Scotmid reports healthy financial performance amid challenging year
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Scotmid Co-op has reported a solid financial performance despite a challenging year, with its trading profit amounting to £3 million, £2.7m down from the previous year.
The company’s total turnover increased by £3m to £406m, and its net assets rose by nearly £10m to a record £122.5m, for the year ended 28 January 2023.
Scotmid CEO John Brodie highlighted the cost-of-living crisis, the prolonged war in Ukraine, high UK inflation, and rising energy costs as contributing factors to the challenging environment. Despite the difficulties, the company’s food convenience, Semichem, property, and funeral businesses have delivered positive results.
Scotmid is now looking for opportunities to invest for the long term, leveraging its stronger balance sheet and 164-year history. Mr Brodie remains cautious in the short term but is optimistic about navigating the cost-of-living crisis and seeking longer-term opportunities.
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