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THE Co-operative Group's annual results for the year ended January 12th show profits down from £ 361 million to £ 249.6 million, mainly as a result of one-off costs associated with last year's merger with United Co-operatives and restructuring costs in the Group's financial services arm, CFS.
However the overall picture is bright with the Trading Group reporting an operating profit of £ 322.7m before significant items - an increase of 35.2 per cent on the previous year.
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