Society’s financial results defy very wet summer
SCOTMID Co-op has delivered an improved trading performance despite the dismal summer weather dampening customer footfall and continuing economic uncertainty.
The society saw a trading profit of £2.1million for the 26 weeks ending 27 July, a £0.6m improvement on the interim results for 2023.
Turnover was up by £2m to £214m and the balance sheet showed net assets of £121.6m.
Scotmid said it relied on controlling store costs and tech investments to help deliver the half-year results.
The society also continued to invest for growth, with refits at three stores, food-to-go enhancements at 19 sites and refreshed branding at others.
And while the convenience division was significantly impacted by the wet summer weather, it still reported year-on-year growth, partially through promotional activity and good availability, meaning events such as the Euros could be maximised.
New chief exec Karen Scott said: “The biggest single factor affecting the interim results was undoubtedly the exceptionally wet summer weather.
“Despite this, Scotmid showed resilience, delivering growth in trading profit underpinned by a strong balance sheet.
“August also saw the retirement of my predecessor, John Brodie, after 30 years with the society and 20 as chief executive.
“I would like to note my thanks for his dedication to Scotmid and leadership of our team over the years.
“His legacy will live on as we remain focused on continuous improvement and, of course, our core purpose of serving our communities and improving people’s everyday lives.”
Meanwhile, Scotmid has a new charity partnership with Maggie’s, which provides support to those living with cancer across Scotland.
The 12-month fundraising initiative aims to help the charity deliver 15,000 sessions of cancer support in Maggie’s centres.
There will also be Maggie’s pop-ups in Scotmid stores across the nation to raise awareness of the support available to individuals and their families at the centres.
Scotmid stores have also introduced Maggie’s branded merchandise to allow customers to show their support, while staff are being encouraged to get involved in local fundraising activities.
The latest tie-up comes after Scotmid announced that its 12-month partnership with the Royal National Lifeboat Institution has raised £274,000, enabling the charity to fund a new Atlantic 85 lifeboat.
Scotmid has also brought back its Scottish Favourites competition for 2024. Working with Scotland Food & Drink, the competition is set to highlight some of the best food and drink options that Scotland has to offer.
Some 16 producers will be selected to pitch to a panel of experts – between 5 and 12 November – and at least three of the winning products will secure an ongoing listing in Scotmid stores from early next year.
