An unexpected lower death rate knocked profits at the Co-operative Group, offsetting a strong performance in its food business.
Pre-tax profit fell 43 per cent to £25 million in the half year to July compared with last year, while total sales rose by 12 per cent to £5.4 billion, driven partly by the purchase of the Nisa corner shops chain for £143 million.
The Co-operative Group was established in 1844 by the Rochdale Society of Equitable Pioneers, 28 weavers whose principles of working together formed the basis of the co-operative movement.
An unexpected lower death rate knocked profits at the Co-operative Group, offsetting a strong performance in its food business.
Pre-tax profit fell 43 per cent to £25 million in the half year to July compared with last year, while total sales rose by 12 per cent to £5.4 billion, driven partly by the purchase of the Nisa corner shops chain for £143 million.
The Co-operative Group was established in 1844 by the Rochdale Society of Equitable Pioneers, 28 weavers whose principles of working together formed the basis of the co-operative movement.
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