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Titel (Isin)Tesco PLC (GB00BLGZ9862) Richtung Kaufdatum
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Dividendenzahlungen

Titel Ex-Datum Zahldatum Bruttobetrag
Tesco PLC
15.05.25
27.06.25
0.0009
Tesco PLC
10.10.24
22.11.24
0.0004
Tesco PLC
16.05.24
28.06.24
0.0008
Tesco PLC
12.10.23
24.11.23
0.0004
Tesco PLC
11.05.23
23.06.23
0.0007
Tesco PLC
13.10.22
25.11.22
0.0004
Tesco PLC
19.05.22
24.06.22
0.0008
Tesco PLC
14.10.21
26.11.21
0.0003
Tesco PLC
20.05.21
02.07.21
0.0006
Tesco PLC
15.02.21
26.02.21
0.0065
Tesco PLC
15.10.20
27.11.20
0.0004
Tesco PLC
21.05.20
03.07.20
0.0650

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Datum / Uhrzeit Titel Bewertung
21.07.25 13:40:04 Are Investors Undervaluing Tesco (TSCDY) Right Now?
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

One stock to keep an eye on is Tesco (TSCDY). TSCDY is currently sporting a Zacks Rank #1 (Strong Buy), as well as a Value grade of A. The stock holds a P/E ratio of 14.64, while its industry has an average P/E of 31.99. Over the past year, TSCDY's Forward P/E has been as high as 15.12 and as low as 11.17, with a median of 13.32.

TSCDY is also sporting a PEG ratio of 1.35. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. TSCDY's PEG compares to its industry's average PEG of 4.05. Over the past 52 weeks, TSCDY's PEG has been as high as 2.04 and as low as 1.33, with a median of 1.68.

Value investors will likely look at more than just these metrics, but the above data helps show that Tesco is likely undervalued currently. And when considering the strength of its earnings outlook, TSCDY sticks out as one of the market's strongest value stocks.

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Tesco PLC (TSCDY) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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19.07.25 16:00:00 Supermarket bosses attack Reeves’s plan for fresh tax raid
Rachel Reeves is considering a shake-up of business rates for department stores, supermarkets and those with larger premises - Justin Tallis/AFP via Getty Images

Tesco and Sainsbury’s have warned Rachel Reeves that plans for a £1.7bn tax raid on big shops would accelerate the decline of the high street.

The intervention by the country’s two largest supermarkets marks a significant escalation in the backlash against the Chancellor’s plans for a shake-up of the business rates system.

Retail chiefs fear will Ms Reeves will deal another devastating blow to Britain’s struggling town centres.

Ken Murphy, boss of Tesco, told The Telegraph that the move threatened “investments in customers, colleagues and communities”.

His comments are likely to fuel fears of fresh price rises, redundancies and another cull of shops as retailers look to offset swinging cost rises introduced by a cash-strapped Labour Government at the last Budget.

The reforms will increase business rates for department stores, supermarkets and those with larger premises.

Mr Murphy said: “Increasing the burden on large shops would hinder rather than help our town centres. Many of these shops are anchor stores in their local communities.”

Simon Roberts, the Sainsbury’s boss, predicted that retail’s big beasts would “pull away from our high streets” as they sought to weather a jump in National Insurance contributions and minimum wage increases.

The sector is also concerned about the potential costs of of Angela Rayner’s Employment Rights Bill.

Mr Roberts said: “The changes being proposed will further increase the negative impact of business rates and won’t stimulate the growth or investment into our high streets and jobs that we all want to see. The Government promised fundamental reform to level the playing field but the changes we are hearing about will not deliver this – they will not stimulate growth or investment.”

Opposition is also mounting beyond the big grocers. Alex Baldock, the boss of electricals giant Currys, accused Ms Reeves of “rushing” changes to the business rates system that will have widespread implications for retailers already grappling with a tsunami of additional government-imposed costs.

