30 March 2011
Last updated at 03:37 ET
The Co-operative Group has reported “record” results for 2010, with higher sales and profits up almost 50%.
Pre-tax profit for the full year came in at £545.7m, compared with £367.9m in 2009, while group sales rose by almost 10% to £13.7bn.
The improved performance came despite a 2.5% fall in like-for-like sales at the group’s supermarket business.
The company also warned of challenging trading conditions for the rest of the year and into 2012.
“Looking ahead, we had hoped to see signs of recovery by the start of 2011, but the downturn is clearly biting deeper than we expected,” said chief executive Peter Marks.
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Co-op 2010 profits surge by 50%