Mids Co-op makes £19m profit from sales boost
The Midlands Co-operative Society has posted "record" trading profits of £18.9m in its half-year results after securing top sales figures.
During the six months to 6 August, the company invested £22.2m and secured total sales of £512m. Of its revenue, the Co-op's food business recorded like-for-like growth of 2 per cent.
Four new food stores were opened in the first half of 2011 and more are planned before the end of the year, said the company.
It added it was on target to have the majority of its 175 food stores converted to the Co-operative brand by the end of the year.
The Midlands Co-operative's travel division underwent a heavily publicised merger with The Co-operative Group and Thomas Cook’s UK retail network. It was completed on 4 October, creating the UK’s largest travel agency business.
In April, the society completed the acquisition of Bretby Crematorium, on behalf of its funeral division. The Burton-on-Trent company was the Co-op's first in the crematoria sector.
Chief executive, Martyn Cheatle, said: "These are particularly challenging times for business so I am pleased to be able to report that Midlands Co-operative can announce another record performance. The significant progress made by the Society is very encouraging, with exciting developments across all of our trading activities."
He added the society had "a clear strategy in place" and substantial funds available for further investment.
