Lincolnshire Co-op has recorded a positive trading year which could see members receive an increased dividend payout.
The society have announced their results for 2014-15, showing that sales have risen across the business and profits are up by 11%.
Total sales have gone up by £6.6m to £293m and profits have increased by £2.2m to £20.9m.
There are annual members’ meetings taking place across the region from 17-25 November where members will be asked to approve a dividend bonus of 85p per £1 of dividend collected during the year. If the plan is approved, members will share £1.56m on top of the £1.83m already shared during the year – a total of £3.39m.
Staff have also benefited from a good year. Two profit share bonuses were paid out during the year to the society’s 2,800 staff, totalling an extra week and a half’s wages.
Lincolnshire Co-op is an independent co-operative society with 244,000 members in Lincolnshire, Newark and the surrounding area. A locally-elected board of directors oversees the running of the business.
The biggest increase came for the co-op’s funeral services, as income from the funeral homes, florist and crematorium rose by 13.1%. £17m was reinvested, including a flagship new funeral home in Lincoln’s Tritton Road.
In addition, there are other schemes underway in the local community led by co-ops. Shopping areas in Lincoln and Sleaford are to be revamped, while work continues on expanding facilities at the Lincoln Science and Innovation Park, a partnership between the Lincolnshire Co-op Society and the University of Lincoln.
Chief Executive of Lincolnshire Co-op Ursula Lidbetter said: “We’re proud to be a co-operative and our continued success enables us to pay members a good dividend. A positive performance also means we can reinvest in our services and in our communities.
“Trading conditions are tough out there,” she added. “To record such a good result despite that is exceptional and I’d like to thank all of our hard-working staff and our members and customers, who continue to support their local co-op.”