Tesco Plc proposed to pay a final dividend of 7.05 pence per ordinary share, taking the full year dividend to 10.90 pence per ordinary share, in line with last year. This includes the payment of an interim dividend of 3.85 pence per ordinary share in November 2022.
The proposed final dividend was approved by the Board of Directors on 12 April 2023 and is subject to the approval of shareholders at this year's Annual General Meeting. The final dividend will be paid on 23 June 2023 to shareholders who are on the register of members at close of business on 12 May 2023 (the Record Date). Shareholders may elect to reinvest their dividend in the Dividend Reinvestment Plan (DRIP). The last date for receipt of DRIP elections and revocations will be 2 June 2023.
Other Financial Highlights:
- Strong sales performance across the Group, with Retail LFL sales up 5.1%, as volumes held up despite cost-of-living pressures and some further post-pandemic normalisation
- UK & ROI LFL sales up 4.7%, including UK up 3.3%, ROI up 3.3% and Booker up 12.0%
- Central Europe LFL sales up 10.4%
- Statutory revenue £65,762m, up 7.2% including fuel sales up 23.3%
- Total retail adjusted operating profit4 £2,487m, down (6.3)% at constant rates
- UK & ROI adjusted operating profit £2,307m, down (7.0)% driven by the impact of lower YoY volumes and ongoing investment in our customer offer, with Save to Invest largely offsetting significant operating cost inflation
- Central Europe adjusted operating profit £180m, up 3.6% with volumes resilient in the face of significant market inflation
- Bank adjusted operating profit £143m, down (18.8)%, reflecting post COVID-19 macroeconomic provision release last year
- Statutory operating profit £1,525m, after £(982)m non-cash impairment charge due primarily to higher discount rates
- Strong retail free cash flow £2,133m, including working capital inflow of £468m
- Flat net debt year-on-year, with net debt/EBITDA ratio in middle of target range at 2.6x
- Adjusted diluted EPS4 21.85p, flat year-on-year; statutory diluted EPS 10.08p, down year-on-year due to impairment charge
