Key moments
Co-op cyberattack cost company £80 million
The Co-operative Group has revealed that a cyberattack in April cost it £80 million, dragging it to a first-half loss.
The food-to-funerals group reported an underlying loss before tax of £75 million, versus a profit of £3 million in the same period last year.
Debbie White, chair of the Co-op, said: “The first half of 2025 brought significant challenges, most notably from a malicious cyber attack. Our balance sheet strength and the magnificent response of our 53,000 colleagues enabled us to maintain vital services for our members and their communities.
Debbie White
ANTHONY DEVLIN FOT THE TIMES
“We must now build our Co-op back better and stronger to meet the challenges and opportunities that lie ahead,” she added.
All 6.5 million members of Co-op had some data stolen in the cyberattack on its IT systems, which also led to supply and payment issues. It was one of three high-profile cyberattacks in Britain last spring, with Marks & Spencer and Harrods also targeted.
UK vehicle output hits 70-year low
British vehicle manufacture fell back into decline last month with the number of cars built falling by 10 per cent to just over 37,000, according to data published this morning by the Society of Motor Manufacturers & Traders.
The data, which pre-dates the shutdown of JLR’s operations after a cyberattack, also shows that the number of vans produced following the closure of Vauxhall’s commercial vehicle plant in Luton has dropped by almost three-quarters (73.2 per cent) to just over 1,600 units.
The combined UK vehicle output was down by 18.2 per cent in August to a total of 38,693 units, the weakest performance since 1956.
While August is traditionally the weakest of months for production due to seasonal factory maintenance and holiday closures, the fall in output is a disappointment after growth in the two previous months.
HSBC to sell off Sri Lanka retail banking operations
HSBC is selling its retail banking operations in Sri Lanka to a local rival as it continues to shed less-profitable businesses as part of a strategic review to simplify and shrink its global footprint.
The London-based, Asia-focused lender did not disclose financial details beyond saying that the sale, expected to be completed in the first half of 2026, would not have a material impact on profit.
Nations Trust Bank has agreed to “make an offer of employment to all staff” of HSBC’s Sri Lanka retail business, which includes accounts, credit cards, and retail loans,
Pre-tax profits at HSBC, Europe’s largest bank, fell by a larger-than-expected 26 per cent in the first half of 2025 as it wrote down the value of its stake in Shanghai-based Bank of Communications amid mounting bad loans in China.
