Co-op Group has reported a return to profit in the first half of the year thanks to growth in membership and its quick commerce business. The number of members has increased by 20% to 5.5 million, with plans to reach 8 million by 2030. The group’s partnership with Uber Direct allows customers to order groceries for delivery through Uber Eats. The Co-op plans to open 120 new food stores by the end of next year, in addition to its other businesses in funeral, insurance, and legal services.
Legal services saw a 35% revenue growth, while food sales grew by 3.2%. The group reported a profit before tax of £58 million, a significant improvement from the £33 million loss the previous year, with revenues reaching £5.6 billion. CEO Shirine Khoury-Haq attributed the strong performance to increased investments in colleagues, pricing, and business growth.
In other news, Chinese monetary stimulus has weakened the dollar, impacting commodity markets and emerging market currencies positively. On the other hand, British online property portal Rightmove rejected a £6.1 billion takeover offer from Rupert Murdoch’s REA Group, stating that it undervalued the company. Chinese stocks have continued to rally due to Beijing’s stimulus measures, while the global markets remain cautious about the long-term impact of these efforts.
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