Thursday, 12 April 2007

Co-op Group Profits

Last week United Co-op posted robust profit figures, this week it's the turn of Co-operative Group to announce 318m GBP profit up 17.6%. All of this ahead of next week's merger meetings - the members to decide with a 2 thirds majority needed.

The Co-op Bank's contribution was down by 21.6m GBP, apparently caused by a rise in bad debts in the UK. Good job there isn't a recession on then. Pharmacy, food (41.8% of revenue, like-for-like sales increased by 4.4%, with profits rising by 29.2 pct), funeral care did well, travel lost money.