The Manchester based Co-op reported a 35% increase in annual operating profit, reflecting an improved performance from its main food retail business, but said it faced cost pressures this year.
The Group also saw Membership growth up 22% to 6.2 million with the Company saying it is on track to reach target of 8 million by 2030.
Debbie White, Chair of the Co-op, added:
“These results show that our strategy on delivering for our member owners whilst also delivering long term financial and operational progress is working. I’m particularly delighted we have increased our active membership by 22%.
“I’d also like to extend a thank you to each colleague for their focus and hard work in delivering these results on behalf of our members.
“We continue to focus on long term profitable growth, creating more value for all our member owners and the communities they live in.”
The Company cautioned that it will face pressure in 2025 from “broader geopolitical issues”, as well as increased employer National Insurance contributions and a new packaging levy imposed by the UK government.
Shirine Khoury-Haq, Chief Executive of the Co-op, said:
“Our solid business performance alongside the progress we have made in right sizing the business and delivering against our new strategy, is enabling us to create more value for our member-owners every day.
“While broader economic challenges remain, our businesses are delivering strongly against the market and I’m proud that we continue to provide support to our colleagues, members, and their communities through the continued cost of living challenges they face.
“We look to the future with confidence, supported by a strong balance sheet and a clear and compelling business strategy and remain on track to reach our goal of 8 million Co-op member owners by 2030 with a focus on growing our Co-op for the future.”
