Tuesday 25 October 2016

Britain's Co-op returns to profit after rescue plan

Published 09/04/2015 | 08:06

The Co-op is to sell
The Co-op is to sell "fairly-traded" own-brand rubber gloves

Britain's Co-Operative Group , the supermarket to funerals operator that came to the brink of collapse in 2013, said it had returned to profit in 2014 thanks to a rescue programme.

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The group reported profit before member payments of 124 million pounds ($184.2 million) for the year to Jan 3, against a loss of 255 million pounds a year earlier, on revenue of 9.4 billion pounds.

It said it had significantly reduced its net debt from 1.4 billion pounds to 808 million pounds in the year, and it anticipated resuming a dividend payment when its three-year rebuild programme completed at the end of 2017.


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