Today, the Co-operative Group has announced its Preliminary Results for FY22, reporting early and targeted action against a tough economic backdrop has led to strong operational performance and robust financial returns.
A focus on cash flow has resulted in strong cash generation and significant reduction in net debt.
Significant Co-op value has returned to members, colleagues and communities in line with the group’s vision.
The group has a new focus to attract one million active new members over the next 5 years, with improved membership proposition to be rolled out in H1.
Revenue was £11.5bn, up £0.3bn (2021: £11.2bn), while underlying operating profit was £100m, maintained (2021: £100m).
Allan Leighton, Chair, Co-op comments: “The inflationary challenges facing most consumer-facing businesses are well known, so for our Co-op to have delivered this level of performance over the year is encouraging.
“We are, rightly, judged by our members on both the financial and social value we can create and it’s clear that we’ve delivered on both sides of this equation. The future focus on growing membership is vital for ensuring the future success of our Co-op for generations to come.
“I’d like to thank Shirine, her management team and our 57,000 colleagues for delivering this performance at a time when our members needed a strong, resilient, and differentiated Co-op to shine.”
Shirine Khoury-Haq, Chief Executive Co-op comments:“It’s clear that our early action to significantly reduce our debt, improve our cash position, and tighten cost controls, has made a significant difference to the financial strength of our Co-op and has enabled us to look forward with confidence, despite continuing market uncertainty.
“We now have an even better foundation upon which to grow our businesses. We’re also looking to grow our membership, putting membership at the heart of our Co-op, with ambitious plans to both attract new members, and deepen relationships with our existing members.
“And we will continue to bring our vision to life to make a genuine difference for our colleagues, members, and communities through these challenging times.
“I’d like to thank each and every one of our amazing colleagues for all of their hard work and support over the last year.”
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