Co-op achieves strong growth in H1 2024, with revenue up 1.5% to £5.6 billion. The Food division grew by 3.2%, and Legal Services surged 35%, demonstrating Co-op’s ability to outperform in challenging markets.
Co-op H1 2024 Top Results:
After analyzing co-op press release and its H1 results, we mainly found top and impressive 5 growth results given below-
- Revenue increased by 1.5% to £5.6 billion.
- Operating profit rose by £4 million to £47 million.
- Net debt was reduced by £55 million to £42 million.
- Membership base grew by 20% to 5.5 million.
- Capital investment increased by 72%, with cash from operations covering this increase.
The company achieved a 20% increase in its membership base. It has total 5.5 million active member-owners. Now it is reinforcing its target to reach 8 million members by 2030. Co-op invested £130 million in support for colleagues, members, and communities, including £48 million for colleague pay and £55 million in member pricing discounts.
Co-op reduced its net debt by £55 million, bringing the total down to £42 million, while cash from operations generated £207 million. This strong financial position supported a 72% increase in capital investment.
Shirine Khoury-Haq, CEO of Co-op, stated, “We have delivered a strong performance as our strategy gains momentum. Co-op achieves strong growth by investing in our colleagues and members.”
Looking ahead, Co-op remains focused on growing its membership and expanding its core businesses, including Food Retail, Business to Business, and Life Services. The company plans to open 120 new stores by 2025, further fueling its expansion.
The Legal Services unit contributed significantly to growth, with revenue up 35% to £42 million and underlying operating profit reaching £14 million. Insurance sales also increased by 7%, with life insurance sales up 35%.
Co-op achieves strong growth across its business units while maintaining a strong balance sheet, positioning the company to continue its upward trajectory and deliver long-term value to its members and communities.