Manchester-based mutual Co-operative Group Limited said its revenue rose 1.5% to £5.6 billion in the first half of 20204 as it reported an interim profit of £58 million compared to a £33 million loss at the same stage of 2023.

First-half food revenue was up 3.2% at £3.7 billion, with strong sales across both food stores and online. Funeralcare revenue up 1.4% to £148 million.

Legal revenue rose 35% to £42 million. “Our largest practice areas of probate and estate planning performed strongly with a 45% increase in new estate planning cases, and an 8% increase in probate cases, despite a lower death rate,” said the group.

The Co-op reported 20% growth in its number of active “member owners” to 5.5 million, on target to reach eight million members by 2030.

The mutual reported a further reduction in net debt to £42 million — a decrease of £55 million versus the same period last year, and 95% lower than FY21. 

The Co-op said that in May 2024, its £200 million bond was repaid in full “without requirement for refinancing.”

Co-op CEO 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.”

Co-op chair Debbie White said: “These results demonstrate the progress we have made over the last six months.  I’m delighted we have grown our membership by 20%, with our 5.5-million-member owners central to our plans and at the heart of our Co-op. 

“I’d also like to thank all our colleagues for their hard work and dedication, which has enabled us to deliver this improved performance. 

“We continue our focus on growing our membership to create more value for our member-owners, and in turn communities across the UK.”