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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Tesco PLC    TSCO   GB0008847096


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Tesco PLC : Tesco comments on FSAI beef survey

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01/15/2013 | 08:04pm CET

Tim Smith, Group Technical Director comments:

Today we were informed that the Food Safety Authority of Ireland (FSAI) has found that a number of beef products they have recently tested contained horse DNA. These included two frozen beef burger products sold by Tesco in both the UK and Ireland. Products sold at other retailers were also discovered to contain horse DNA. 

We immediately withdrew from sale all products from the supplier in question. We are working with the authorities in Ireland and the UK, and with the supplier concerned, to urgently understand how this has happened and how to ensure it does not happen again. We will not take any products from this site until the conclusion and satisfactory resolution of an investigation.

The safety and quality of our food is of the highest importance to Tesco. We will not tolerate any compromise in the quality of the food we sell. The presence of illegal meat in our products is extremely serious.  Our customers have the right to expect that food they buy is produced to the highest standards.

The relevant authorities have said that these findings pose no risk to public health. We understand that many of our customers will be concerned by this news, and we apologise sincerely for any distress.  Our customer service team is standing by to answer any questions customers may have.

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Financials ( GBP)
Sales 2017 55 410 M
EBIT 2017 1 234 M
Net income 2017 468 M
Debt 2017 4 038 M
Yield 2017 0,12%
P/E ratio 2017 38,00
P/E ratio 2018 22,39
EV / Sales 2017 0,39x
EV / Sales 2018 0,37x
Capitalization 17 436 M
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Mean consensus HOLD
Number of Analysts 21
Average target price 1,98  GBP
Spread / Average Target -7,4%
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David Lewis Group Chief Executive Officer & Director
John Murray Allan Non-Executive Chairman
Alan J. H. Stewart Chief Financial Officer & Executive Director
Edmond Mesrobian Chief Technology Officer
Deanna Watson Oppenheimer Independent Non-Executive Director
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