Lincolnshire reports 11% rise in profit

Lincolnshire Co-operative announced an increase in profit of nearly 11% for the half-year to March 2015. Group trading surplus before payments to members was up £1m to £10.1m,...

Lincolnshire Co-operative announced an increase in profit of nearly 11% for the half-year to March 2015.

Group trading surplus before payments to members was up £1m to £10.1m, while sales had a slight uplift from £142.6m to £143m. During the half-year £10m was invested in community projects.

Food sales rose by 2.3 % during the six months from September, and products in the society’s Love Local range increased by 22 %.

Prescriptions dispensed in the society’s 48 pharmacies went up 4.3 %, while sales in Lincolnshire Co-op’s 13 travel branches climbed by 7.2%.

Five food stores opened across the region, with a further five planned, and a £2m funeral home also opened in Lincoln.

A further 10,000 people signed up as members, taking the total to 241,000, and during the half-year £2.2m was paid out to members in dividend and member benefits.

Through the society’s Community Champions scheme, 160 local groups have been supported through donations each time a member shops. Since the scheme began in 2013, £356,000 has been given to the community.

The society employs 2,700 local people and the half-year results mean the co-op is rewarding colleagues with a staff bonus of 75% of their weekly wage.

Chief executive Ursula Lidbetter said: “We’re pleased to report a positive trading result and must thank our members and colleagues for their valued contribution.

“This business success is what enables us to continue to reward members with dividend and provide important services and support for our communities.”

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