided the following trading update to the market. At actual rates, the Group sales change is 0.4%, UK&ROI sales change is 1.2%, Central Europe sales change is (10.8)% and Asia sales change is 7.3%. *Booker consolidated from 5 March 2018, therefore includes 9 additional days vs. 1Q 2018/19. Booker sales change on a comparable …

Tesco Plc – Tesco Bank to cease new mortgage lending

FTSE News FTSE 100

Tesco Plc (LON:TSCO), Tesco Bank has today announced that it has ceased new mortgage lending and is actively exploring options to sell its existing mortgage portfolio, including the complete transfer of related balances and ongoing administration of relevant accounts. The Bank, which has offered mortgages since 2012, currently serves over 23,000 customers with total lending balances of £3.7bn. Gerry Mallon, …

Tesco PLC 2018/19 Financial statements under IFRS 16

FTSE News FTSE 100

Tesco PLC (LON:TSCO) is introducing IFRS 16, the new financial reporting standard on accounting for leases, for its 2019/20 financial year. As previously indicated, they are adopting the standard fully retrospectively. The first accounts prepared under IFRS 16 will be the 2019/20 interim results, published in October 2019, followed by the 2019/20 preliminary results, published in April 2020. In order …

Tesco Plc Delivered significant improvements which is reflected in a very strong Christmas performance

FTSE News FTSE 100

Tesco Plc (LON:TSCO), announced 3Q and Christmas Trading Statement 18/19. Like-for-like sales performance (A) + (B) = (C) 1Q 2018/19 2Q  2018/19 3Q 2018/19 Christmas period 2018/19 19 week period 2018/19 UK & ROI 3.5% 4.2% 1.9% 2.6% 2.1%    Tesco UK 2.1% 2.5% 0.7% 2.2% 1.2%    ROI    Booker 3.0% 14.3% 3.1% 15.1% (0.2)% 11.0% 0.3% 6.7% (0.0)% …

Tesco Plc delivers eleventh consecutive quarter of growth

FTSE News FTSE 100, News

Tesco Plc (LON:TSCO), today announced interim results for 2018/19

On a continuing operations basis

 

1H

2018/19*

 

1H 2017/18

(restated –

IFRS 15)1

 

Change at

constant rates