Bank fines strike again. The Co-Operative Group has plunged into the red with a 2012 pre-tax loss of £599m, down from a profit of £373m in 2011. The group’s food and business operations have performed “in line with expectations” but the Co-Op has been hit by a £377m loss in its banking division including £150m of further provisions for PPI mis-selling.
Good news on the high street as Next has said pre-tax profits jumped 9pc in 2012 to £621.6m as revenues rose 3.1pc to £3.6bn and earnings per share rose 15pc. The retailer has raised its dividend to 105p.
Ted Baker has announced a 19.2pc jump in full year pre-tax profits to £28.9m on an 18pc rise in revenues to £254.5m.