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Co-op Group profits down by a third: Interim Results

Food:

  • Sales were down 2.2% overall and by 1.2% like-for-like. 
  • Sales in the core convenience chain were up by 1.4%.
  • Operating profit fell to £119m (2011: £142m).

Banking Group:

  • Revenue rose by 3.9% to £1.0bn but taking into account the year on year impact of PPI provisions fell by 1.1%.
  • Underlying operating profit fell 67.9% to £36.9m. 
  • The Bank maintains a stable capital position, with a core tier one ratio of 9.6%, unchanged from 2011. 
  • Liquidity remains at robust levels, with a loan to deposit ratio of 101%.
 

Specialist Businesses:

  • Continued to perform well, most notably within pharmacy and funerals.
  • Revenue was up 1.5% at £777.1m (2011: £765.7m).
  • Underlying operating profit up 19.3% to £62.0m.

  FINANCIAL PERFORMANCE

 H1 2012

(£m)

 H1 2011

(£m)

 Group gross sales (incl. VAT)

6,559

6,546

 Underlying Group operating profit

174

264

 Net borrowings

(1,516)

(1,400)    

 

 

Read more news of the Co-operative Group's Interim result for the 26 weeks to 30 June below: