UK equity managers join Buffett in backing Tesco

Equity managers at F&C and Threadneedle are among those to have been adding to Tesco ahead of today's results which showed profits had risen 12.1%.

Tesco announced its first set of interim results under new chief executive Philip Clarke this morning, reporting pre-tax profit for the 26 weeks to 27 August of £1.9bn. Profits were up 12.1% on a year earlier, while group sales rose 8.8% to £35.5bn, although like-for-like UK sales excluding VAT and petrol fell 0.5%. The company highlighted "excellent growth" in Europe and Asia but also "subdued demand" in the UK. The results come a week after billionaire investor Warren Buffett was revealed to have increased his stake in the company to 3.64%. That move was seen as a vote of conf...