The Co-operative Group has released an annual report and financial statements for the year ended 4th January 2025.

Co-op reports that it achieved a “solid financial performance” for the year to 4th January 2025 in a “challenging market”, stating that it has delivered “meaningful value” to its members and their communities.

On track to meet targets

Revenue for the year matched the group’s 2023 results at £11.3 billion, while underlying operating profit increased to £131 million, up £34 million on the previous year. Underlying profit is “back in the black” at £45 million, up from -£2 million in 2023. Profit before tax improved by £133 million from the previous year at £161 million.

Food revenue for the company was up from £7.3 billion in 2023 to £7.4 billion in 2024, an increase of 1.9%. In a statement, the Co-op Group said that the result “reflects volumes returning to growth with pricing kept low”.

The company has said it is on track to meet its membership target of 8 million active member-owners by 2030, with a 2024 membership figure of 6.2 million, up from 5 million in 2023.

“We have progressed on a number of our key priorities, despite economic and political uncertainty.”

Chair of the Co-op Group Debbie White commented: “In a year where we ‘reintroduced Co-op’ to the nation and placed member-ownership back at the heart of our organisation, we have progressed on a number of our key priorities, despite economic and political uncertainty.

“We have grown our membership numbers significantly and strengthened member engagement. We have achieved solid business results and further strengthened our financial position while introducing new propositions across all business areas.”

Shirine Khoury-Haq, CEO of the Co-op Group, added: “With our new vision and Group strategy in mind, in 2024, we focused our operations into three business areas: Food, Life Services, and Business-to-business. These are areas where we can meet customer and member needs today, and develop our Co-op difference in the years to come.”