Midcounties Co-operative Society has posted record full-year sales of £1.167bn.
The figure, up 24% in the year to 25 January 2014, was boosted by the society’s new business Co-operative Energy, as well as sales across its trading arms.
Operating profits rose 21% to £22m. Its food business, which makes up the bulk of its sales, saw sales increase 1.1% to £603m.
Co-op Energy sales rose 243% to £159m. It signed up more than 70,000 customers during the year and now serves over 200,000 households.
Midcounties Co-op now plans to share a £6m dividend with its members and staff.
“These excellent trading results demonstrate that the co-operative business model really works,” said Midcounties Co-op CEO Ben Reid.
“The engagement of our 10,000 colleagues is a key element in creating the momentum which ensures we continue to evolve as an innovative and successful co-operative,” he added.
“We are now an independent society with a turnover of over £1bn. Co-operation is clearly working for Midcounties and gives us confidence that we have a sustainable future.”