Scotmid Co-op grew its trading profit by 5.7% to £5.6m in the year ended 25 January 2020, the society has announced.
Turnover was up 1.9% to £385m driven by “strong sales figures from Scotmid’s food convenience business”. The figures include revenue from the society’s funeral services and Semichem pharmacy divisions as well as its food stores.
Commenting on the results, John Brodie, chief executive of Scotmid Co-op said: “This was achieved in a year dominated by Brexit uncertainty and without the benefit of the exceptional summer that boosted sales in 2018.
“The background market conditions for Semichem continued to be poor, particularly in Northern Ireland, but actions taken helped to deliver an underlying result ahead of last year. Tight management of the cost base and rebasing of the supply chain were essential in the delivery of our year-end result.”
He continued: “Our co-operative and community development activity in the year was focussed on celebrating 160 years as a successful and thriving co-operative business.
“Last year I highlighted the cumulative burden of costs and the need to focus on innovation, effective investment and tight control of costs to continue to make progress. Once again the Society has delivered despite the Brexit saga and another challenging year for retailers generally.
“Scotmid can therefore reflect on a positive 160th anniversary year but be mindful of the ever-growing cost challenge and the uncertainty around global events, particularly the Covid-19 pandemic. In the short-term we must manage the significant issues arising from the virus outbreak, however, I am sure everyone in the Society will rise to the challenge.”