Profits at the Manchester based Co-op are up for the second successive year.
The group has revealed revenues up 14%, Food like-for-like sales up 4.4% and Profit before tax up 27%.
Total revenues grew by 14% to £10.2bn, driven by its acquisition of Nisa and a strong performance from Food.
Funeralcare and Life Planning revenue reduced year-on-year (-1.0%), reflecting the change in customer trends within the funeral sector.
Profitability exceeded expectations, said the group,reflecting the growth in overall revenues, whilst still incorporating the £79m of member and community reward.
Profit before tax from continuing operations was up 27% to £93m while underlying profit before tax remained flat at £43m.
Steve Murrells, Chief Executive of the Co-op, said:
“Over the past year we have continued to successfully transform the Co-op, leading to a 14% increase in revenues to £10.2bn and the return of £60m directly to our members and £19m to over 4,000 community projects across the UK.
“The acquisition and integration of the Nisa wholesale business has been a game changer in expanding our food footprint and we have also set out the path by which we can offer our members a broader range of compelling Co-op solutions in Insurance and Health.
“We continue to demonstrate that the Co-op is a good business that does good for society as we lead on issues including single use plastics, funeral affordability and social housing. It is this determination to make a positive difference for all of our stakeholders which will ensure that we fulfil our ambition to build a Stronger Co-op and Stronger Communities.”
