LONDON, Sept 4 Britain's troubled Co-operative
Group posted a 43 percent fall in first-half underlying
profit but said it could face the future with greater confidence
after agreeing reforms on Saturday.
The supermarkets-to-funerals group has faced a raft of
problems, culminating in it losing control of its bank last
year, when it posted a 2.5 billion pounds loss in total.
It posted first-half underlying profit of 66 million pounds
($109 million) on Thursday, down from 116 million pounds a year
Richard Pennycook, the interim chief executive who was
confirmed in the position on Thursday, said the first-half
result showed the scale of work necessary to restore the Group
to full financial health.
"Underlying profitability in the business has been curtailed
by the deliberate actions we are taking to implement our
detailed rebuild plan and to face into the tough trading
conditions prevailing in the markets in which we operate", he
($1 = 0.6078 British Pounds)
(Reporting by Paul Sandle; editing by Sarah Young)