Record profits

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THE Co-operative Group has reported record results for 2010, with higher sales and profits up almost 50 per cent.

The Southern Co-operative, which operates the Co-op stores in this region, is a corporate member of the group.

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 per cent to £13.7bn.

The improved performance came despite a 2.5 per cent 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.