20 September 2000
Tesco shares soar to all-time high

By FWi staff

TESCO shares rose 8% on to an all-time high of 234.75p on Tuesday (19 September) on the back of a strong rise in first-half profits.

This was backed by continued growth in underlying sales and market share, reports The Independent.

The newspaper says the City warmed to the supermarket groups strategy of using its UK base to expand non-food business and its overseas presence.

Tesco reported a 9% rise in first half profits to 415 million, with group turnover up 11% to 10bn.

UK sales in the six months to August grew by 3.9% on an underlying basis on the same period last year, with growth above 4% in the second quarter.