Record profit for Lothian, Borders & Angus Co-op

LOTHIAN, Borders & Angus Co-op has announced a profit increase of well over one-third to a record &#163 6.8 million. Turnover in the financial year to 31st January...

LOTHIAN, Borders & Angus Co-op has announced a profit increase of well over one-third to a record &#163 6.8 million.

Turnover in the financial year to 31st January increased by a modest 2.85% to &#163 110.3 million. However operating profit rose 37.1 per cent to a new record for the second year in succession, accounting for 6.7 per cent of net sales.

Chief Executive Bob Jamieson said factors such as improved cost control, a stronger emphasis on fresh foods, better use of technology and the disposal of the society&#039s loss-making travel division had all combined to produce this `magnificent` result.

The society also announced that each of its 1,160 full and part-time staff have received a flat rate bonus of &#163 200. `These payments recognise the staff&#039s loyalty, hard work and enthusiasm which have been major factors in achieving these tremendous results,` Mr. Jamieson commented.

`Our work force can be very proud of their contribution during another record breaking year.`

The improved financial performance also enabled the society to step up contributions to its Community Dividend fund under which it donates up to two per cent of profit to local good causes. This year, hundreds of organisations throughout its trading areas are expected to share a pay-out of around &#163 135,000.

`Investments to improve the quality of our business are paying off for the benefit of our customers, members and staff, ` said Mr. Jamieson. `We are proud of the fact that the society&#039s profit ratios compare favourably with those of the major multiples and we look forward to that trend continuing`.

Over the past seven years the society has invested an estimated &#163 &#163 30 million in refurbishments and extensions to premises.

In this article


Join the Conversation