Jobs at risk

Over-burdened retailers are already grappling with “a perfect storm” of “extra costs and red tape”, which is “bad for jobs, investment and growth,” he said. “The mooted hikes in business rates will just make things worse.”

Mr Baldock warned that the overhaul would “shutter more stores” and “leave more gaps on the high street”, as well as harming employment opportunities for young people.

Thierry Garnier, the chief executive of B&Q’s parent company Kingfisher, warned that the Treasury’s latest tax grab would harm “communities across the UK”.

Story Continues

No work nation - UK monthly change in payroll employment (000s)

The Chancellor is expected to use her next Budget to ramp up business rates in a desperate attempt to plug a £5bn hole in the public finances created by abrupt about-turns on benefits and winter fuel cuts.

As part of efforts to level the playing field, businesses with bigger premises will be charged more in order to reduce the rates paid by smaller stores. The effective discount is intended to target online retailers and save independent firms, ministers contend.

Last month, the British Chambers of Commerce warned that tax rises are “paralysing” British businesses. One in three companies were cutting jobs to weather the £25bn National Insurance raid, it said.

“Larger physical stores, which support more jobs, should not be penalised through a higher multiplier,” Mr Garnier said.

Pub bosses protest

The hospitality industry is also braced for further pain with pub bosses queueing up to express their disquiet last week. Simon Emeny, the chief executive of Fuller’s, said pubs were already labouring under “a ridiculously disproportionate” £25bn business rates burden.

Sir Tim Martin, the boss of JD Wetherspoon, complained that pubs were already having to contend with a “ferocious tax disadvantage”. The sector maintains it is unfair that pubs pay VAT on food sales while supermarkets do not have to, enabling them to sell alcohol at a discount to pubs.

Meanwhile, the Government’s own analysis shows that the impact of the planned reforms will be felt far and wide from hotels, restaurants and theatres to cinemas, theme parks and even zoos. At the same time, only a fifth of those are warehouses used by internet retailers.

In a speech to prominent City figures attending the Mansion House dinner in London on Tuesday evening, Ms Reeves claimed “Britain is better off under Labour”.

The Treasury was contacted for comment.

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17.07.25 11:46:57 Royal Unibrew expands Supermalt into alcohol
Danish beverage company Royal Unibrew has pushed its Supermalt brand into the alcohol category with a new stout product.

The malted drink brand has launched a 7.7% ABV Supermalt Stout for the UK market.

The drink is manufactured in Denmark and imported to the UK by its subsidiary Supermalt UK, the brand told Just Drinks.

While the original Supermalt drink is sold internationally, the stout drink in the UK is the first alcoholic beverage to be come from the brand.

In a statement, Supermalt UK said: "The stout category is experiencing exceptional growth and diversification, creating an opportune moment for the launch of Supermalt Stout."

The new beverage, which is being rolled out in Morrisons and Tesco stores across the UK, is available in a four-pack of 330ml glass bottles, priced at £8 ($10.7).

The product will also be available through wholesalers such as Booker, Dhamecha, and Wanis for the convenience and independent channels.

According to its website, Supermalt has more than 70% share in the UK’s malt drink market. The original non-alcoholic drink is made from water, barley malt, glucose syrup, maize, and hops.

In 2024, Royal Unibrew's Supermalt UK subsidiary generated £9.7m in sales and distribution. The company's total revenue was up 16% in the year to Dkr15m ($2.33m)

Lindsay Brown, marketing manager at Supermalt UK, said: “Bringing people together has always been at the heart of Supermalt - from big family parties to joyful extended gatherings. Now, with the introduction of Supermalt Stout, that unifying spirit is stronger than ever.

Insights from GlobalData, the parent company of Just Drinkshave forecasted a 14.2% CAGR for the UK stout market from 2020 to 2029.

"Royal Unibrew expands Supermalt into alcohol" was originally created and published by Just Drinks, a GlobalData owned brand.

