Midcounties Co-op reports 65% growth in sales

Midcounties Co-op reports 65% growth in sales

Midcounties Co-operative Travel has reported an 65% growth in sales for the year to April, in what has been described as a "very exciting year" for the group.

The Midcounties Co-op society as a whole - which includes energy and funeral services - has announced annual gross sales of £943 million in its results for 2012/13,  a 20% increase from the previous year.

Chief executive Ben Reid, who presented the results to members at Midcounties' AGM, said sales in travel had grown by 65% to £172 million. He said investment in travel, childcare and food had contributed towards the profits for the year.

"The society has had a very exciting year as a result of significant investment, particularly in childcare, travel and food and the very rapid growth of our energy business," Reid said.

“The results demonstrate a strong financial performance which has justified this investment and gives us a portfolio of businesses well placed to meet the opportunities and challenges ahead.”

Reid also referred to the "huge milestone" the business had reached since the year end, achieving £1billion annual turnover in April.

"The one billion represents a doubling of our turnover in just eight years. That’s a spectacular endorsement of the co-operative way, which is doing business with a social conscience,” he said.

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