Manchester-based mutual Co-op Group said its 2024 profit before tax rose by £133 million to £161 million “driven by increased operating profits and improved Funeralcare plan investment returns.”

The Co-op said its revenue for the 52 weeks to January 4, 2025, was maintained at £11.3 billion “as we continued to right size the business and reflecting an additional 53rd week in the comparative year.”

Food revenue was up 1.9% at £7.4 billion with online sales up 46% at £460 million. Wholesale revenue fell 5.5% to £1.4 billion.

In the Co-op’s Funeralcare business, revenue was up 2.8% to £289 million amid a “strong increase in pre-need plan sales with at need volumes down against backdrop of reduction in UK death rate of 2.8%.” Profit before tax in Funeralcare rose to £103 million from £13 million “resulting from an increase in funeral plan investment returns.”

Membership growth was up 22% to 6.2 million and on track to reach Co-op Group’s target of 8 million by 2030.

Co-op Group CEO said: “Our solid business performance alongside the progress we have made in right sizing the business and delivering against our new strategy, is enabling us to create more value for our member-owners every day.

“While broader economic challenges remain, our businesses are delivering strongly against the market and I’m proud that we continue to provide support to our colleagues, members, and their communities through the continued cost of living challenges they face.

“We look to the future with confidence, supported by a strong balance sheet and a clear and compelling business strategy and remain on track to reach our goal of 8 million Co-op member owners by 2030 with a focus on growing our Co-op for the future.”