Scotmid turnover up to £385m as profit hits £5.6m

Scotmid Co-operative said on Tuesday its trading turnover rose £7 million to £385 million for the year ended January 25, 2020, and its trading profit rose to £5.6 million from £5.3 million the previous year.

Scotmid Co-op CEO John Brodie said: ‘This was achieved in a year dominated by Brexit uncertainty and without the benefit of the exceptional summer that boosted sales in 2018.

‘The background market conditions for Semichem continued to be poor, particularly in Northern Ireland but actions taken helped to deliver an underlying result ahead of last year.

“Tight management of the cost base and rebasing of the supply chain were essential in the delivery of our year-end result.

“Scotmid’s funeral business finished the year strongly helping to recover the shortfall experienced in the first half of the year.

“Scotmid Property delivered good growth in rental income together with a positive asset valuation, reflecting the strength of the Edinburgh residential property market.

“These strong results were achieved despite notable uncertainties including the fluctuating Brexit position during 2019 …

“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.

“Scotmid can therefore reflect on a positive 160th anniversary year but be mindful of the ever-growing cost challenge and the uncertainty around global events, particularly the Covid-19 pandemic.

“In the short-term we must manage the significant issues arising from the virus outbreak, however, I am sure everyone in the Society will rise to the challenge.”

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.