The Manchester based Co-op is to focus on attracting one million active new members over the next 5 years, with an improved membership proposition to be rolled out
The Group, announcing its annual results for the year to December 2022 which revenues up by £0.3b to £11.5b and profits up £190b to £247b said that Early and targeted action against tough economic backdrop leads to strong operational performance and robust financial returns.
It entered 2022 with targeted cost savings of £50m, increasing to £101m at half year in recognition of challenging cost environment and met the target of delivering the cost savings
£24.6m was raised for local communities, taking total to £117m raised for local communities since the Local Community Fund launched in 2016.
A New partnership was launched with Your Local Pantry, which is set to see its network triple within three years from 75 to 225 pantries across the UK, meanwhile they continued work with Hubbub to help expand its community fridge network to 500 locations by summer 2023.
More than 1.5 million people signposted to information, activity, and support for mental wellbeing since 2020, through activity supported by our Co-op, including £8m raised for Mind, SAMH and Inspire.
The Coop added two new schools to its Co-op Academies Trust, taking the total to 29 schools, and 18,500 students with a focus on schools in the most economically deprived areas in the UK.
Allan Leighton, Chair, Co-op comments
“The inflationary challenges facing most consumer-facing businesses are well known, so for our Co-op to have delivered this level of performance over the year is encouraging.
“We are, rightly, judged by our members on both the financial and social value we can create and it’s clear that we’ve delivered on both sides of this equation. The future focus on growing membership is vital for ensuring the future success of our Co-op for generations to come.
“I’d like to thank Shirine, her management team and our 57,000 colleagues for delivering this performance at a time when our members needed a strong, resilient, and differentiated Co-op to shine.”
Shirine Khoury-Haq, Chief Executive Co-op comments
“It’s clear that our early action to significantly reduce our debt, improve our cash position, and tighten cost controls, has made a significant difference to the financial strength of our Co-op and has enabled us to look forward with confidence, despite continuing market uncertainty.
“We now have an even better foundation upon which to grow our businesses. We’re also looking to grow our membership, putting membership at the heart of our Co-op, with ambitious plans to both attract new members, and deepen relationships with our existing members.
“And we will continue to bring our vision to life to make a genuine difference for our colleagues, members, and communities through these challenging times. “I’d like to thank each and every one of our amazing colleagues for all of their hard work and support over the last year.”
