Plymouth Co-op’s results boost

PLYMOUTH and South West Co-op have announced their best trading results for 15 years. The society&#039s annual report shows a four per cent increase in sales on a...

PLYMOUTH and South West Co-op have announced their best trading results for 15 years.

The society&#039s annual report shows a four per cent increase in sales on a like for like basis, mainly through improved performances in the food, funerals and property divisions.

Turnover is up to &#163 121 million and the society have reported a trading surplus of &#163 2.5 million? a 62 per cent increase on the previous year&#039s figure.

Chief Executive Douglas Fletcher commented: `I am delighted with the results. We have a robust strategy and business plan and our results clearly demonstrate that we continue to move in the right direction.

`A tremendous amount of hard work and dedication from everyone within the society has gone into producing these results.`

Added Mr Fletcher: `We have invested in three key areas; our staff, our society and our infrastructure and these investments are now, clearly, paying dividends.

`We have invested in our staff, through training and development at all levels; in our society through the multimillion pound refurbishment and redevelopment programme as well as the purchase of new stores and the launch of a new Homemaker outlet and we have invested in our infrastructure with projects such as new IT systems which will `future proof` the society and allow us to expand on these tremendous results.`

The annual report shows the net asset value of the business at over &#163 49 million, an increase on last year of &#163 1.6 million.

Membership is up by 90,000 as a result of the launch of the society&#039s new Dividendplus card which has has resulted in 90,000 additional members signing up.

In total, &#163 298,000 has been distributed in dividend payments while an additgional &#163 199,000 was handed out in communikty grants.

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