Lincolnshire Co-op has announced its half year results to 7 March, with group trading surplus down 11.5% on the same period last year to £6.3m.
The society said the results – for a period before the full impact of the Covid-19 pandemic hit UK businesses – is ahead of budget.
It added that sales were steady at £165m this half year – down 0.2% on the same period last year. However, this does take into account a significant post-period adjustment in sales due to impact of coronavirus on the society’s travel business.
Strong performances came from across the business, said the society, including sales in food stores going up by 6.3%, with significant growth coming from new outlets. Pharmacy income grew by 3.2% and 2.2% more prescriptions were dispensed – a total of 2.9 million.
Colleagues were rewarded with a double colleague bonus – equivalent to an extra week’s wages – because of the good trading performance and in recognition of their efforts in the wake of the coronavirus pandemic.
Chief executive Ursula Lidbetter said: “We’re pleased with our half year trading performance, and our strong foundation gives us confidence for these current uncertain times.
“Our services are important to local communities and this situation has illustrated how Lincolnshire Co-op is needed now, more than ever. We’ll be putting all our efforts into continuing to deliver these services as the impact of the coronavirus pandemic on the local, national and international economy becomes clear.
“I’m so grateful to all of my colleagues for their efforts, both during the half year and during the past two months, when faced with an unprecedented situation. They’ve been extraordinary.”
