Leeds Co-op profits up

LEEDS Co-op has announced a massive increase in their trading profit for the year ended 11th January.

The society&#039s turnover rose by more than 8 per cent to &#163 74.7 million resulting in a trading profit of &#163 837,000, up 413 per cent.

Said Chief Executive Alan Gill (right): `We reported an excellent trading performance in the summer and I am glad to say this continued through the rest of the year, leading to the best level of trading profit we have seen for over a decade.`

Leeds Co-op Travel made the biggest contribution to overall sales and profit with annual turnover up 6.2 per cent at &#163 34.7 million, demonstrating its recovery from 11th September 2001.

The society&#039s 18 food stores turned over &#163 33.4 million which is 10.5 per cent higher than last year � helped by the acquisition of a store in Burley-in-Wharfedale.

Both the funeral division and opticians recorded volume increases in sales with new funeral branches contributing to an 8.8 per cent increase to &#163 3.7 million.

A major refurbishment of Headingley opticians helped see this area of the business increase its sales to nearly &#163 1,000,000.

Total assets at the society have increased by 26 per cent making the business now worth &#163 19.9 million.