UK: Co-operative group profits hold steady despite merger costs
The Co-operative Group is reporting profit improvements in each of its three core business sectors despite absorbing heavy losses and costs following its successful merger last year with CRS. The Group (formerly CWS but renamed in January this year to mark the integration of CRS) wiped out CRS losses of £80 million and covered one-off merger costs of £23.2 million before reporting a creditable £130.7 million profit before share interest and dividend* for the year ended 13 January, 2001.
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