Co-op has released its results for the 52 weeks to 4th January 2025, reporting a £133 million increase in profit before tax compared to 2023.
Group revenue maintained at £11.3 billion as underlying operating profit was up by £34 million to £131 million, having reached £97 million in 2023.
Profit before tax increased by £133 million to reach £161 million, up on the 2023 profit of £28 million, which Co-op said was driven by increased operating profits.
The retailer also achieved growth in its active membership base, which increased by 22% to reach 6.2 million. There was a 66% increase in new members joining aged 25 and under, with the average age of a member down by two years.
Shirine Khoury-Haq, Co-op chief executive, stated: “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 eight million Co-op member owners by 2030 with a focus on growing our Co-op for the future.”
Debbie White, chair of Co-op, commented: “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.”
