Midcounties Co-op reports sales increase of 97%

Midcounties Co-op reports sales increase of 97%

The Midcounties Co-operative Travel has reported an increase in sales of 97%, attributing the growth to store acquisitions and continued investment in the business.

The society has 60 travel agency branches and a network of 80 homeworkers.

The Midcounties society reported sales of £593 million in the six months to July 27 - across all sectors.

Midcounties' childcare sector saw increased revenues by 20%, the food business increased sales by 8% to £310 million across 240 stores, and Co-operative Energy saw strong growth with the number of domestic and business customers it serves trebling.

Operating profit was up by 16% at £12m during the period.
Ben Reid, chief executive, said: "Our half year results demonstrate the strength of The Midcounties Co-operative as a diversified, customer-focused, member-owned society.

"We have continued to invest in areas that will deliver long-term value for our members, such as the development of our fast-growing energy business. This investment is driving momentum in terms of sales growth and bottom line contribution.
"Looking ahead, we are encouraged by the recent positive indicators for the UK economy but expect that the markets in which we operate will continue to be highly competitive.

"Our focus will be to build on our excellent performance in the first half of the year and further strengthen the society in our core markets through investment, the hard work and dedication of our colleagues and maintaining the core values that drive our co-operative approach to business."



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