Midlands Co-op reveals a 25% rise in profits

Midlands Co-op has announced a 25% rise profits for the 2007, on a sales increase of 18%.

For the year ending 26th January 2008 profits hit of £15.1 million while sales reached £800m. The firm also made capital investments of £25m.

Midlands Co-op travel business is part of a large core business mix which also includes retail, funeral, property and transport.

Travel had its strongest year on record with total sales rising to £250m, up from £185m in the previous year. This performance follows the merger with Ilkeston Society for which travel was the main core business, and the growth of its business travel section with the acquisition of Yorks Business Travel Management in Northampton.

Ken Smith, general manager for Midlands Co-op Travel said: “Growth was achieved predominantly in the second half of 2007 and into early 2008. This was as a result of the bad weather last summer and the message to book early in January for summer ’08 holidays.

“There has been growth in cruise and long-haul as well as foreign exchange sales in our high street travel shops. We have been particularly pleased with the growth of our on-line business – Holidays-Direct and its associated websites, including ski-direct and citybreaks-direct.”

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