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Co-op pulls itself back into profit after Bank losses

Cooperative-Co-operative-Bank-Branch-700x450.jpgHaving written down its stake in its troubled banking division, Co-op has swung back into profit for 2017.

The conglomerate has reported £72m of profits for 2017, on the back of £132m loss the year before.

Insurance sales dropped  by a quarter, but the firm has put this down to a change in the way it records sales, according to the Telegraph.

Revenue was flat across the board at £9.5bn, however, and the firm puts down the improved profits to cost savings across its back office functions.

It plans to continue adding to its range of Academy schools, of which it currently owns 12.

Chief executive Steve Murrells told the BBC’s Today programme Co-op was targeting a total of 40 Academy schools.

He says: “Today’s results show how much progress we have made. All our businesses have performed well and we have increased profits and reduced debt, while continuing to invest for colleagues, members and customers.”

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