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BRIEF-Co-Operative Group first half underlying profit down 48 pct​
September 21, 2017 / 6:21 AM / a month ago

BRIEF-Co-Operative Group first half underlying profit down 48 pct​

Sept 21 (Reuters) - Co-operative Group Ltd

* Pre-Tax profits rise 47% due to strong performance from core businesses

* Profit before tax up 47% to £25m (2016: £17m), reflecting a number of one-off and non-trading items

* Underlying profit before tax of £14m (2016: £27m), down 48%, as members and their communities benefit from member reward scheme (£35m) and insurance profits fall, primarily as a result of the claims experience, year on year

* ‍Group revenues stable at £4.6bn, with Co-op food reporting 14th consecutive quarter of like-for-like sales growth​

* ‍Over half a million new members recruited in first half of year, taking active membership to 4.5 million people across UK​

* ‍Funeralcare revenues up 1.2% to £166m with market share increasing to 16.4%, supported by growth of simple funeral offer​

* ‍Insurance net earned premiums down 21% to £164m, in line with plans​

* ‍Legal services sales up 9.1% to £12m due to strong growth in probate and estate planning sales​

Further company coverage: (London Newsroom)

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