Phone Co-op’s interim results show increase in sales

During the first six months of its financial year, the Phone Co-op has reported a 4.2% increase in sales. At its half-yearly meeting in Chipping Norton, the co-operative...

During the first six months of its financial year, the Phone Co-op has reported a 4.2% increase in sales.

At its half-yearly meeting in Chipping Norton, the co-operative reported that sales have reached £4.5m for the period going from 1 September 2013 to 28 February. Mobile services experienced the highest growth with sales going 37% up at £247,000.

The other factor contributing to these good results was teleconferencing after the Phone Co-op’s acquisition of Community Network last summer, which added £118,000 to the business.

Chief executive Vivian Woodell told the meeting: “We’re delighted to report such strong growth, especially considering prices and sales continued to fall in our industry. Mobile sales growth has been particularly strong and in the first six months of the year have nearly equalled those of the whole 2011-12.

“This start of the year has laid very solid foundations for two important developments: the launch of the new Pay As You Go service in the spring and the acquisition of Namesco’s broadband services in May.”

The Phone Co-op also built up its reserves, passing £1m for the first time, and reported growth in members’ share capital by 15% to a new record of £4.65m. This is evidence of a strong and sustainable position that gives the organisation considerable leeway for innovation and involvement in new ventures.

Other relevant figures for the half-year included the usual investments in co-operative and community projects drawn from the Phone Co-op’s Co-operative and Social Economy Development Fund. Charwelton Community Pub and Wedmore Community Power received investments of £5,000 each.

Another £5,000 grant went to support Students for Co-operation Founding Conference in February, setting the precedent for further support to the thriving student c
o-operative movement in the UK later in the year . The Phone Co-op has also recently purchased a property to help Birmingham Student Housing Co-operative to get off the ground.

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