Co-op Group reveals profits amidst external headwinds in new report
Co-op’s wholesale revenue was down 5.5% at £1.4 billion, compared to £1.5 billion in 2023, a new report shows.
The latest report from Co-op shows mixed fortunes for the retailer, with a wholesale loss of £1m, compared to a £14 million profit in 2023 – put down to continued wider challenging market conditions, as well as their proactive support for partners with a significant price investment across hundreds of products.
Meanwhile, the report highlights it held Nisa’s market share at 11.9%, against a broader sector decline and they continued to see high levels of partners buying own brand, at 92% (compared to 91% in 2023).
The report comes following the news Nisa Wholesale was rebranding as Co-op Wholesale, with the Co-op Group stating this was a strategic move forward and would allow them to deliver “expansive growth and operational excellence”. Katie Secretan was announced as the new MD for Co-op Wholesale.
Elsewhere in the report, Co-op Group maintained revenue at £11.3 billion, with significant increase in group profit and further reductions in group net debt.
LONG-TERM FOCUS
Profit before tax was up by £133 million to £161 million (compared to £28 million in 2023), which the Group said was driven by increased operating profits and improved Funeralcare plan investment returns.
Meanwhile, a strong balance sheet was maintained, with total liquidity of £820m and net debt (excluding leases) down £27m to £55m – a 94% reduction in the last three years.
Chair of the Co-op, Debbie White thanked each colleague for their focus and hard work in delivering these results on behalf of their members.
“These results show that our strategy on delivering for our member owners, whilst also delivering long-term financial and operational progress is working,” she said.
“I’m particularly delighted we have increased our active membership by 22%. We continue to focus on long-term profitable growth, creating more value for all our member owners and the communities they live in.”
