Co-op reaps dividend as profits surge 38%

The British Co-operative movement was today celebrating its biggest trading improvement since the 1960s after seeing annual profits surge 38%.

The group of 42 consumer-owned co-operative societies, which include supermarkets, travel shops and undertakers, increased turnover by 6.4% to £13.3bn (€19.8bn) while net profits rose to £441m (€657.2m) from £320m (€476.8m) a year earlier.