Tesco set to reveal rise in profits

Supermarket giant Tesco was expected today to report another sharp rise in annual profits.

The UK’s biggest grocer should post a surplus of £1.67bn (€2.5bn), up from £1.4bn (€2.1bn) last time, after like-for-like sales grew about 7%.

Much of the improvement is likely to have come from non-food trading areas, plus overseas businesses and convenience store operations.

Analysts expect Tesco’s strong record to continue as the company has just raised more than £1bn (€1.5bn) through a share placing and property deal.