Co-op Group reports £75m loss after April cyber-attack
British company Co-op Group reported a £75 million pre-tax loss for its first half, attributing the result to a cyber-attack in April. The security breach cost the company £80 million in operating profit for the period ending July 5.
The group’s financial report, released on Thursday, detailed the £75 million ($108 million) pre-tax loss, which contrasts sharply with the £3 million profit recorded in the same period last year. The company stated the April cyber-attack was the primary cause of the financial downturn, directly impacting its operating profit for the six-month period. The disruption from the breach led to the significant negative financial performance.
The 181-year-old Co-op Group, with operations in food retail, funeral care, legal services, and insurance, confirmed the financial impact was a direct result of the security incident. This cyber-attack is the latest in a series of high-profile security events that have affected major British businesses in recent years.