Tesco unveils £1bn revamp after drop in UK profits It was still able to post record pre-tax profits of £3.84bn, helped by making £1.1bn from its overseas supermarkets, the first time it has made more than £1bn from its non-British businesses. But Philip Clarke, the chief executive, said that it would cut the company's capital expenditure from £3.8bn a year to £3.3bn this year to fund a full "refresh" programme in Britain with 430 of its largest supermarkets given a revamp this year. It said trial stores had already used less garish signs, and " warmer colours, better lighting." It has already announced a revamp of its £1bn Value range of low-priced food. The all-important like-for-like trading at its UK stores fell by 1.6pc in the final quarter to the end of February, better than expected and an improvement in trading, which over Christmas fell by 2.3pc. Over the course of the full year it fell by 0.9pc. Full-year pre-tax profits increased by 5.3pc to £3.84bn, a record level, helped by £1.1bn of profit from its overseas businesses, the first time it has made more than £1bn from its non-British supermarkets. Tesco shares rose 1.8pc in early trading