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Back in black

Co-op back in profit despite tough market

coopCo-op Group is back in the black after reporting a full-year profit of £72 million against a £132m loss in 2016 when it took a large writedown on its banking business.

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.”

 






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