Food driving Co-op growth

The Co-op group posted strong first half financial results with a 10 per cent sales increase on last year, up to £5billion in 2018.

The group said strong food sales and their purchase of Nisa retail were primary drivers of their success, with pre-tax profits up to £26m.

Co-op’s purchase of Nisa saw their food presence expand to over 7,700 stores across the UK, with their products on track to supply 850 Nisa shops by the end of the year.

Steve Murrells, chief executive of theCo-op, said: “We know that in order to make a difference, we have to be commercially successful and our performance in the first half shows that we’re delivering on that ambition.

“Our investment in products, price and distribution channels has seen us grow revenue, profit and member value in the first six months.”

So far the Co-op have enjoyed 2018, opening 45 new stores, with sales encouraged by £50m invested to improve food prices.

The company also introduced pay-in-aisle technology and self-driving robot tests in Milton Keynes to deliver products to shopper’s homes.

Allan Leighton, independent non-executive chair of theCo-op, suggested their results were all the more pleasing in the face of “increasing national uncertainty.”

Leighton said: “We’ve got exciting plans to continue transforming ourCo-opto make it even more competitive, relevant and innovative in both existing and new markets. We’ll continue to grow our current businesses and through our Ventures team we’ll move into new areas where we can deliver even more value for our members and their communities.”