The Co-Operative Group announces profits of £64m
The Co-Operative has been undergoing an ongoing drive to imrpove and return to profit since it suffered financial problems in 2013 culminating in the sale of a large stake in the Co-Operative Bank. Since then sales of its farmland and pharmacy businesses as well as investment in its Food business and excellent performance by its funeral department have helped the group to begin a turn-around.
The Group's Chief Executive Richard Pennycook said: "We've made a good start on the three-year journey to rebuild the Co-operative Group. These early days are about fixing the basics - putting in place new leadership teams and providing the investment to deliver the strategies for our businesses". But its clear already that results are being delivered.