The Co-operative Group has said its food, business and life units all outperformed the wider market over the first half of the year, aiding a swing into the black.
Pre-tax profit swung to £58 million over the first six months of the year, against a £33 million loss in 2023, Co-op said on Wednesday.
This came on the back of a 1.5% increase in revenue to £5.6 billion as food sales ticked up alongside life services turnover.
Co-op said lower interest payments had helped to fuel profits, while previous investments in its funeral business also fed through.
“Although the external environment remains challenging, it is a testament to the underlying strength of our Co-op that we have outperformed in all our markets,” chief executive Shirine Khoury-Haq said.
Food revenue climbed by 3.2%, the Co-op added, while revenue from its funeral, legal and insurance wings increased by 1.4%, 35% and 7% respectively.
Wholesale turnover dipped by 2.9%, though an 11% increase in franchise revenue meant Co-op’s market share was either unchanged or grew across all of its food, business and life segments.