East of England Co-op records £1.7m loss due to pandemic

The East of England Co-op has revealed its 2020/21 results after what its joint chief executive described as “a year like no other”.

The results report revealed the company generated trading profits of £7.2 million, a £2.7 million increase on the previous year.

Despite this, it ended the financial year with a loss before tax of £1.7 million. In its 2019/20 results it made a loss of £500,000.

In a statement released by the firm, it claimed it is in a “strong position” to tackle the challenges ahead.

Doug Field, joint chief executive of the East of England Co-op, said: “It’s been a tough year, but the unshakable dedication and commitment of our colleagues has been extraordinary.

Doug Field

“Things will never be the same again and 2021 is likely to remain challenging, but we will continue to work hard to stay ahead of the curve and keep our business thriving.

“In a year like no other we are delighted to have generated trading profits of £7.2 million.

“This £2.7 million increase on last year’s trading profits, wouldn’t have been possible without the dedication and resilience of our colleagues. This boost in trading profits is down to additional profits generated from our food stores.

“However, several of our other businesses have had to close for significant periods since March 2020 in line with government guidance. So, despite an increase in trading profits we ended the financial year with a loss before tax of £1.7 million.

Doug confirmed the firm saw a £26.6 million increase in food sales, but a fall in its investment property business, as well as funeral, petrol stations, travel and events businesses.

He added: “As a business we constantly review the performance of all of our branches to ensure we’re delivering the right services to the right communities.

“While we did see an overall loss before tax of £1.7 million, we were pleased to see an increase of more than 60 per cent in our trading profit. We have a strong financial foundation and continue to invest in new stores and technology.”