Co-op Funeralcare H1 revenues rise 1.4% to £148m
The first half of 2024 saw a ‘significant’ increase in funeral plan sales, due in part to Co-op’s launch of a new direct cremation funeral plan
Co-op Funeralcare has reported that revenues rose by 1.4% to £148m in the first half, driven by pre-need funeral plans with at need volumes down by 4.7% against an overall 5.5% reduction in the UK’s death rates.
During the period, profit before tax rose to £63m from £1m in H1 2023 due to an increase in investment returns, while underlying operating profits reached £1m after registering a £4m loss last year.
According to the Co-op, improved cost savings and debt recoverability “more than offset” the increase in plan fulfilment costs in its pre-need funeral plans business.
The first half of 2024 saw a “significant” increase in funeral plan sales at approximately 19,730 compared with 7,743 in the same period last year, due in part to Co-op’s launch of a new direct cremation funeral plan.
In addition, Co-op Funeralcare benefited from an improving consumer confidence in the sector, as client satisfaction scores inched up to 97.9% in H1 from 96.8% a year prior.
Shirine Khoury-Haq, CEO of the Co-op, said: “We have delivered a strong performance for the first six months of this year as our strategy starts to gain real momentum.
“Although the external environment remains challenging, it is testament to the underlying strength of our Co-op that we have outperformed in all our markets while significantly increasing our investments in our colleagues, pricing and in the growth of our businesses.”
Debbie White, chair of the Co-op, added: “I’d also like to thank all our colleagues for their hard work and dedication, which has enabled us to deliver this improved performance. We continue our focus on growing our membership to create more value for our member-owners, and in turn communities across the UK.”
