Sales and trading profit rise for Central England Co-op
Central England Co-operative, which has stores across the Black Country and Staffordshire, saw improved sales and profits for the year to January 26.
Trading profit and gross sales were both up compared to the previous year despite the Lichfield-based society trading in a highly competitive environment.
Long-term investment has resulted in the continued expansion of both the food and funeral arms of the business, with the opening of 10 new food stores and six new funeral homes during the year as well as the refurbishment of over 50 other sites across the 16 counties in which the co-operative society trades.
Sales were up 2.5 per cent to £869.9 million with trading profit rising 4.4 per cent to £18.1m. Capital expenditure for the year was £28.7m.
More than 140 community groups and charities shared £173,000 as a result of grants from the society's community dividend fund.
Chief executive Martyn Cheatle said: “The society delivered another strong performance in 2018 despite trading conditions remaining highly competitive in 2018 in all of the markets in which the Society operates.
“We remain confident in our strategy and our co-operative point of difference to deliver growth and provide a relevant and attractive proposition to our members, customers and local communities.”
Mr Cheatle will step down as chief executive next month and will be succeeded by Debbie Robinson.
Elaine Dean, society president, said: “Our strategy remains focussed on maintaining the society’s position as a strong, member-owned co-operative business.
“We firmly believe that our values and principles of co-operation are as relevant today as they have ever been and our positive results again demonstrate the society’s resilience to operate in a highly competitive market.”
The retailer saw continued good performance in its food business, with increased sales across its convenience stores and strong trading during key seasonal events and as a result of record summer temperatures.
Central England Co-op’s funeral business achieved a solid performance against the previous year in the face of increased competition
The society’s 26 travel shops enjoyed continued growth in the niche holiday market, which resulted in a year of good performance.
Further progress on re-positioning the society’s investment property portfolio as part of a long-term strategy to maximise value from assets has also resulted in positive results.
The society’s commitment to corporate responsibility resulted in installing food bank collection points in more than 90 per cent of stores, rolling out a pioneering food redistribution project with FareShare at over 130 food sites with more planned and the society continuing its championing of positive mental health with the training 100 dedicated mental health and wellbeing champions.
Central England Co-op also raised more than £1m for its corporate charity partner Dementia UK.
As in previous years, stakeholder groups of members, colleagues and communities benefited from the success of the Society’s performance by sharing in a £3.5m dividend pay out.
It is one of the largest independent retail co-operative societies in the UK, employing more than 8,000 staff at 400 trading outlets.
