Co-op Group edges back into profit

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.

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.