THE £600m sale of its petrol forecourt business to the billionaire Issa brothers and cutting hundreds of jobs have helped boost profits at The Co-op.
The Manchester-headquartered group has hailed a 'strong operational performance' over the past year and said it benefited from 'early and targeted action' against the tough economic backdrop, which included a shake-up which cut about 400 jobs last summer.
The Co-op has reported a jump in its pre-tax profits from £190m to £247m for 2022 and said it would have fallen to a loss but received £319m of profit from the sale of its 132 petrol forecourts to rival Asda.
Revenue also increased from £11.2bn to £11.5bn while its group net debt was cut from £920m to £333m.
The Co-op said that 'despite very challenging markets' it delivered a 'strong sales performance and maintained underlying profitability.
However, it warned that it expects 'inflationary pressure to continue' and affect profitability.
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