The Co-op achieves profit and 22% membership growth despite ‘external headwinds’

The Co-operative has maintained revenue with a significant increase in group profit and further reductions in group net debt, it has announced.

It also says its membership is in growth of 22%, up to 6.2m compared to 5.1m in 2023 – and that it is on track to reach an 8m target by 2030.

Financial highlights form the report reveal a revenue for 2024 of £11,3bn, with an underlying profit of £45m before tax. Net debt for that year stands at £55m, it adds.

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.”

Also commenting on the results, 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 by 2030 with a focus on growing our Co-op for the future.”

Elsewhere the report detailed the pressures on the Co-op’s business, moving forwards, as: ”Continued wider external pressures and volatility, with broader geopolitical issues, introduction of both extended producer responsibility charges and higher National Insurance contributions, and cost inflation.”

It goes on to add that: “Whilst not immune from these pressures, our focus is on medium to long term profitability and our strong balance sheet enables us to face directly into these external headwinds, compete effectively in challenging markets and pursue growth.

Today’s full report can be read here.