East of England post strong set of first annual results

THE first annual results of East of England Co-op reveal overall sales of &#163 414 million.
Trading profit from the new society was &#163 12m for the year ended January 2006, helping consolidate its position as the fifth largest consumer co-operative in the UK.
The results were announced at the society&#039s first annual members&#039 meetings in Ipswich, Norwich and Colchester.
Members of the society were told they will share a dividend payout of &#163 2.35 million as their share of the society&#039s profits.
Members also heard details of developments completed during the period, including acquisitions, new builds and refurbishment of trading operations. A total of six new stores began trading during the review period, stretching across Norfolk, Suffolk and Essex.
The society, which was created from the merger in October 2005 between the Ipswich & Norwich and Colchester & East Essex societies, is now established as the leading operator of food stores in the region, with 100 convenience stores and 16 larger supermarkets.
The society&#039s funeral business also expanded with two new funeral homes being acquired and two new regional offices being opened in Ipswich and Colchester.
A strategic review of the motor business resulted in the society&#039s phased withdrawal from car retailing and the break-up of the Sterling Motor Group.
Chief Executive Chris Blanchett said: "In a year which brought significant reorganisation and a realignment of the financial year end, these are very credible results.
"All retailers are facing a difficult trading environment, but the merger has placed us in a stronger position and we have solid foundations for future growth and expansion.
"Our development programme is continuing, with work well underway on the &#163 10 million redevelopment of the Peartree Road site in Colchester, and the extension of the Rosehill supermarket in Ipswich. A new &#163 1.8 million Foodstore opened in May at Ravenswood in Ipswich.
"This follows hard upon an exciting year which saw the opening of six new food stores and over 20 acquisitions or refurbishments."
• The society has announced that Mr Blanchett&#039s planned retirement will happen towards the end of this year, with Chief Executive Designate,Richard Samson stepping up.