LINCOLNSHIRE Co-operative has announced record trading results for its financial year ended September 3 – despite a 5.3 per cent drop in turnover as a result of the sell-off of the loss-making dairy business and closure of Wrights Motor Group Trading surplus increased to £ 13,241,000, a rise of 8.9 per cent on the previous year. But the annual report says losses in the dairy business and three now closed Rover dealerships amounting to nearly £ 2.5 million impacted on the result.

THE Co-operative Group is entering into consultations with trade unions representing staff at its Manchester headquarters over the implementation of a major restructuring plan, which will see around 600 jobs go over the next two years. The Group - which reported a disappointing financial performance during 2004 with sales and profits both down - has carried out a review of its head office functions and costs as part of a programme to drive future business performance.

CO-OPERATIVE Group Chief Executive Martin Beaumont has said there can be no excuses for the disappointing food retailing results announced in the half-yearly report. Food profits were down from £ 61.6 million for the equivalent period in 2003 to £ 35.8 million this year. Mr Beaumont told last Saturday's half-yearly meeting (23rd October) in Manchester: "I've got no intention of making excuses about our performance, or indeed promising a miraculous turnaround in a few weeks ...

MIDLANDS Co-op has announced record results for the eighth year in a row. For the year ending in January, trading profit was £ 15.3 million on gross sales of £ 717 million and a turnover of £ 546 million. Profits after finance costs have increased by 22 per cent. Society Chief Executive, Willie Tucker commented: "2003 has been a year of real progress in more than pure financial terms.