The Co-operative Group edged back into the black in the first half of the year, reporting profits of £12 million against a £767 million loss the previous year.

The gains are the first benefits to be seen from chief executive Richard Pennycook’s turnaround plan, launched earlier this year.

Mr Pennycook said the latest results "clearly reflect an organisation in transition and show the scale of work necessary to restore the group to full financial health".