Tesco (LON:TSCO) reported soaring profits on Wednesday, up 770 percent in the year to February as its recovery plan starts to show real progress.

Tesco’s pre-tax profits rose to £1.3 billion over the course of 2017, up from just £145 million in 2016, after a year of “strong progress”.

Revenue rose 2.8 percent to £57.5 billion, while UK like-for-like sales grew by 2.2 percent amid a strong performance in food, offset by a weak performance in general merchandise.

The troubled supermarket has suffered for several years from big losses, brought on by the advent of cheaper competition, and a series of write-downs, negatively impacting figures. Thee figures are the first sign its turnaround plan is beginning to have a real impact.

Tesco declared a final dividend of 2p per share, adding to the 1p per share paid at the first half.

Tesco shares are currently trading up 4.52 percent to 219.80 (0834GMT).