Scotmid Co-operative has managed to deliver robust growth in the first-half of its financial year, despite being up against tough comparatives, although it warned of more challenging times ahead due to Brexit uncertainty.
Over the 26 weeks to 27 July, the society’s trading profit rose 8.3% on turnover up 1.6% to £190.4m.
Growth was driven by its core food convenience business which was said to have performed “strongly” despite cooler weather. The previous year’s figures had been boosted by a prolonged heatwave. Scotmid did not reveal a figure but said growth was ahead of the Scottish Retail Consortium’s food sales like-for-like average and had been boosted by its food-to-go offer.
John Brodie, Scotmid Chief Executive, said: “We’re pleased to announce another strong half year performance – achieved in the face of challenging cost pressures and the uncertainty surrounding Brexit.”
Looking ahead, he said: “The position on Brexit remains unclear and the possibility of a no deal makes it hard to predict the impact on the Society’s second half performance. The Society will therefore continue to focus on matters within our control and celebrate the success of Scotmid’s 160 years of serving our communities and improving people’s everyday lives.”
NAM Implications:
- From a NAMs-eye-view, the issue is how your Scotmid business compared.
- Seeking ways of capitalising on any over trading…
- …and minimising any downside.
