ONE of Yorkshire's biggest firms has announced record profits for the seventh year in succession.

Yorkshire Co-operatives Ltd has branches across York and North Yorkshire, including stores at Beckfield Lane (Acomb), Bishopthorpe, Fulford, Helmsley, Kirkby- moorside, Malton, Norton and Northallerton.

It has achieved profits of £13.95 million and sales of £506 million for the 2001-02 financial year.

The results, equal to an 18.4 per cent profit increase from the previous year, come after a £7 million investment across its eight trading divisions.

The firm's bosses have already announced plans to invest a further £24 million via a number of acquisitions and re-developments.

Chief executive Peter Marks said: "It's fantastic that we have reached the £500 million milestone in sales in a year which has presented us with a number of challenges, particularly following September 11, and generated record profits too.

"Our commitment to modernisation and improving customer services continues to pay off - and of course we couldn't have achieved anything without the hard work of our dedicated staff."

The year has been marked by a number of highlights, including the completion of phase one of a £4 million refurbishment of the flagship Sunwin Bradford department store - which is also the headquarters of the society.

The re-branding of all 115 food stores to Late Shops or Foodmarkets is almost complete, with the investment increasing turnover by an average of 32 per cent in refurbished stores.

The Kirkbymoorside store, one of three acquired in the merger with the Ryedale Co-operative Society in June, was extended and refurbished, resulting in an increase in weekly turnover from £5,000 to £20,000. Meanwhile, a major development is planned at the Helmsley store in April.

Profits from the various divisions include £160.3 million from food, £145.6 million from the Motor Group, £61.4 million from the department stores, £9.8 million from funerals, £71.7 million from petrol sales, £2.2 million from property and estates, £2.1 million from cash processing services and £53 million from travel.

Updated: 10:08 Saturday, March 09, 2002