The Midcounties Co-operative, which includes the energy supply company, alongside food, funeral, pharmacy, travel, and childcare businesses, reported a 21 per cent increase in operating profit to £22 million.
The Co-operative Energy now serves more than 200,000 households and delivered a 243 per cent increase in sales to £159 million in 2013, making it the society’s fastest growing trading group.
Ben Reid, chief executive of the Midcounties Co-operative, said: “These excellent trading results demonstrate that the Co-operative business model really works.”
He added: “We are now an independent society with a turnover of over £1 billion. Co-operation is clearly working for Midcounties and gives us confidence that we have a sustainable future.”