Financial highlights
Growth on 2007
11.1%
Group sales (including VAT)
11.8%
Underlying Group profit before tax
5.7%
Group profit before tax
(15.3% growth excluding last year’s exceptional items; principally the Pensions A-Day credit)
20.8%
Underlying diluted earnings per share*
14.2%
Diluted earnings per share
13.1%
Dividend per share
383.50p
Updated 28/08/2008 : 16:35
| 2008 | 2007 | |
|---|---|---|
| Group sales (£m) (including value added tax) | 51,773 | 46,611 |
| Group revenue (£m) (excluding value added tax) | 47,298 | 42,641 |
| Underlying Group profit before tax (£m)† | 2,846 | 2,545 |
| Group profit before tax (£m) | 2,803 | 2,653 |
| Underlying diluted earnings per share (p) | 27.02 | 22.36 |
| Diluted earnings per share (p) | 26.61 | 23.31 |
| Dividend per share (p) | 10.90 | 9.64 |
| Group enterprise value (£m) (market capitalisation plus net debt) | 37,656 | 40,469 |
| Return on capital employed | 12.9%§ | 12.6%‡ |
* 13.1% growth on a normalised 28.9% tax rate.
† Adjusted for IAS 32, IAS 39, the net difference between the IAS 19 Income Statement charge and ‘normal’ cash contributions for pensions and IAS 17 ‘Leases’ – impact of annual uplifts in rent and rent-free periods. In 2007 an adjustment was also made for Pensions adjustment – Finance Act 2006 and impairment of the Gerrards Cross site.
§ Using a ‘normalised’ tax rate before start-up costs in the US and Tesco Direct, and excludes the impact of foreign exchange in equity and our acquisition of a majority share of Dobbies.
‡ Including the one-off gain from Pensions A-Day, ROCE in 2007 was 13.6%.
