Profit up but turnover down at co-ops

Profits rose 6.1 per cent at independent co-ops last year, despite a drop in turnover.

Net profit across 30 regional co-operative societies was£467 million, up from£440 million last financial year. Combined annual turnover was£12.76 billion, representing a 2.8 per cent decrease.

At the annual Co-operative Congress in Manchester at the weekend, Co-operatives UK chairman Ben Reid will reveal the intention of Co-ops to introduce a 'totally renewed brand' in a bid to improve standards in-store.

Reid said: 'This has been a difficult year for us and although there are some highlights within individual co-operative businesses, we must continue to improve our products.'

Over the year, the number of co-op retail sites increased from 6,203 to 6,331. The societies' overall food market share is 5.4 per cent.