Leeds Co-op sees profits rise again

TRADING performance at Leeds Co-op for the half-year ended June 28th has improved over the previous year.
Turnover for the half -year totalled &#163 34.8 million; trading profit was up over 30 per cent on the previous year at &#163 589,000 and &#163 411,000 has been transferred to reserves which is also almost 30 per cent up on the 2002 figure.
Food sales at &#163 16 million are up 6.3 per cent on a like-for-like basis due to the disposal of two loss-making stores combined with better control of gross margin and general expenses.
The society&#039s second-largest department ? travel ? recorded a turnover of &#163 15.6 million from 18 travel bureaux and one call centre. The funeral division saw turnover increase by 4.9 per cent to &#163 1.8 million.
Leeds Co-op also offers a full optical service and the five retail branches and one wholesale lens manufacturing facility recorded an increase of 2.8 per cent during the 24 week period with sales now &#163 437,000.
Property investments too saw income grow to &#163 354,000 an increase of some 20 per cent .
According to Chief Executive Alan Gill, the figures are in stark contrast to the situation in the past where the society had been recording losses up until the end of the 1990s.
He said: "We are now reaping the benefit of major restructuring and an expansion strategy. During the last five years, loss-making stores have been disposed of and new stores added to the portfolio and all the food convenience units have been refurbished.
"I believe this improved trading performance is being assisted by the society&#039s focus on members and promoting the co-operative difference."
Added Mr Gill: "The number of active members has increased in each of the last six years as has attendance at members&#039 meetings. Voting in the postal elections for the society&#039s directors, where in the last election in March, 28 per cent of the eligible voting members participated in a postal ballot process."