Tesco unveils £1bn revival plans

Supermarket giant Tesco has unveiled a £1 billion revival plan after admitting it needed to raise its game in the wake of a drop in UK profits.

Overall group profits were 1.6% higher at £3.9 billion but at a trading level the company said the UK dropped 1% to £2.5 billion for the year to February 25 as sales came under pressure from resurgent rivals.