Scotmid Co-op enjoys 40% surge in trading profit to £2.1m

Scotmid Co-op has enjoyed a 40% surge in trading profit to £2.1m over the past year.

The Scottish co-op society said it reflected a £600k improvement on its last interim results in September 2023.

During the six months to 27 July, Scotmid also reported an almost 1% rise in turnover to £214m.

It said its results were achieved despite wet summer weather dampening customers’ willingness to spend, alongside ongoing challenges from the cost-of-living crisis and economic uncertainty, including rising wage costs.

Scotmid said its tight cost management, promotional activity and good availability meant it had still managed to grow, boosted by footfall and volume from the Euro 2024 football tournament.

The society also continued to invest in technology and store upgrades, including a focus on food-to-go, to protect future growth, it said.

“The challenges facing the society continue to have a significant impact on consumer spending and, hence, trading performance,” said Scotmid CEO Karen Scott. “The headwinds of the cost-of-living crisis and high interest rates had impacts, but the biggest single factor affecting the interim results was undoubtedly the exceptionally wet summer weather.

“Despite this, Scotmid showed resilience, delivering growth in trading profit underpinned by a strong balance sheet.

“I am delighted that through the superb efforts of our members, colleagues and customers we have raised the fantastic total of £274,000 for the RNLI as our charity partner for 2023/24. This will fund an Atlantic 85 Lifeboat aptly named ‘The Spirit of Cooperation’.”

Scott took over Scotmid as CEO in August, succeeding John Brodie.

“August also saw the retirement of my predecessor, John Brodie, after 30 years with the society and 20 as CEO,” she said. “I would like to note my thanks for his dedication to Scotmid and leadership of our team over the years.

“His legacy will live on as we remain focused on continuous improvement and, of course, our core purpose of serving our communities and improving people’s everyday lives.”