Today we’ve published our 2018 half year results which show how we’ve been performing between January and June this year.

In July we published our quarter 2 update which showed how we’re working towards our Stronger Co-op, Stronger Communities ambition. These results demonstrate the financial outcomes of that work.

Interim_results_2018

Click to open a PDF version of this graphic

This strong performance means we can keep investing in our ambition and giving back to our members. Growing revenue and profit demonstrates the strength of our Co-op, which in turn means we can invest in strengthening the communities that we serve and give back to our members.

A great summer and England’s success at the World Cup all helped our amazing Food sales – up to £3.6bn – but that’s not the whole story.

  • We outperformed the market too over this period – showing how well we planned and responded to the opportunity of the weather.
  • Our wholesaling sales were £269m following the acquisition of Nisa.
  • We reached 200,000 festival goers with our pop-up stores.
  • Revenues across Funeral and Life Planning were up 5% to £174m.
  • Our member guarantee to beat renewal prices on buildings and contents insurance saw a 5% increase in policies.
  • Over 7,600 travel insurance policies were bought.

And on top of all this we’ve reduced our debt by nearly 10% over this first half of 2018 – keeping us well within our target levels.

In a few weeks’ time I’ll be back to let you know how we’re doing in quarter 3. We’re already making great progress with things like the launch of our first venture, local.co.uk, improving funeral affordability with our price reduction and member offers, and today’s announcement of our Dimec acquisition to ready ourselves for an entry into the health and wellbeing market.

Thank you to each and every colleague right across Co-op, across all our businesses, for the part you’re playing in our success. It’s down to you.

Steve
CEO, Co-op

Join the conversation! 8 Comments

  1. Underlying profit of £10 million on £5 billion of revenue… which amounts to 0.2%. Or is my maths wrong? Eight or nine zeroes in a billion?

    Either way, 0.2% or 2% profit seems quite low for a turnover of £5 billion.

    Help me out please. The message seems positive but the maths don’t appear to back that up and £10 million profit over the course of a year seems tiny. I’m hoping to be missing something.

    • BGN, you’re not supposed to review their figures in that detail!

      By comparison Tesco last year reported £1.64bn profit on 57.5bn revenue, so was 2.85% or 14 times higher profit as a percentage of sales than the Co-op.

  2. Any figures for Electrical?

    • Hi Claire. In the full report that’s linked, the notes explain how Electrical is included in the ‘other businesses’ line. But I checked out the headline figures specifically for Electrical which are: Sales of £28m (2017: £27m) with a loss of £2m (2017: £2m loss) for the same period. Thanks, ^Kevin

  3. Hi Michele, can you elaborate on your question please so we can help. I don’t think we do personal injury insurance or were you thinking of something else? Thanks, ^Kevin

  4. I can’t see anything in regards to personal injury?

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