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The company posted an 11.3 per cent rise in pre-tax profits to £3.5 billion over the year to February 26th, with particularly strong performances in central European markets such as the Czech Republic and Slovakia, as well as in Malaysia, South Korea and Thailand.
Tesco's retailing services business alone, which includes Tesco Bank, online services and telecoms, increased trading profit to £583 million. This division is set to be further buttressed by a portfolio of mortgages to be launched later this year by Tesco Bank.
Investor confidence has also been bolstered by Tesco's performance on the stock market, with the company's share price hovering around 406.7p. This will likely increase the chances of companies and private individuals investing in stock.
Tesco's potential was highlighted by David Prosser in his investment column for the Independent, with the expert claiming the company's shares benefit from "the foundation of an enormous property empire".
Earlier this month, Tesco Bank announced that its revenue was up seven per cent to £919 million, while trading profits increased by 5.6 per cent.
Posted by Greg Secker
