THE Phone Co-op, Britain's only telecommunications co-operative, has reported another record year of growth.
Turnover for the year ending 31 August 2004 rose to £ 4.38 million – an increase of 28 per cent over the previous year – while profit before distributions rose by 44 per cent to £ 190,771.
The co-op has grown rapidly since it was established in 1998 and Chief Executive Vivian Woodell attributed the rise in sales partly to the first full year's trading in its internet services business which it acquired from Poptel in July 2003.
`Our internet business has grown rapidly, in particular with the introduction of new broadband services which have also been widely adopted by our existing telephone service customers,` said Mr Woodell.
`The results also reflect our commitment to achieving a balance between the need for rapid growth and the need to minimise financial risk.
`As a customer-owned business based on ethical values, the Phone Co-opoccupies a unique position in the telecoms and internet industries. We benefit from a high level of trust on the part of our customers and we believe our task now is to make the most of this relationship and to maximise the benefits of the co-operative model.`
For a copy of the Phone Co-op's annual report which includes full details of its financial results, please visit www.thephone.coop/about/annrep.html