Co-op profits drop in ‘highly challenging’ market
The Co-op has suffered a decline in profitability as it battles to cut costs and shore up its balance sheet.
The mutual, which operates grocery, funeral, insurance and legal businesses, said group pre-tax profit slumped 84% to £7m in the six months to July 2. Underlying operating profit tumbled 64.7% to £18m.
Group revenues of £5.6bn were flat compared with the same period a year ago.
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