Co-op Funeralcare revenue up £7m
Despite this the company saw a reduction in funeral plans with sales down to 16,774, compared with 44,751 in 2021
Co-op Funeralcare has seen its revenues jump £7m to £271m for the year ended 31 December 2022, compared with £264m in 2021.
The company has also been able to grow its share of the market for funerals more than offset the lower death rate with 93,867 funerals carried out compared with 90,731 in 2021.
Its direct cremation and direct burial funeral options continued to grow in popularity making up 11.7% of its funerals compared with 7.9% last year.
Despite this the company saw a reduction in funeral plans with sales down to 16,774, compared with 44,751 in 2021.
Co-op stated that this was mainly driven by lower consumer confidence in the overall market, ahead of regulation, as well as exiting some third party distribution arrangements due to changes in regulation.
Chairman Allan Leighton said: “The inflationary challenges facing most consumer-facing businesses are well known, so for our Co-op to have delivered this level of performance over the year is encouraging.
“We are, rightly, judged by our members on both the financial and social value we can create and it’s clear that we’ve delivered on both sides of this equation. The future focus on growing membership is vital for ensuring the future success of our Co-op for generations to come.”
