MIDCOUNTIES Co-op, the society formed as a result of the merger between Oxford, Swindon & Gloucester and West Midlands societies in 2005, has announced its first full end of year results since the amalgamation.
Compared to January, 2006, when the trading results comprised eight months of trading for the old OSG society and four months for the combined society and totalled 53 weeks, the figures announced last week show:
*An increase in trading profit from £ 3.4m to £ 14.3m
*A 42% increase in gross sales (including VAT) of £ 597m compared to the 2005/06 figure of £ 421m
The underlying trading profit was £ 9.6m (£ 6.3m in 2005/06) after adjusting for an exceptional credit of £ 7.6m relating to a number of changes to the society pension schemes and non-recurring costs of the merger which were £ 1.6m.
Transfer to Reserves is £ 8.3m and Net Assets are strong at £ 164m. However Net Debt was increased by £ 3.5m up to £ 19.8m.
*Further coverage in the next Co-op News available from Tuesday April 17th.