The resurgence of the co-operative movement continued this week with Scotmid Co-operative Society, the UK's fourth-biggest co-op, reporting a 49% jump in profits.
Pre-tax profits rose from £6.1m to £9.1m for the year to 31 January on sales up 7% at £333m.
CEO John Brodie said the society, which celebrates its 150th anniversary this year, had benefited from strong trading in its food and pharmacy businesses. Scotmid and Morning Noon & Night food stores had continued to make "good progress". "The continued improvement in trading gives us a firm base to help manage the society through the current challenging economic environment," he added.
The society is also planning to roll out its membership scheme to all its food stores by the end of the year following a successful pilot.
Pre-tax profits rose from £6.1m to £9.1m for the year to 31 January on sales up 7% at £333m.
CEO John Brodie said the society, which celebrates its 150th anniversary this year, had benefited from strong trading in its food and pharmacy businesses. Scotmid and Morning Noon & Night food stores had continued to make "good progress". "The continued improvement in trading gives us a firm base to help manage the society through the current challenging economic environment," he added.
The society is also planning to roll out its membership scheme to all its food stores by the end of the year following a successful pilot.
No comments yet