Co-operative society achieves record sales
THE Midcounties Co-operative achieved a record 24% increase in gross sales to £1.167bn in the year ended January 25.
And operating profit before significant items was up 21% at £22m.
As a result, the Warwickshire-headquartered society has announced plans to make more than £6m in share-of-profit payments to its members and colleagues.
Ben Reid, chief executive of The Midcounties Co-operative, said: “These excellent trading results demonstrate that the co-operative business model really works.
“As part of our co-operative approach we will be returning a share of our profits to the members and colleagues who have directly contributed to the success of the Society.”
The Midcounties Co-operative is the first independent co-operative to achieve annual sales in excess of £1bn. The society achieved sales growth across all of its businesses, which include food, energy, funeral, pharmacy, travel and childcare.
Co-operative Energy signed up more than 70,000 new customers during the year. It now serves more than 200,000 households and delivered a 243% increase in sales to £159m during the year, making it the society’s fastest-growing trading group.
Co-operative Travel grew sales by 61% to £276m following new branch acquisitions and increased recruitment of home-based personal travel advisors.
The society’s food business grew sales by 1.1% to £603m. During the year it upgraded its in-store systems to improve the speed of service at the checkout and enable the management of product ranges centrally.
Increased demand for nursery places helped Co-operative Childcare to grow revenues by 14% to £23m.
