Manchester has been named one of the World’s Best Cities in a prestigious report - beating out the likes of Mexico City, Valencia and Bucharest, but missing out on the top spot, which was claimed by London.
21.09.2023 - 08:45 / manchestereveningnews.co.uk
The Co-op lost over £30m during the first half of 2023 after its sales were slashed by more than £200m, new figures have revealed.
The Manchester-headquartered group slipped to a pre-tax loss of £33m for the six months to July 1, 2023, compared to a profit of £8m in the same period in 2022. The Co-op's revenue also fell from £5.6bn to £5.4bn.
On an underlying basis, the group's pre-tax losses were cut from £68m to £9m while its net debt was slashed from £731m to £123m. Its underlying EBITDA increased from £199m to £226m.
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The Co-op said that "despite a challenging economic backdrop" it "delivered a robust sales performance". It said the drop in revenue was driven by lower revenue in the food retail business, resulting from the impact of the petrol forecourt sale.
On its outlook, the group said it expects the "volatile external environment and turbulent economic headwinds, including inflationary pressures, to persist". However, it added it has "gone from a position of needing to improve on our financial performance, operational efficiency and internal ways of working, to running the business differently and setting the business up for success".
Chief executive Shirine Khoury-Haq said: "I am very proud of our success over the last six months, particularly given the prevailing economic and market conditions. This performance wouldn't have been possible had we not taken the decisions we did, as early as we did in 2022, when it came to better management of our members' money and running the business more efficiently.
"While the economic environment
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