Co-op Group weighed down by bank woes with loss of £132m
The Manchester-based Co-op Group saw revenue grow 3% to £9.5bn but the continued woes of its banking division saddled it with pre-tax losses of £132m during 2016.
Results to December 31 show a £74m increase in its finance costs due to changes in the value of its bonds and writedown of its 20% shareholding in The Co-operative Bank.
Like-for-like sales in its food business rose 3.5% and Funeralcare revenues grew 3% - the first increase in five years driven by a move to make funerals more affordable and a 69% increase in sales o... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...