The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
15.07.25 16:00:04 Tesco (TSCDY) Upgraded to Strong Buy: Here's What You Should Know
Tesco PLC (TSCDY) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.

The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.

Individual investors often find it hard to make decisions based on rating upgrades by Wall Street analysts, since these are mostly driven by subjective factors that are hard to see and measure in real time. In these situations, the Zacks rating system comes in handy because of the power of a changing earnings picture in determining near-term stock price movements.

As such, the Zacks rating upgrade for Tesco is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.

Most Powerful Force Impacting Stock Prices

The change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock.

Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for Tesco imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher.

Harnessing the Power of Earnings Estimate Revisions

As empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.

The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .

Story Continues

Earnings Estimate Revisions for Tesco

For the fiscal year ending February 2026, this company is expected to earn $1.09 per share, which is unchanged compared with the year-ago reported number.

Analysts have been steadily raising their estimates for Tesco. Over the past three months, the Zacks Consensus Estimate for the company has increased 4.5%.

Bottom Line

Unlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.

You can learn more about the Zacks Rank here >>>

The upgrade of Tesco to a Zacks Rank #1 positions it in the top 5% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Tesco PLC (TSCDY) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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10.07.25 12:57:35 Tesco reports record fruit sales as consumers grapple with staying cool
Tesco has reported record fruit sales as consumers seek to stay hydrated amid high temperatures.

The UK’s biggest supermarket said it had seen overall demand for fruit soar by an “unprecedented” near 10% over the last three weeks, with berries, stone fruit, kiwis, melons, watermelons, pineapples, grapes and bananas all hitting record volume growth.

The grocer said it had ordered extra supplies ahead of days of forecasted 30C temperatures to cope with expected demand.

Tesco fruit category buying manager Simon Reeves said: “The extra demand for fruit that we’ve seen during the recent heatwaves in the last month has been unprecedented and is the highest we’ve ever seen within a three week period.

“The quality of the fruit from our growers including our berry and cherry growers here in the UK has been especially good this year on account of the extra sunshine and daylight hours which has also helped create such strong demand.

“We have been working with our fruit suppliers to make sure that our stores are well stocked as we expect demand to once again be very strong over the coming days.”

As the UK enters the third heatwave in four weeks, Tesco said it was also expecting to sell 750,000 packs of burgers, nearly eight million packs of ice cream and lollies and more than 100,000 bottles of Pimm’s.

Toolstation said it had seen sales of its cooling fans rise by 178% as households scramble to cope with high overnight temperatures.

Sales of portable air conditioners had also soared.

Lakeland said it had struggled to keep fans on its shelves, with sales up by 80% in June compared with a year earlier.

Meanwhile, Waitrose said sales of Wimbledon-related foods were up 300% in the last week, with strawberries and cream products seeing a 450% surge.

In the past week, sales of champagne have leapt by a “staggering” 231%, the upmarket grocer reported, while sales of British strawberries and canned Pimm’s were up 140% and 58% respectively.

Will Torrent, senior innovation chef at Waitrose, said: “Wimbledon is certainly serving up a win for sales, with major cultural and sporting moments like this really influencing customers.

“We’re seeing this play out with a huge demand for tennis staples including strawberries, clotted cream, and Pimm’s.

“For many, it’s about more than just a tasty treat; it’s about connecting to a sport and becoming part of a cultural phenomenon that extends far beyond the tennis courts.”

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03.07.25 06:09:39 Is Tesco PLC's (LON:TSCO) Stock's Recent Performance Being Led By Its Attractive Financial Prospects?
Most readers would already be aware that Tesco's (LON:TSCO) stock increased significantly by 15% over the past three months. Given the company's impressive performance, we decided to study its financial indicators more closely as a company's financial health over the long-term usually dictates market outcomes. Specifically, we decided to study Tesco's ROE in this article.

ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.

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How To Calculate Return On Equity?

