The Midcounties Co-operative's 2007/08 end of year figures have ‘exceeded expectation'.

This year, underlying trading profit was up by 11% to £12m (£10.8m for 2006/07).

Gross sales increased by 20% to £712m (£595m 2006/07).

Net investment for the last year was £38m (£15m 2006/07).

Total Assets now stand at £355m (£320m for 2006/07).

Chief Executive Ben Reid said, “These results are testimony to the energy and enthusiasm put in by colleagues in the last year.

“It has been a good year for the Society but we are not complacent. As retail spending tightens we face real challenges in 2008.”

Ben Reid also stressed how, as a co-operative business, the Society should not be judged only on profit but also on the way it demonstrates co-operation.

“A successful co-operative business seeks to improve its profits whilst working within a framework of co-operative values and principles”, explained Ben Reid.

“As part of our overall aim we have key co-operative, non-trading targets which we measure our performance against.”

Examples which highlight this commitment include the Society's Emergency Flood Relief Fund, which raised over £80,000 helping members directly affected by last year's severe summer floods and a double award win in the 2007 Business in the Community – Big Tick Awards. These prestigious, national awards recognised Midcounties' support for rural village shops, its Local Harvest, local food scheme and its ongoing community support for an inner-city Wolverhampton school.

Another key award win which recognised the Society's commitment to supporting the communities it serves was The Variety Club Midlands Business Awards 2008, where the Society won the Business Working in the Community category.

Over 7,000 people now work for The Midcounties Co-operative and in the last year, staff colleagues spent 14,847 working hours helping out local groups and organisations (3,213 hours in 2006/07).

Overall, £520,051 (or 6.8% of pre tax profits) was donated to help local community groups and organisations by giving them time, resources or funding.

Midcounties Co-operative now has 300,000 members (20,000 joining in the last year). At the end of last year, a £1.8m Share of the Profits payment was distributed. Each individual payment was based on how much each member had traded with their Society in the last year.

“We are very pleased with these results and we look forward to reporting more success next year”, said Ben Reid.