Tesco PLC proposed to pay a final dividend of 8.25 pence per ordinary share, taking the full-year dividend to 12.10 pence per ordinary share. The full-year dividend is based on the firm's 50% pay-out policy, applied to total Group earnings per share in the year, including the discontinued operations of Tesco Bank. This includes the payment of an interim dividend of 3.85 pence per ordinary share in November 2023.
The proposed final dividend was approved by the Board of Directors on 9 April 2024 and is subject to the approval of shareholders at this year's Annual General Meeting. The final dividend will be paid on 28 June 2024 to shareholders who are on the register of members at the close of business on 17 May 2024 (the Record Date). Shareholders may elect to reinvest their dividends in the Dividend Reinvestment Plan (DRIP). The last date for receipt of DRIP elections and revocations will be 7 June 2024.
Other financial highlights include:
Strong sales performance across the Group, with Retail LFL sales up 6.8%; inflation fell throughout the year, with volume growth in the UK and Republic of Ireland across the second half
Statutory revenue of £68,187m, up 4.4%, includes the impact of (17.2)% lower fuel sales, primarily due to reduced retail prices
Retail adjusted operating profit £2,760m, up 10.9% at constant rates, including Save to Invest delivery of £640m
Statutory operating profit £2,821m, up 100.1%, reflects last year's £(982)m non-cash impairment charge compared to a £28m net release this year