Return on equity can be calculated by using the formula:

Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity

So, based on the above formula, the ROE for Tesco is:

14% = UK£1.6b ÷ UK£12b (Based on the trailing twelve months to February 2025).

The 'return' is the income the business earned over the last year. Another way to think of that is that for every £1 worth of equity, the company was able to earn £0.14 in profit.

View our latest analysis for Tesco

Why Is ROE Important For Earnings Growth?

So far, we've learned that ROE is a measure of a company's profitability. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. Assuming all else is equal, companies that have both a higher return on equity and higher profit retention are usually the ones that have a higher growth rate when compared to companies that don't have the same features.

A Side By Side comparison of Tesco's Earnings Growth And 14% ROE

To start with, Tesco's ROE looks acceptable. Further, the company's ROE compares quite favorably to the industry average of 11%. Probably as a result of this, Tesco was able to see a decent growth of 19% over the last five years.

We then performed a comparison between Tesco's net income growth with the industry, which revealed that the company's growth is similar to the average industry growth of 18% in the same 5-year period.LSE:TSCO Past Earnings Growth July 3rd 2025

Earnings growth is a huge factor in stock valuation. It’s important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). This then helps them determine if the stock is placed for a bright or bleak future. What is TSCO worth today? The intrinsic value infographic in our free research report helps visualize whether TSCO is currently mispriced by the market.

Story Continues

Is Tesco Using Its Retained Earnings Effectively?

The high three-year median payout ratio of 59% (or a retention ratio of 41%) for Tesco suggests that the company's growth wasn't really hampered despite it returning most of its income to its shareholders.

Besides, Tesco has been paying dividends for at least ten years or more. This shows that the company is committed to sharing profits with its shareholders. Our latest analyst data shows that the future payout ratio of the company over the next three years is expected to be approximately 51%. Still, forecasts suggest that Tesco's future ROE will rise to 18% even though the the company's payout ratio is not expected to change by much.

Summary

Overall, we are quite pleased with Tesco's performance. Especially the high ROE, Which has contributed to the impressive growth seen in earnings. Despite the company reinvesting only a small portion of its profits, it still has managed to grow its earnings so that is appreciable. Having said that, the company's earnings growth is expected to slow down, as forecasted in the current analyst estimates. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.



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Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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01.07.25 06:50:00 Sainsbury’s Backs Guidance After Sales Rise
J Sainsbury backed its guidance for fiscal 2026 after posting an increase in sales for its first quarter driven by a better grocery performance. The British grocer on Tuesday said it continues to expect retail underlying operating profit–the company’s preferred metric, which strips out exceptional and other one-off items–of around 1 billion pounds ($1.37 billion) for 2025-26, and retail free cash flow to surpass 500 million pounds. The U.K.’s second-largest grocer by market share after Tesco posted a 4.7% rise in like-for-like sales excluding fuel for the 16 weeks ended June 21.

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27.06.25 12:43:44 Sainsbury’s investors eye sales as grocers step up focus on price cuts
Sainsbury’s will be the latest supermarket to shed light on how its sales have fared in recent months as grocers battle to lure in squeezed shoppers amid rising food inflation.

The UK’s second largest supermarket chain will publish its first quarter trading update on Tuesday.

It has not been immune to competition heating up among UK retailers in recent months, several of whom have come under pressure to cut prices to reel in consumers struggling with a higher cost of living.

The shift has partly been sparked by Asda promising its biggest price cuts in 25 years while discounters Aldi and Lidl continue to take on larger rivals with low-cost products.

Both Tesco and Sainsbury’s have Aldi Price Match lines, offering hundreds of products price-matched to Aldi across stores.Sainsbury’s said in April it had launched the biggest Aldi Price Match scheme in the market (Alamy/PA)

Sainsbury’s recently said it had more products in the scheme than any other retailer with around 800 items from fresh and cupboard food to wine and toiletries.

