The Co-operative Travel Group has made an operating profit of £2.5 million from January to July this year.
The profits have been revealed as The Co-operative Group, which includes funerals, electricals, food, financial services, pharmacy as well as travel, released its interim results for the 28 weeks ending July 25.
Although the travel group’s profit at is one third of the £7.9 million made in the same period in 2008, the group notes that it was made “in spite of adverse trading conditions”.
The Co-operative Group group chief executive Peter Marks said: “The Co-operative Group has delivered another strong performance, across all our markets, in the face of continuing economic uncertainty and increasing competition.
“Within the group there have been robust performances from our funerals and electricals businesses, while travel and pharmacy have performed well in markets that are extremely challenging.”
However, Marks warned the group was still at the mercy of an uncertain economy, adding: “In spite of our recent success it would be naive to think that we are immune to the recession.
“That said, we are pleased with our half-year performance, the second half has started well and we look ahead to the future with renewed confidence.”
The Co-operative Travel managing director Mike Greenacre welcomed the results, adding: “Given the exceptionally challenging economic circumstances, which have had a major impact on large ticket priced sales such as travel, furniture and cars.
“I am reasonably happy that the Travel Group has remained profitable in one of the toughest half years I can remember.
“We have achieved this profit through a continuous review of our cost overheads, which will improve our bottom line in the long term.
“We have continued to increase market share in our key markets, and at the same time the capital investment in our retail division in particular, as well as new technology, will position us well when the upturn in business comes through, we believe towards the back end of 2010.”
The results also revealed The Co-operative Group saw a 17% increase in profits to £228.8 million from overall revenues of £6.4 billion.