Central England Co-operative has recorded a 4.4% jump in trading profits to £18.1m, with sales up 2.5% to £869.9m for the year to 26 January 2019.
The society said a good performance in its food business, increased sales across its convenience stores and strong trading during key seasonal events and as a result of record summer temperatures had all contributed to the strong financial results.
Capital expenditure of £28.7m was invested in 10 new food stores and the refurbishment of 35 others. The society also refurbished 50 non-food sites across the 16 counties in which it trades.
Staff and members shared a dividend payout of £3.5m.
“The society delivered another strong performance in 2018 despite trading conditions remaining highly competitive in 2018 in all of the markets in which the society operates,” said chief executive Martyn Cheatle. “We remain confident in our strategy and our co-operative point of difference to deliver growth and provide a relevant and attractive proposition to our members, customers and local communities.”
A community dividend fund of £173,000 was shared between 140 community groups and charities shared £173,000 as a result of grants from the Community Dividend Fund. More than £1m was donated to Dementia UK and 250,000 items were donated to local food banks.
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