Co-op profits rise to £5.7m
Midcounties Co-op was today celebrating an "excellent" set of half year figures as profits soared after it had bought 150 new stores and launched one of the nation's first "Co-operative Motors" dealerships in the Black Country.
Midcounties Co-op was today celebrating an "excellent" set of half year figures as profits soared after it had bought 150 new stores and launched one of the nation's first "Co-operative Motors" dealerships in the Black Country.
Figures for the six months to July 28 showed that the Walsall-based Midcounties' trading profit had risen by 14 per cent to £5.7 million. Gross sales across all its stores, car showrooms, funeral parlours, travel shops and pharmacies rose 18 per cent to £351 million.
Chief executive Ben Reid said today: "We are delighted with these excellent half-year results.
"Our aim for this financial year was to ensure that all our businesses, food retail, travel, pharmacy, funeral, childcare, and motors focused on profitable growth whilst at the same time improving our customer service. A key element has been the adoption of the new, revitalised co-operative brand which has been rolled out to a significant number of our branches."
The Midcounties Co-operative formed in September 2005 when Oxford, Swindon & Gloucester Co-operative Society and West Midlands Co-operative Society merged, employing a total of 9,000 people at 600 outlets.
In January it bought the 150-strong Stars News chain of newsagents and convenience stores, adding 3,000 people to its staff.
Midshire's motors group was the first UK motor dealer to brand a Volvo and Hyundai franchise as 'Co-operative Motors' in March, a year after rescuing the former Asgard dealership in Wolverhampton.
Mr Reid added: "We are very pleased that all trading groups recorded increases in sales above inflation in the first half year despite having to trade within intensely competitive markets."
This summer the Midcounties set up a Flood Relief Fund to help hundreds of co-op members hit by flooding across the region.And over the past six months a renewed membership drive has seen the society recruit a further 12,000 members, bringing its total membership to 220,000. It also launched a new membership bonus system to replace the traditional "divvy".
The business has won a string of business awards.
