After Dismal John Lewis Results Yesterday Co-Operative Group Sees 86% Profit Increase
Simon Edmunds
Market News
07:36, 14th September 2018

Below is a selection of the morning's key market news, earning reports & trending stories - see more here.

  • After John Lewis’ dismal 99% profit fall yesterday, Co-operative Group brought some cheer for mutual groups with its results today.

    The UK’s largest mutual group said pretax profits had risen a massive 86% from £14m to £26m in the first six months of the year.

    Revenue also increased by 10% as sales at its food business grew by 4.4%.

    Yesterday John Lewis, which also owns Waitrose, posted a profit drop from £83m to £1.2m for the six months to 28th July.

    Steve Murrells, chief executive of The Co-op said: "We're moving forward at pace with our stronger Co-op, stronger communities plan.

    ”We know that in order to make a difference we have to be commercially successful and our performance in the first half shows that we're delivering on that ambition. Our investment in products, price and distribution channels has seen us grow revenue, profit and member value in the first six months."

  • Pub group JD Wetherspoons posted a strong 5% increase in like-for-like sales in its preliminary results.

    Profit before tax for the group, which opened its first pub in 1979, also increased by 4.3% from £102.8m to 107.2m.

    Commenting on the results, Tim Martin, the Chairman of J D Wetherspoon plc, said:

    "There will be a huge gain for business and consumers if the UK copies the free trade approach of countries like Singapore, Switzerland, New Zealand,Australia, Canada and Israel, by slashing protectionist EU import taxes ('tariffs'), on leaving the EU in March next year.

    "These invisible tariffs are charged on over 12,000 non-EU products, including rice, oranges, coffee, wine and children's clothes. The proceeds are collected by the UK taxman and sent to Brussels.”

    Read more here

  • Ross McEwan has been accused of deliberately misleading MPs to avoid disclosing a police investigation into an alleged bribery scandal at the bank’s restructuring unit.

    The Treasury Select Committee said Ross McEwan had withheld “information of relevance and interest to the committee” when he appeared before MPs in January.

    In a letter publishing yesterday, chair of the committee Nicky Morgan said that his response “fits with a pattern of defensiveness that has served RBS extremely poorly in its handling of the GRG affair”.

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