Another record year for Leeds

LEEDS Co-op has unveiled another set of record results ? with profits up by almost 29 per cent to &#163 1.6 million for the year ending 8th January...

LEEDS Co-op has unveiled another set of record results ? with profits up by almost 29 per cent to &#163 1.6 million for the year ending 8th January ? the best for nearly 30 years.
Turnover was just over &#163 75 million, up by 1.4 per cent on a like-for-like basis on last year, and the net assets of the society stood at &#163 24.6 million ? an increase of 9.8 per cent.
Members&#039 share capital was up to &#163 2.6 million, an increase of &#163 72,000 or 2.8 per cent.
The introduction of the dividend card at three of its branches helped to boost membership by nearly 1,500 during the year.
The society now has over 21,000 active members and the number attending the two members&#039 meetings in the year was significantly higher than previously.
"We&#039re delighted to continue the trend we&#039ve seen over the last seven years or so, of ever-improving performance," said Alan Gill, Chief Executive. "We&#039ve still got more to do to meet our overall financial objectives but this is another step in the right direction.
"In addition to profits, our success depends on active members and we&#039re delighted to see the number of people joining us has jumped again."
The society has continued to encourage the purchase of Fairtrade products, and won the ?Best Leeds Supermarket for Fairtrade Award&#039 for the second year running.
Employees were involved in helping the community across a range of activities, raising &#163 35,467 for Macmillan Cancer Relief while the society gave a further &#163 8,000 to local good causes.
The food division performed well with a turnover of &#163 36.2 million ? a like-for-like increase of 4.7 per cent on last year.
Travel sales were down slightly on last year at &#163 32.6 million. Property rental income increased by 11.5 per cent to &#163 914,000.
Turnover in the Funeral Division fell slightly to &#163 3.7 million, reflecting a decline in the number of funerals in the city. However the division contained its cost base while maintaining high standards of service, and as a result total profit contribution increased by over 25 per cent compared to the previous year.
Optical Division turnover from its five branches was &#163 793,000, with an increase in profitability over the previous year.

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