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The Co-op group sees £124 million profit


The Co-Operative group made profits of £124 million in 2014 after it lost £255 million the previous year.

The Co-op reported that its food and funeral businesses performed well last year, as sales in food rose by 0.4%. The only part of the company that lost money was its insurance business.

The Co-op is in the midst of a three year plan to help steady the business after 2013 saw huge losses. It has sold large parts of its banking business, as well as its pharmacy chain and farms. The firm has now cut costs from £176m to £146m and it had also cut its debts from £1.4bn to £808m.
The Co-op is the UKs fifth largest food retailer. Last year it opened 82 convenience stores and refurbished 700 existing ones. It also plans to add another 100 outlets this year.

Co-op Group chairman Allan Leighton said:
"We can compete on more than price. We're not a discounter, we're very focused on the convenience sector and we're doing pretty well in this area.
"We're about fresh food and availability and we have fabulous staff in our stores that provide a service no-one else can."

Despite the company’s profit making performance, the business warned it would not be paying a dividend to its members until 2018.

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