April 5, 2019 / 6:25 AM / 2 months ago

Britain's Co-op points to challenging 2019, profit flat

April 5 (Reuters) - Britain’s Co-operative Group predicted a challenging 2019 on Friday as it reported largely unchanged annual pretax profit, citing strong competition and continuing doubts over the shape of Britain’s departure from the European Union.

The UK’s sixth largest supermarket operator, which has businesses ranging from insurance to undertaking, said total revenue for the year to Jan 5 rose 14 percent to 10.2 billion pounds, driven by strong food sales and the acquisition of the Nisa convenience chain.

“We have made great progress in 2018 but there’s no doubt 2019 will be challenging with Brexit uncertainty, intense competition in Food retail and a rapidly changing funerals market,” the company said in a statement. (Reporting by Tanishaa Nadkar in Bengaluru; editing by Patrick Graham)

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