Scotmid’s newly-published annual review has revealed the co-operative made a £5.3m trading profit last year.
The amount, for the year ended 28 January 2019, represents a year-on-year rise of £500,000.
The result was driven by Scotmid’s food convenience business during the summer, which delivered a strong like-for-like sales performance assisted by range improvements and the favourable weather, despite bearing the brunt of cost increases including business rates, energy and employment costs.
The society, which celebrates its 160-year anniversary in November, recorded turnover of £378m – an increase of £4m on the previous year. Its net assets also rose to a record high of £103m.
John Brodie, Chief Executive of Scotmid Co-operative, said: “This strong result was achieved through the implementation of a range of continuous improvement initiatives and was boosted by the hottest summer in 40 years, all while operating with the background of a lacklustre economy, Brexit uncertainty and the cumulative burden of significant cost increases.”
Scotmid’s Community Connect initiative awarded £75,000 to nine good causes across Scotland over year, while its Community Grant programme helped almost 1,200 local initiatives.
