British co-operative group Co-op has reported profit before tax of £247m in fiscal 2022 (FY22), an increase of £190m from £57m in fiscal 2021 (FY21).

The company’s revenue rose by £0.3bn to £11.5bn in FY22 against £11.2bn in the prior fiscal, despite being affected by the divestiture of the petrol forecourt business.

Co-op’s underlying operating profit remained unchanged at £100m from FY21, while its underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) declined to £490m from £505m the previous year.

The company’s profit before tax increased significantly to £247m in FY22 compared to £57m in FY21, improving its net debt by £587m to £333m.

Active Co-op memberships have grown to 4.41 million for the first time in five years, and the retailer aims to attract one million active new members over the next five years.

Co-op chief executive Shirine Khoury-Haq said: “It’s clear that our early action to significantly reduce our debt, improve our cash position, and tighten cost controls, has made a significant difference to the financial strength of our Co-op and has enabled us to look forward with confidence, despite continuing market uncertainty.

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“We now have an even better foundation upon which to grow our businesses. We’re also looking to grow our membership, putting membership at the heart of our Co-op, with ambitious plans to both attract new members and deepen relationships with our existing members.

“And we will continue to bring our vision to life to make a genuine difference for our colleagues, members, and communities through these challenging times.”

Co-op completed the divestiture of more than 100 grocery retail sites and their petrol stations to Asda for £611m ($702.2m) in October 2022.