Tesco benefitted from its essential shop status, but not enough to offset costs. Picture: Getty Images TESCO profits tumbled by around a fifth after coronavirus costs of almost £900 million offset surging sales. The supermarket giant said pre-tax profits slid to £825m for the 12 months to February, compared with £1.03 billion the previous year. It said profits were weighed down by £892m in Covid-related costs and the company’s decision to hand £585m in business rates relief back to the Government. However, its role during the pandemic helped “recast Tesco’s reputation in the eyes of the public”, according to one analyst.
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(Right) Gareth Shaw, Head of Money at Which? WORRYING gaps in online banking security systems that could help criminals to scam customers, have been exposed in a new investigation. And the consumer organisation Which? says it reinforces why banks must do more to protect their customers and says reimbursement of bank transfer scam victims must be made mandatory. Concerns have been raised with the Financial Conduct Authority (FCA) about Edinburgh-based TSB bank s online banking login processes as it joined Edinburgh-based Tesco Bank as the worst in the UK in their probe into flaws in online banking security that could help criminals to scam customers.