Lincolnshire Co-op in "record" year
Tue, 28th October 2014

Lincolnshire Co-op in "record" year

Lincolnshire Co-op has reported a record increase in profit driven by "strong" sales in its travel agency and funeral services divisions.

During its 2013/14 financial year, the society increased profits by £170,000 to £18.1m, with total sales reaching £286m.

Sales at its 13 travel branches rose by 19.7 per cent and it invested more than £2m in new funeral facilities, including parking for 30 cars, a service chapel and catering lounge.

As well as growth in funeral services and travel, the Co-op also said its food division had performed well, in spite of "intense competition".

Sales at its 77 food stores rose by 2 per cent and it opened further branches in Crowle, Holton le Clay, Washingborough and Boultham Park Road, Lincoln during the period. It also has a number of new outlets planned for 2015.

Dividend card holders at the Lincolnshire Co-op will now be asked to approve a £1.3m bonus at the society's six annual members' meetings in November.

This is in addition to dividends of £1.8m which were paid out during the year.

Ursula Lidbetter, chief executive of the Lincolnshire Co-op, said: "We’re very proud of another successful trading year. Because of our strong profits we are able to reward our members with a healthy dividend, give a share of the profits to our colleagues and support many important community projects."

category Midlands  |  source Insider Media