Co-op profits drop in ‘highly challenging’ market

Co-op sign

The Co-op has suffered a decline in profitability as it battles to cut costs and shore up its balance sheet.

The mutual, which operates grocery, funeral, insurance and legal businesses, said group pre-tax profit slumped 84% to £7m in the six months to July 2. Underlying operating profit tumbled 64.7% to £18m. 

Group revenues of £5.6bn were flat compared with the same period a year ago. 

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