C-store specialist Co-op has returned to profit and increased its revenues as its membership push resulted in a spike in new active members.
For the first half of 2024, group profit before tax at the Co-op was £58m, up from a £33m loss the previous year, while underlying profit before tax was £3m in the first half of 2024, compared to a £9m loss.
Group operating profit shot up £32m to £35m, and underlying operating profit jumped £4m to £47m.
The Co-op also reduced net debt by £55m to £42m – down 95% from the 2021 full year. It also paid its May 2024 £200m bond in full “without requirement for refinancing”.
The retailer said its strong performance was at least partly down to the success of its membership drive during the period.
It reported a 20% growth in active members in the first half, increasing the total to more than 5.5 million. The retailer said it is now “firmly on target” to reach 8 million members by 2030.
Group chief executive Shirine Khoury-Haq said: “We have delivered a strong performance for the first six months of this year as our strategy starts to gain real momentum. Although the external environment remains challenging, it is testament to the underlying strength of our Co-op that we have outperformed in all our markets while significantly increasing our investments in our colleagues, pricing and in the growth of our businesses.
“While there is much more for us to achieve, we are on track to reach our goal of 8 million Co-op member-owners by 2030. This confidence is supported by a strong balance sheet, a clear business strategy, a compelling vision and 55,000 amazing Co-op colleagues who are central to our achievements over the last six months.”
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