Tesco boss Dave Lewis must feel like he is playing the grocery market equivalent of whack-a-mole.

While Wednesday’s half-year results served up further progress in Tesco’s UK and Ireland overhaul, the City was still disappointed.

Investors sent shares down 8pc to 218p in afternoon trading. Group operating profits may have surged 24pc to £933m for the half-year, but Tesco missed expectations.

In the past, the root cause would be found in the home market. Tesco’s accounting scandal in 2014 wiped £2bn off its market value.

It is only a year ago since the chain arrested a sales decline in the UK and Ireland business which had lasted seven years.