Co-op reports profit and revenue rise

co-op

Co-op reported a rise in profits and revenue in its latest results, receiving a boost from its recent acquisition of the Nisa chain.

The food and retail brand said total revenue for the year was up 14%, which was driven largely by the £143 million acquisition, alongside strong food sales, with like-for like sales up 4.4%.

Conversely, the group said that revenue at its funeral business fell amid “challenging market conditions”.

Specifically, Co-op pointed to the Competition and Markets Authority (CMA) study into the funeral sector.

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Overall, profit before tax jumped by 27% during the period.

The company also announced the planned sale of its insurance underwriting business for £185 million.

Steve Murrells, Chief Executive of the Co-op, commented:

“Over the past year we have continued to successfully transform the Co-op, leading to a 14% increase in revenues to £10.2bn and the return of £60m directly to our members and £19m to over 4,000 community projects across the UK.

“The acquisition and integration of the Nisa wholesale business has been a game changer in expanding our food footprint and we have also set out the path by which we can offer our members a broader range of compelling Co-op solutions in Insurance and Health.

“We continue to demonstrate that the Co-op is a good business that does good for society as we lead on issues including single use plastics, funeral affordability and social housing. It is this determination to make a positive difference for all of our stakeholders which will ensure that we fulfil our ambition to build a Stronger Co-op and Stronger Communities.”