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Scotmid sales rise by £7m despite uncertainty

BRODIE
BRODIE

The chief executive of Scotmid Co-op has paid tribute to staff and customers for adapting to the current challenges posed by the Covid-19 pandemic as the firm saw turnover rise by £7 million.

The society, which is celebrating its 160th anniversary, saw turnover increase to £385m for the year ending January 25.

Trading profit also rose to £5.6m, against £5.3m last year, while net assets rose by £2m to £105m.

Chief executive, John Brodie, said the current pandemic had overshadowed other challenges including Brexit uncertainty.

He said: “The impact of Covid-19 on food sales has varied from location to location, with stores located near schools or significant workplaces most affected.

“However, we have had great feedback about the measures we have put in place, such as floor graphics for social distancing and protective screens.”

As well as operating convenience stores, the group also owns retailer Semichem and operates property and funerals businesses.

Semichem delivered an improved performance on last year and a “substantially better performance than the market trend” against a backdrop of trading conditions described as “brutal” for non-food retailers on the high street.

New formats continued to be trialled at Semichem, reflecting a local model, including coffee and snacks to go.

An investment programme into Scotmid’s funeral business has seen new a number of new vehicles and mortuary capacity was doubled.

Mr Brodie said the funeral business had finished the year strongly, which helped to recover the shortfall experienced in the first half of the year.

“A cremation Without Ceremony funeral has added another alternative for clients, but there is a significant demand for traditional funerals as well as a more modern style of funeral.” He added.

A strong Edinburgh residential property market boosted growth in the society’s rental income along with a positive asset valuation gain of £3m which helped to increase the capital value of the investment portfolio to more than £94m.

Mr Brodie said: “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.”

jimillar@thecourier.co.uk