Back in black
Co-op back in profit despite tough market
Like-for-like sales at its food business rose by 3.4% while revenues from its funeral and life planning rose 4% to £343m.
Chief executive Steve Murrells said the results for 2017 “show how much progress we have made”.
He added: “All our businesses have performed well and we have increased profits and reduced debt, while continuing to invest for colleagues, members and customers.”
The Co-op Group also announced during the full-year that it reduced debt to £775m from £885m.
Debt will remain at about £900m.
The group said in a statement: “The food, funeral and life planning and insurance markets all remain highly competitive against a challenging consumer and economic backdrop.”