Leeds increase profit by a fifth

LEEDS Society&#039s trading profit over the last six months is up more than 20 per cent on last year. In the half-year to 25th June profit was up...

LEEDS Society&#039s trading profit over the last six months is up more than 20 per cent on last year.
In the half-year to 25th June profit was up 20.5 per cent to &#163 1.04 million. Total turnover reached was &#163 35.38m.
The overall financial performance of the society for the period has demonstrated a healthy improvement over the same period last year, and continues the trend now established over a number of years.
Turnover in the food division increased by just under one per cent on last year, to &#163 17.1m.
The society&#039s dividend card scheme has now been introduced into seven more food branches. This brings the total number to 11, with others following by the end of 2006.
Travel turnover reached &#163 15.3m, a 1.4 per cent decrease on 2004&#039s figure reflecting very tight trading conditions across the industry.
However, results from the call centre operation are up following improvements in the travel website.
The funeral division achieved a turnover of &#163 1.9m, an increase of 2.3 per cent over last year, in spite of a reduction in the number of funerals of 2.6 per cent and a loss of market share of 0.4 per cent.
A new funeral home has been built alongside the existing site at Bramley, and opened at the end of March, providing a much improved facility for clients.
The investment property division collected rents of &#163 421,000, a small increase over the same period last year.
As anticipated in last year&#039s interim report, James Reed House, the new one-stop health centre in Beeston financed by Leeds Co-op, was handed over to South Leeds Primary Care Trust in March.
This will contribute significantly to rental income in the future and will provide the local people with a state-of-the-art centre.
In the optical department the Spectacle Centre opened a sixth branch. Total turnover was &#163 407,000 in the period, which reflected a like-for-like increase of 3.5 per cent over the same period last year.
During the first half of this year Leeds had an increase of 744 members. The Board decided to increase the interest payable on members&#039 share capital to 3.75 per cent from May 2005.
The society has continued its campaigning stance with the start of a year-long campaign on "Healthy Living" which is concentrating on both eating and cheap and easy exercise.
Large roadside poster hoardings, in-store point-of-sale and employee activities have all highlighted the campaign.
Alan Gill, Chief Executive of the society, said: "As we are a member owned co-operative we believe in running a successful business, which can apply co-operative values to the development of the people and city of Leeds."
Members of Leeds Co-op wishing to attend the Half-Yearly Members&#039 Meeting in September or who want a copy of the Half-yearly report should contact Sarah Hill on 0113 270 2121, or email [email protected].

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