Scotmid Co-op Society has reported a 6.23 per cent increase in turnover for the year ended on 30 January 2021, reaching £409 million.
The consumer co-operative has delivered a £6.4million trading profit, compared to £5.6m in the last year, despite incurring significant additional Covid-19 costs.
“This was a year dominated by the pandemic and the significant but varying impact it has had on our different businesses,” John Brodie, chief executive of Scotmid Co-op said.
Scotmid’s food convenience stores have benefitted from the increase in local essential shopping during the pandemic. “Customers visited less frequently, spent more each visit but the costs of operation were significantly more than usual,” Brodie said.
The health and household goods retailer Semichem was significantly impacted by the pandemic due to low footfall on high streets and a long period of closure in the first wave.
Scotmid Funerals, despite conducting more funerals, has seen reduced income per funeral due to safety and social distancing restrictions. Scotmid’s property portfolio has also suffered a reduction in rental income during the crisis.
“Financially, it was a tougher second half to the year with the cost burden increasing but with the benefit of our diverse set of businesses, backed up by government support, we have successfully co-operated together across all levels in the Society to deliver a strong year-end result,” Brodie said.
