Tescos has just reported half year profits of £1.7 billion, down 11.6% in the half year to August 25th, not wildly different from analysts expectations but still the first time they have turned in a lower figure for 18 years. They are however in the middle of a major reorganisation strategy costing £1 billion and they expect results from this to add to the bottom line in due course.

They currently have 31% of the market here in the UK but still have a loss making operation in the US that they are persevering with and intend to roll out further in the US, once they have the template there for a profitable store, not the case at the moment.

However, they have an extensive International programme that contines to expand across the globe, with strong growth expected to come from this area to offset the flatline growth in the UK.