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Scotmid unveils ‘strong’ results ahead of Aberdeen date

They are the final set of figures with John Brodie at the helm of the 165-year-old society.

Scotmid store in Drumnadrochit.
Scotmid store in Drumnadrochit.

Scotmid will hold its annual general meeting in Aberdeen next week as the clock ticks down to its chief executive, John Brodie, handing over the reins.

The AGM will take place on Tuesday at the Aberdeen Altens Hotel and will be the last with Mr Brodie at the helm.

He has worked in the co-operative for more than 30 years and led it for the past 20.

Delivering his last results in the hotseat today, he told The Press and Journal the multi-faceted business achieved a “strong” financial performance – despite a tough trading climate – in the year to January 27.

‘Challenging balance to be struck’

He added: “Our food convenience division was impacted significantly by cost challenges.

“Notably, there were substantial increases in energy, wage costs, credit card commissions and delivery charges.

“There was also a challenging balance to be struck between price, margin and volume impact, given the inflationary market conditions. Despite this, the division moved ahead year-on-year.”

Outgoing Scotmid chief executive John Brodie.
Outgoing Scotmid chief executive John Brodie. Image: Scotmid

Scotmid-owned discount health and beauty retailer Semichem “moved forward” despite legacy pandemic support ending and lower shopper numbers at many outlets, he said.

He continued: “Our property business reported a solid contribution, benefitting from good commercial rent reviews and lower than expected bad debt levels.

“But we did see market conditions negatively impact on property values.”

A Semichem store.
Scotmid’s businesses include the Semichem health and beauty chain.

Scotmid Funerals conducted more funerals during the year to January.

Mr Brodie said its customers focused on more affordable packages, “likely demonstrating the impact of the cost-of-living crisis”.

The outgoing CEO also highlighted a “fantastic” total of £295,000 raised by the society for its 2022-23 charity partner Guide Dogs.”

Cracking down on debt

He added: “Overall, this financial result demonstrates a strong trading performance.

“This is especially true given the backdrop of the current cost-of-living crisis, high interest rates and inflation, geopolitical tensions and a dip into technical recession at the year-end.

The Scotmid co-op in Woodside, Inverness.
The Scotmid Co-op in Woodside, Inverness. Image: Sandy McCook/DC Thomson

“Our balance sheet remains resilient and we reduced net debt by £3.7 million (to £22.2m, from £25.9m a year ago).”

The 59-year-old told the P&J he would enjoy a spell of “rest, relaxation and reflection” after he quits the business in August.

Chief operating officer Karen Scott will become the first woman chief executive in Scotmid’s 165-year history when she takes over from Mr Brodie in August.

Karen Scott, who will take over as Scotmid's CEO in August.
Karen Scott, who will take over as Scotmid’s CEO in August. Image: Scotmid

Scotmid reported trading profits of £4,3m for the year to January 27, a £1.3m improvement on the 2022-23 resul.

It said the 43.3% year-on-year increase was primarily due to central cost savings.

Turnover rose more than 4.5% to £425m as the member-owned society cracked down on costs.

It “pivoted to a new operating model”, with a leaner structure recognising investment in technology.

Scotmid has been trading since 1859

Scotmid is Scotland’s largest independent co-operative and has been around since 1859.

Its businesses include Scotmid Co-operative, Lakes and Dales Co-operative, Semichem, funeral directors, post offices and a property division. These employ about 5,000 people across nearly 350 retail outlets in Scotland, Northern Ireland and the north of England.

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