A group of analysts for AJ Bell pointed out that Sainsbury’s shares were “nudging toward their highest mark in a year, and they are not that far from their five-year Covid-inspired high either”.

“This suggests that fears of a supermarket price war, spearheaded perhaps by Asda, are yet to be realised,” they said.

The analysts noted that recent data from the Office for National Statistics showed food and non-alcoholic drink prices rose by 4.4% in the year to May – the highest level in more than a year.

Investors will be keen to see how the group’s sales have fared in recent months, since reporting a 4.2% increase in full-year sales, excluding fuel, back in April.

At the time, it predicted its profits to be flat in the year ahead as stronger sales volumes were expected to be offset by weaker profitability amid the investment in price cuts.

This means that underlying profits should come in at about £1 billion for the year to the end of March 2026.

Investors will also be watching out for any update to its annual forecast on Tuesday.

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26.06.25 10:32:49 Driving reuse will cut waste and ease packaging tax costs, UK study claims
Moving 30% of grocery goods sold in the UK to reusable packaging could cut emissions and EPR costs by more than 90%, new research has claimed.

The report by consultancy GoUnpackaged and involving a panel featuring Tesco, Ocado and WRAP said the industry and government should “commit to a target” for reusable packaging in the UK.

The study outlines a roadmap for building reusable packaging systems across the UK grocery retail sector to hit the 30% target by 2035.

According to the research, the target could be achieved by switching 18 “priority” categories of products to “around 30 standardised packaging types”. The study ranked the product areas in order of the highest cost savings: home-cooking products – including sauces, pasta and rice – was top, with the list also featuring alcohol, coffee, detergents, fruit and ready meals.

The report estimates hitting the 30% re-use target could cut packaging-related emissions by 95% and lead to an annual saving of £136m on the products under the scope of the UK’s extended producer responsibility, or EPR, rules. The saving amounts to a 94% reduction in EPR feeds per item switched to reuse, the study showed.

Campaigners argue that reuse systems could generate cost savings for retailers over time, compared with continually sourcing new single-use materials. At present, only 1-2% of consumer packaging in the UK is reusable.

The report suggests increasing this proportion to 10% by 2030 and then 30% by 2035.

To reach these targets, the researchers propose a combination of adapting regulation, infrastructure investment and incentives. These include standardising reusable packaging formats, introducing mandatory reporting requirements, and providing start-up funding for reuse pilots.

The organisations backing the report, which include packaging giant Amcor, logistics business CHEP and WWF, stress voluntary initiatives alone will not deliver the change needed.

“The modelling results show, for the first time, an evidenced view of reuse working at scale in the UK for grocery retail, enabling industry and government to make insightful decisions about how to move forwards to co-create the necessary transition to reuse in the UK,” a statement from the report’s advisory panel read.

However, the researchers admitted their modelling suggests the re-use push would need investment of £149m a year up to 2035. It suggested three ways to fund the investment: add to EPR fees; a mix of higher EPR fees and a tax on single-use items; a combination of increased EPR charges and government funding.

“Industry needs long-term policy certainty from the government to create a level playing field, allow long-term planning and investment, and create the right incentives to support the transition to reuse,” the report read.

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Last month, PepsiCo announced changes to its targets on packaging.

The US food and drinks giant had been looking to “deliver 20% of all beverage servings through reusable models by 2030”, a target that no longer exists.

The company said it will focus on a wider goal for reusable, recyclable, or compostable (RRC) packaging by design. By 2030, PepsiCo is aiming for at least 97% of its packaging to be “RRC packaging by design … in our primary and secondary packaging in our key packaging markets”.

PepsiCo is aiming to cut its use of virgin plastic by 2% year-on-year on average through to 2030. The company’s previous target was for a 20% decrease “derived from non-renewable sources” by the same year.

The group’s goal for its use of recycled content stands at a reduction of at least 40% “by 2035 or sooner”. It had been targeting using 50% of recycled content by 2030.

In December, The Coca-Cola Company set out revised packaging targets.

