ANNUAL RESULTS
Tesco regains financial health
Tesco forecast to report 33% rise in its key profit measure for 2016-17 financial year
London — Tesco’s annual results, due out on Wednesday, are expected to show the recovery at Britain’s biggest retailer is picking up steam, potentially giving a boost to its stuttering campaign to win investor backing for a takeover of wholesaler Booker. Tesco is forecast to report a 33% rise in its key profit measure for its 2016-17 financial year, with a strong performance in its home market slightly offset by weakness abroad, partly reflecting tough trading conditions in Thailand. The supermarket group needs the results to impress after two of its biggest shareholders urged it in March to drop a £3.7bn agreed cash and shares offer for Booker. They argue Tesco is overpaying and the deal is a distraction from its turnaround plan.
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