Partly Cloudy

Partly Cloudy

max temp: 6°C

min temp: 1°C

Search

East Anglia: East of England Co-op hails return to annual growth in sales

06:00 14 April 2014

Doug Field, executive officer – finance and technology at the East of England Co-operative Society.

Doug Field, executive officer – finance and technology at the East of England Co-operative Society.

Archant

The East of England Co-operative Society has overcome “tough competition” to report a rise in pre-tax profits and its first increase in turnover for six years.

shares

The member-owned society, which has more than 250 trading outlets across Norfolk, Suffolk and Essex, generated total sales of £342million during its 2013-14 financial year, up 2% on the previous 12 months, with pre-tax profits rising by 17%, to £6.7m.

Underlying trading profit fell to £5.4m, from £9.7m the previous year, but the society said this reflected a significant decrease in dividend payments from the troubled Co-operative Group, alongside increased pension costs and the impact of “predatory” competition in the grocery market.

Doug Field, executive officer finance and technology at the East of England Co-op, said: “In a year where we have faced tough competition, negative media coverage of the wider co-operative movement and reduced NHS funding for our pharmacies, we have managed to increase our turnover for the first time in six years.

“We consider it to be a major achievement to have secured this increase in pre-tax profits during a year of continuing austerity in the sector.”

Mr Field said that the overall increase in turnover had been achieved despite a 0.5% decline in sales from the society’s food stores, amid price-cutting by competitors.

The society’s petrol forecourts, funeral and travel businesses, together with its distribution centre, had all seen increases in business and it had also been a good year for its investment property portfolio which saw increases in turnover and profit as well as a £6m investment in new properties.

“Being an ethical retailer in the grocery sector is tough. Since 2007 we have been building up our range of locally sourced products which consumers love. This year Sourced Locally enjoyed a £12m turnover which represented a 30% increase in this area, so this is an area we will continue to grow,” he added.

shares

0 comments

Police are at the scene of the ram raid

A cash machine has been stolen in a ram raid at a petrol station in Sudbury in the early hours of this morning.

Shadow cabinet minister Jonathan Ashworth visiting Ipswich to see the work on boosting the Princes Street area, Ipswich. Left to right, Jonathan Ashworth,  Councillor David Ellesmere.

Shadow cabinet minister Jonathan Ashworth has visited Ipswich to see the town’s growing business area – and the new home of Archant’s Suffolk titles.

Warren Hill at Hollesley Bay

Warren Hill prison in Hollesley has been praised in a report by HM Inspectorate of Prisons.

 Felistowe beach

Forecasters are predicting a more settled day today after blustery showers from Storm Imogen battered Suffolk yesterday.

Felixstowe Road, levington closed after roofing blows off building.

The road was closed in both directions between the Strattonhall Drift and the Bridge Road junctions.

Isaac's new extension

A churchgoing burglar in a suit who stole drills and a laptop from an Ipswich waterfront pub has been jailed for eight weeks.

The Mid Suffolk Light Railway prepares for its Easter weekend event. Zach Bond cleaning a train.

More visitors attended a Suffolk heritage railway than ever before, according to figures.

Members of the Leiston Works Railway Trust attempting to clear the track on part of a disused line

It’s been more than 40 years since trains last ran to and from the engineering works in Leiston.

Fire crew attending the aftermath of a house fire on Whatfield Way, Stowmarket.

Three fire crews were called to a house blaze in a Suffolk village.

South East Suffolk Magistrates' Court

A drunken shoplifter who stole vintage port, lager and a coat from Ipswich town centre stores has been given a conditional discharge.

Most read

Most commented

HOT JOBS

Show Job Lists

Topic pages

Streetlife

Great British Life

Great British Life
MyDate24 MyPhotos24