Tesco profits rebound to £1.6bn

Boss David Lewis has led the turnaround for the supermarket as profits soar by 24.8 per cent.
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Tesco has reported its results for the year, showing a strong rebound for its profits, which have now reached £1.6bn.

The rise of 24.8 per cent represents the group's ninth consecutive quarter of growth, with like for like sales up 2.2 per cent, as boss Dave Lewis leads the turnaround.

Tesco had also trimmed net debt by nearly 30 per cent or £1.3b during the year to £2.6b.

Chief executive, Dave Lewis described the results as a year of strong progress, saying: "We have further improved profitability, with group operating margin reaching 3 per cent in the second half. We are generating significant levels of cash and net debt is down by almost £6b over the last three years. All of this puts us firmly on track to deliver our medium-term ambitions and create long-term value for every stakeholder in Tesco."

The retailer completed its £3.7bn acquisition of Booker last month and said that its integration with the wholesaler was "well under way". 

The company also identified a £2.5bn revenue growth "opportunity" from the tie-up and expects synergies of £60m within the first year. These would grow to around £140m by the second year and reach £200 each year by the end of the third year, though it dampened analyst expectations of more savings.

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