Insider Media Limited

The Midcounties Co-operative has announced a 35 per cent increase in trading profit to a record £26m. The member-owned society said profits in its food division grew 30 per cent in its results for the year to 22 January 2011.

The Co-operative comprises food stores, travel branches, pharmacies, funeral homes, childrens nurseries and employee benefits businesses.

Food and pharmacy divisions showed the largest increase in growth, rising 30 and 23 per cent respectively.

The company expanded outside its core area by growing its network of nurseries this year, having acquired more than 20 new sites. The company also has plans to grow further by launching its new nationwide Co-operative Energy business, which supplies electricity and gas to the public.

Chief executive Ben Reid said: “It has been a very challenging but rewarding year and now we have to focus on the future. There is every indication that the economic climate is going to remain difficult and it is into these conditions we will be launching Co-operative Energy and developing Co-operative Childcare.

“We are really optimistic that both ventures will quickly establish a foothold in the market. It is exciting for a regionally based society to be extending its reach in this way, and we believe that with the continuing engagement of our colleagues and support from our membership we can continue to go from strength to strength.”