Against this background we have performed solidly, delivering profitability in line with expectations while maintaining our core capital and liquidity.
More importantly, we have been building for the future and investing in the services, systems and structure we need to deliver real value to our customers and members and realise the true potential of our brand.
It is especially in hard times like these, that our customers and members look to us to hold firm in our commitment to bring both value and values to the market. Our investment in our vision and plans for long term growth mean that when better times come – and they will – we will have the foundations in place to build lasting success.
Gross sales £m
Underlying operating profit £m*
Co-operative Food delivers resilient performance
Co-operative Food has now completed the integration of Somerfield and has weathered the worst of the enduring economic downturn. It is now well placed to move into a development phase spurred on by a focus on product innovation, major improvements to supply chain and a new customer-focused strategy.
Transformation of our Banking Group
Co-operative Banking Group continues to deliver stable operating profits while maintaining robust capital and liquidity levels. Meanwhile a major transformation programme is focused on delivering a truly integrated and customer-centred core banking operation.
Strong results from Specialist Businesses
Co-operative Specialist Businesses enjoyed good year on year growth, with adiversified portfolio offsetting pressure in specific sectors. In addition to profit growth, improvements in employee engagement and customer satisfaction to record levels, ensured a strong year across the entire balanced scorecard.
*Underlying operating profit measures the normal underlying business performance and removes from operating profit the following volatile or one-off costs: property disposal losses, investment property valuation fluctuations, significant items, fair value amortisation and Financial Services Compensation levy. It is shown in the operating segments note (note 1 of the ‘Notes to the financial statements’ section).