The East of England Co-operative Society, the UK’s third largest independent consumer co-operative, has announced that its Underlying Trading Profit increased to £7.5m – up by 4.1% for the 28 weeks to 7 August 2010.
Despite a challenging trading environment, turnover from continuing operations increased by 0.9% to£193.1m.
Society profit before distributions and taxation totalled£7.6m, compared with a loss for the same period last year of £4.9m, which had included charges relating to discontinuing businesses and unrealised impairment of investment properties.
Richard Samson, chief executive, said:“This is a very creditable result, whilst the Society trades through difficult times. All the signs are that there will be no easing of the tough economic climate through the remainder of this year and probably throughout 2011.
“However, our strong financial position has enabled us to continue to invest from our own resources, with no net borrowings whatsoever and we are well placed for dealing with the uncertain period ahead of us.”
In Wimpole Road, Colchester, a new food store is under construction, which will include flats above. The store is expected to open for business next spring and other food store developments and new store openings are being actively pursued.
Source:East of England Co-operative Society
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