Financial Results

FY 2017

Group highlights:

  • Group revenue remained the same as 2016 at £9.5bn
  • Underlying profit before tax increased by 25% to £65m, mainly as a result of cost savings on support areas
  • Operating declined by 15% to £126m
  • Food sales were £7,054m, slightly lower than the previous year (2016: £7,064m) as 298 smaller food stores were sold to McColl's Retail Group plc - a loss that was mainly offset by a strong like-for-like performance
  • Food like-for-life sales rose by 3.4% driven by core convenience business, as Food continued to outperform the market
  • Funeralcare revenues grew by 4% to £343m and market share grew, driven by sales of affordable funeral plans
  • Insurance revenues declined by 25% to £331m which was anticipated following the introduction of a new reinsurance contract - like-for-like revenue grew by 6% reflecting investment in pricing
  • Co-op Group sold its final shareholding in The Co-operative Bank in September 2017

Read full analysis of the results here.