UK retailer Co-op has published its results for H1 2024, reporting “strengthened” financial performance as its operating profit rose £32 million from the same period in 2023.
The group revenue rose 1.5% to £5.6 billion, notwithstanding “challenging external headwinds” and reported contraction in the wider food retail convenience market. Food sales saw an increase of 3.2% from last year’s result, reaching £3.7 billion.
The retailer’s operating increased from £3 million in H1 2023 to £35 million in H1 2024, a £32 million increase.
Co-op had an underlying operating profit of £47 million, rising £4 million from the H1 2023 result of £43 million. Group profit before tax (PBT) returned to profit, up by £91 million to £58 million after a £33 million loss in H1 2023.
Outlook
Co-op said it had a “clear focus” to continue growing its membership base, with intention to prioritise growth across its core business areas, including Food Retail.
It also said it planned to open 120 new stores across retail and franchise by the end of 2025, so that it would be able to reach more members with its food offer.
Shirine Khoury-Haq, Co-op chief executive, said: “We have delivered a strong performance for the first six months of this year as our strategy starts to gain real momentum. Although the external environment remains challenging, it is testament to the underlying strength of our Co-op that we have outperformed in all our markets while significantly increasing our investments in our colleagues, pricing and in the growth of our businesses.
“While there is much more for us to achieve, we are on track to reach our goal of eight million Co-op member owners by 2030. This confidence is supported by a strong balance sheet, a clear business strategy, a compelling vision, and 55,000 amazing Co-op colleagues who are central to our achievements over the last six months.”
Debbie White, chair of the Co-op, said: “These results demonstrate the progress we have made over the last six months. I’m delighted we have grown our membership by 20%, with our 5.5 million-member owners central to our plans and at the heart of our Co-op.
“I’d also like to thank all our colleagues for their hard work and dedication, which has enabled us to deliver this improved performance. We continue our focus on growing our membership to create more value for our member-owners, and in turn communities across the UK.”
