Co-op reveals financial impact of malicious' cyber attack

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"The Co-operative Group has revealed it plunged to a 75 million underlying pre-tax loss for the first half of the year, primarily due to an 80 million earnings hit from a "malicious" cyber attack in April. This marks a significant downturn from the 3 million profit reported in the same period last year. The retailer confirmed that the cyber incident, which led to widespread disruption including empty shelves and payment issues for shoppers, impacted sales by an estimated 206 million."

The Independent solicits donations to fund on-the-ground reporting across issues, avoids paywalls, and aims to keep journalism accessible to all funded by those who can afford it. The Co-operative Group recorded a 75 million underlying pre-tax loss for the first half of the year after an April cyber attack caused widespread disruption. The incident is estimated to have reduced sales by 206 million and produced an 80 million earnings hit, including 20 million of one-off costs. The group logged a 32 million underlying operating loss for the six months to July 5 and expects a continued, though reduced, impact in the second half.

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