Co-op legal services report £5.1m losses

The Co-operative Group has revealed that its legal arm has made a £5.1 million loss in the first half of this year.

Law firms are seeing a decline in revenue Wong Wean

The company reported that sales had sunk by 66 per cent from the same period last year, with £13 million this period compared with £18m  for the first half of 2014. Last year it lost £3.4m. It attributed the losses to restructuring costs as it reduced its cost base. It also lost Admiral as a client. CLS managing director Matt Howell said the losses were as a result of entering 2014 with substantial monthly trading losses. However, the company is predicting a positive contribution in its next results '..we have a clear paln for the second half of the year, in which we expect a positive contribution,' the company said. 

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