Midcounties Co-operative Society has posted a 20% hike in full-year sales thanks to its fledgling Co-operative Energy business.

The society said sales rose to £943m in the year to 29 January. At Co-operative Energy, they rose from £7m to £46m.

Operating profits increased by £1.3m to £19m.

Meanwhile, its food business reported like-for-like sales growth of 1% and total sales of £597m, up 8%.

“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,” said CEO Ben Reid.

“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.”