Lincolnshire Co-op invests in growth after ‘tough’ six months
Lincolnshire Co-op has embarked on a significant investment programme as it looks to boost growth after a “challenging” first half.
In the six months to 7 March, the society invested over £21 million in capital expenditure, which included the introduction of electronic shelf-edge labels in all food stores and the start of a programme for the fitting of self-service checkouts.
Subscribe to TRBLincolnshire Co-op said its turnover declined by 1.2% to £185.6 million in the period as a result of economic uncertainty and the impact of world events. EBITDA was also down, falling by 35.1% to £5.4 million.
As well as investing in systems and IT, the society opened a new food store in Donington and refurbished ten outlets, including food stores, post offices and funeral homes.
Lincolnshire Co-op’s chief executive Alison Hands said: “As a co-op, we need to invest in our business to ensure that we are sustainable in the long-term, as well as sharing benefits with our members and giving back to our communities.
“The last six months have been tough, with economic uncertainty and the unstable geo-political climate, and this is impacting on businesses across the UK, including ours.
“Our major investments will help us build sales back in food and develop new areas of our business in housing and healthcare.
“We will also need to be rigorous on costs and in all our activities, balance profitability, long-term sustainability and alignment with our purpose of making life better in communities.”
Lincolnshire Co-op has also announced that its members have received over £1 million in cashback on their purchases so far this year when using their dividend cards.
