THE Edinburgh-based Scotmid Co-op has produced another set of powerful figures for its interim results for the period ending September 11th.
During what was one of the most dramatic periods in the history of Scotmid, which saw a number of major acquisitions, the society produced record profits and record net assets.
Turnover for the period increased from £ 145 million to over £ 205 million. Operating surplus (before exceptional items) increased from £ 3.6 million to £ 4.2 million and the surplus before taxation increased from just over £ 3 million to nearly £ 3.8 million. Net assets rose from £ 84 million to over £ 98 million.
Scotmid Chief Executive Colin Bird commented: `I am particularly pleased with the results as they centre on the most acquisitive and perhaps busiest period of Scotmid's history.
`During the period we acquired Morning Noon & Night for £ 26.7 million – one of the largest ever Scottish retail takeovers. Additionally we bought nine Spar stores and eight Alldays stores – bringing the total number of food stores operated by the society to more than double the number at this time last year.`
`The acquisition of established Motherwell based funeral business Dundas Fyfe and Sons was another boost for our Funeral Services. Semi Chem, our discount toiletry stores, continues to perform well in the face of ever increasing competition. Creative marketing campaigns; new stores and major refurbishments continue to improve the image of the brand.`
Added Mr Bird: `Our Property Division has again shown record levels of income from the investment portfolio. Our joint venture at Great Junction Street in Leith is progressing extremely well with only one of 77 flats left to sell.`
`This has been an exciting and successful time which leaves Scotmid in an even stronger position for future growth.`