HEART of England Co-op has announced record profits for the eighth year in a row.
Trading profits leapt from £ 3.1 million to £ 3.9 million during the 12 month period to January 24 ? a 24 per cent increase ? while annual turnover was up to just under £ 73 million from £ 68 million, a seven per cent increase over the previous year.
Chief Executive Richard Samson believes the society's latest results will maintain its position as one of the top five most profitable retail co-ops in the country.
Mr Samson ? who will be leaving Heart of England later this year to take over as Chief Executive at Ipswich & Norwich Co-op ? told the News: "Our multi-million pound renewal programme of customer facilities, updating and refurbishing our retail and other trading units, has been a key driver in our ever-improving performance levels.
"This has been ongoing for a number of years now and has paid dividends for the society in terms of our record of solid and successful financial performance. Clearly our members and customers like the changes we have been making because they are shopping with us in greater numbers than ever before."
Mr Samson believes Heart of England offers a unique combination of well-sited stores and services, exclusive member privileges and genuine community involvement.
He said: "Over the past eight years or so we have particularly targeted the convenience market and have consistently improved our service and product offering. Our policy is paying dividends not only for the society, but also for our members and local communities.
"As an organisation, we are only as good as our people. We have a terrific group of people working for us and that is why Heart of England is one of the fastest-growing retail co-ops in the country."
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