TAMWORTH Co-op has announced encouraging figures for the year ending January 24th.
The Annual Report and Accounts show a 53 per cent improvement in trading profits at £ 318,000 compared with £ 208,000 in the previous year following a like for like increase in turnover of 2.5 per cent. This continues the improvement in profits shown in 2003
In her report to members at last week's annual general meeting the chairman, Margaret Johnson, said the Food Division performance had been exceptional with record figures in several units with a number of convenience stores showing turnover increases in double figures.
The Funeral Division had also had another good year.
Mrs Johnson confirmed however that sales in the Tamworth town centre shops were still in decline with a further reduction of more than £ 1 million.
Regrettably, difficulties had arisen at the society's Homemaker store on the Ventura Park site and the decision had been taken that closure was necessary with the loss of a small number of jobs.
Property income for the society has reached new record levels and the property portfolio has been further strengthened during the year.
The annual valuation of the society's investment properties has resulted in an unrealised surplus of more than £ 1 million and this takes the society's reserves to new record levels with net assets now standing at £ 12.7 million.
Chief Executive Richard Hughes said he was very pleased with the improvement shown overall, despite difficulties in some areas.
He was even more pleased to announce that the Board had been able to increase the rate of dividend on all purchases to 2.25 per cent. He said he hoped the society would be able to further improve upon this result at the end of the current year.