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| Co-op Group edges back into profit | Co-op Group edges back into profit |
| (35 minutes later) | |
| The Co-operative Group has returned to profit in the first half of the year, after a series of major setbacks caused massive losses in 2013. | The Co-operative Group has returned to profit in the first half of the year, after a series of major setbacks caused massive losses in 2013. |
| The group reported half year profits of £12m, compared with losses of £767m in the same period last year. | The group reported half year profits of £12m, compared with losses of £767m in the same period last year. |
| It has appointed Richard Pennycook as chief executive, and has started to implement a three-year turnaround plan. | It has appointed Richard Pennycook as chief executive, and has started to implement a three-year turnaround plan. |
| Overall the Co-op made losses of £2.5bn last year, the worst results in the group's 150-year history. | Overall the Co-op made losses of £2.5bn last year, the worst results in the group's 150-year history. |
| Mr Pennycook said the latest results "clearly reflect an organisation in transition and show the scale of work necessary to restore the group to full financial health". | |
| While overall profit for the first half was improved, underlying profit, which excludes one-off charges and gains, was down 43% to £66m. | |
| Mr Pennycook blamed those weak profits on "tough trading conditions" and the expense of reorganising the business. | |
| On Saturday group members voted to radically alter the governance structure of the Co-op. | |
| The group had announced the reforms to the way it is managed in August. It will cut the number of board members from 20 to 11, and create a council to hold the board to account. |