The Co-operative Group has seen investment in its brand pay off, as it announced underlying pre-tax profits of £63 million for the 26 weeks ending 4th July 2015, compared to losses of £1 million in the prior year.
The group said that the results reflected a robust trading in food and funerals and improved general insurance performance
CEO Richard Pennycook commented: “We’ve made a good start on the three year journey to Rebuild The Co-operative Group. These early days are about fixing the basics – putting in place new leadership teams and providing the investment to deliver the strategies for our businesses. Our customers and members are beginning to see the difference.
“Our colleagues share a great belief in The Co-operative, and what we stand for. They are at the forefront of our Rebuild efforts as we focus on our purpose of ‘Championing a better way of doing business for you and your community’.”
Capital expenditure increased to £144 million as part of the group’s investment for growth, with 35 new convenience food stores and 10 new funeral homes opened. Meanwhile, net debt at the half year was reduced to £0.6 billion compared to £1.4 billion this time last year.
