Inside a Co-op store

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Co-operative Group

The Co-operative Group has reported a 48% fall interim income after its insurance coverage enterprise fell right into a loss.

Underlying half-year income fell to £14m from £27m final 12 months. That was primarily because of its insurance coverage enterprise reporting a £1m loss in contrast with a revenue of £11m in 2016.

The Co-op additionally mentioned membership numbers had grown by 500,000 to four.5 million.

The group says 1.1 million members have now joined for the reason that launch of its new membership scheme in September 2016.

The Co-op mentioned its income have been additionally held again by the success of that scheme, which supplies members 5% again on own-brand merchandise.