Midlands Co-op, the UK’s biggest independent society, has announced what Chief Executive John Fitzgerald has hailed as “an outstanding set of results” for the year ended January 26th.
Boosted by recent mergers which brought both Ilkeston Co-op and Raunds Society under the Midlands banner, overall sales were up by almost 18 per cent to £800 million and the comparative trading profit of £15.1m was up 25 per cent on the previous year.
In addition, the society’s assets are now £297m, a new record, despite over £25m of capital investment on new outlets and refurbishments.
Said Mr Fitzgerald: “I am delighted that the society has produced such an outstanding set of results across all our businesses even though trading conditions remain challenging. Midlands Co-op is in a very strong financial position as evidenced by strong cash flows from operating activities and an extremely healthy balance sheet.
“We can pursue our expansion plans with conviction and give full consideration to any business opportunities that might arise.”
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