Society success reflected in strong results

Heart of England Co-op, which has branches across Coventry, Warwickshire and south Leicestershire, has announced a record trading profit of £4 million — a 14.2 per cent increase...

The society’s annual turnover reached £77.6m, equating to a 3.3 per cent increase on a like-for-like basis over the previous year.

The positive news comes despite a slow down in the economy and increases in UK interest rates. The society’s net worth now stands at a record £34m — amounting to a 59 per cent increase over the past five years.

Chief Executive Ali Kurji commented: “We are delighted to have achieved record level of profits in what has been a particularly challenging year.

“In spite of intensely competitive trading conditions our society has been able to achieve satisfactory results in all its trading divisions — food, non-food, travel and funerals – leading to a trading profit of £4m.

“Policies put in place in recent years are clearly being successfully implemented and are helping to create an increasingly strong regional co-operative business.”

Added Mr Kurji: “We are delighted to have continued to operate with no borrowings. Indeed we are very well placed to continue with our ambitious redevelopment programme without having to rely on external funding.”

Mr Kurji said the food division was particularly successful, with a number of food stores recording double-digit increases in sales.

Non-food reported a satisfactory trading result which was up on last year and the travel division recorded an increase in net sales.

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