Tesco share price surges after it unveils 800% profit rise and resumes dividend
The supermarket said its turnaround strategy is 'firmly' on track
Sales and profits improved at Tesco last year, leading the supermarket to announce its first dividend in three years.
Operating profit increased by 80.6 per cent to £1.84bn from £1.02bn, while profit before tax was up 795 per cent at £1.3bn from £145m.
Group sales rose 2.3 per cent to £51bn from £49.9bn, as the supermarket added 260,000 more customers.
Read more Tesco and Morrisons fastest growing big supermarkets, data shows The company said it would pay a dividend of 3p per share, the first divi it has announced since embarking on a strict cost-cutting strategy in the wake of an accounting scandal almost four years ago.
Shares in the group rose as much as 3.9 per cent in early trading after the results were published on Wednesday.
In September 2014, Tesco admitted to a £250m overstatement of profits for the first half of that year, and UK supermarket watchdog later found that the group had been ..