Tesco raises annual profit forecast after strong first-half results

Tesco has raised its annual profit forecast after reporting first-half pre-tax profit of £1.45 billion, up 11.5 percent from a year earlier.

• Tesco reported pre-tax profit of £1.45 billion in the first half, up 11.5 percent from £1.3 billion a year earlier.
• Tesco raised its annual profit forecast to between £3.15 billion and £3.3 billion, up from a previous expectation of at least £3 billion.
• Chief executive Ken Murphy said growth was helped by an 8 percent rise in online sales and a 9 percent jump in Finest own-label revenue.
• Tesco declared an interim dividend of 5.05 pence per share, up 5.2 percent, payable November 20.