UK retailer Tesco has unveiled plans to cancel Clubcard Boost scheme as it attempts to reverse a drop in profits.

The Clubcard Boost scheme doubles the value of store points at certain times of the year.

The company has announced that its final Clubcard Boost will be launched on 16 May, and will run until 26 June.

"We’re improving Tesco Clubcard to make it simpler, straightforward and more appealing for our customers."

Tesco said in a statement posted on its website: "This event will be our last event where you can double your vouchers in store and online with Tesco.

"You can turn every £5 worth of vouchers into £10 of tokens to spend in these departments."

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A Tesco spokesperson was quoted by the publication as saying: "We’re improving Tesco Clubcard to make it simpler, straightforward and more appealing for our customers."