The group now has two goals on packaging, set for 2035. One is an aim to use 35% to 40% (down from 50%) recycled material in “primary packaging”, which it says is plastic, glass and aluminium. Coca-Cola said it wants to increase its use of recycled plastic from 30% to 35%.

The other is to “ensure the collection of 70% to 75% of the equivalent number of bottles and cans introduced into the market annually”.

The new targets do not include an explicit goal for refillable or reusable packaging but Coca-Cola said it will “continue to invest in refillable packaging where infrastructure already exists”.

A spokesperson said: “We intend to continue to expand the use of refillable packaging in markets where the infrastructure is in place to support this important part of our portfolio and we tailor our refillable packaging approach by market, based on local conditions.”

"Driving reuse will cut waste and ease packaging tax costs, UK study claims" was originally created and published by Just Drinks, a GlobalData owned brand.

The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.

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26.06.25 09:53:53 Miliband rejects plans for £25bn energy cables to Sahara solar farms
Solar mirrors in Morocco. The rejected scheme would have imported renewable power from North Africa via 2,500-mile-long subsea cables - FADEL SENNA/AFP

Ed Miliband has turned down a scheme to import solar and wind power from Morocco via 2,500-mile-long subsea cables.

The Xlinks scheme, overseen by Sir Dave Lewis, the former Tesco chief, would see high-voltage direct current power imported from North Africa through cables running along the coasts of Spain, Portugal and France, and coming ashore in Torridge, Devon.

The scheme was expected to provide electricity for 9m homes and cut carbon emissions from the UK power sector by around 10pc – while also bringing down energy bills through a reduction in wholesale costs.

However, the Energy Secretary is understood to have refused to back the £25bn project, which was seeking subsidies from the Government.

Xlinks had asked for a contract for difference, which would effectively guarantee a minimum price for its power for up to 25 years. Mr Miliband is understood to instead want to focus on “homegrown” energy projects.

The subsea cables were to be made at a factory in Scotland and the power would have exceeded the output of Hinkley C, the £42bn nuclear power station being built by EDF in Somerset.

It is understood that Xlinks is also seeking separate finance via power purchase agreements, where companies contract to buy clean power directly from generators. This means it could still go ahead if there is sufficient private sector interest.

However, Mr Miliband’s decision is still a significant set-back.

Sir Dave told The Telegraph in March that Xlinks could take its project elsewhere if ministers did not back it.

The Department for Energy Security and Net Zero has refused to comment on “speculation”, but made clear that a full statement was expected on Thursday. Xlinks was not able to comment pending the Government’s statement.

Xlinks would see seven solar farms and up to 1,000 wind turbines built across an area of Moroccan desert roughly the size of Greater London.

The scheme was expected to deliver about 3.6 gigawatts of electricity to the UK’s national grid – equating to about 8pc of total power demand.

Electricity would be delivered to the UK via four large subsea cables laid by a ship owned by Xlinks’s sister company, XLCC, which is also building a factory at Hunterston in Scotland to manufacture the 10,000 miles of cable.

Such cables, known as interconnectors, already link the UK’s power grid to France, Belgium, Norway and the Netherlands, with another link to Denmark under construction.Britain's energy links

The factory, adjacent to the town’s closed nuclear power stations, was granted planning permission last year and awarded a £9m Scottish Enterprise grant towards its £1.4bn cost.

Story Continues

Its centrepiece will be a massive 600ft tower in which the cable will be coated in layers of insulation before being coiled on to giant reels for loading into the cable-laying vessel.

Xlinks has already raised £100m from financial backers thought to include the Abu Dhabi National Energy Company, along with French giant TotalEnergies and British supplier Octopus Energy.

Interconnectors are becoming increasingly important in keeping the nation’s lights on as the country shifts towards a reliance on intermittent renewable energy.

The UK gets up to 20pc of its electricity from France and other neighbours at some times of the year.

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