LUCKNOW, Ontario, Jan. 29, 2019 (GLOBE NEWSWIRE) -- Heading into its 75th year of success, Lucknow District Co-operative reported excellent financial results for 2018 at its recent Annual General Meeting.
Lucknow District Co-operative President David Gibson, reported sales totaling $20 million with a strong emphasis in energy and agronomy; and announced a record-breaking $500,000 in patronage will be paid out to its member-owners. This represents 3.61 per cent return on member purchases. “In spite of weather challenges, we showed great results this year in combined financial stability and increased capital strength. It was financially our strongest year on record,” says Gibson.
The announcement of this year’s patronage brings the total patronage returned to members to more than $2.5 million in the past ten years.
In 2018, the co-operative continued to enhance services with the addition of several operational assets including a new eight-tonne spreader. Plans are well underway for an on-site bulk propane distribution facility, expected to open this spring. “This facility will include the addition of a 230,000 litre bulk propane tank and will offer improved efficiencies in wait times and volume demands,” says Gibson.
“It is a good blend of both worlds,” says Lucknow Co-operative general manager Allan Scott. “Providing good patronage returns is important to our members, but also keeping an eye on continued improvements and efficiencies to better meet the needs of our customers, is equally valuable.”
Re-elected to the board for their second three-year terms are: Glen Gibson, Brad Gilchrist of Lucknow and James Dickie of Whitechurch. Warren Andrew of Lucknow was re-elected for his third three-year term. The president is David Gibson of Ripley and the vice president is Martyn VanMeeteren of Lucknow; along with directors Murray Curran and Andy Phillips of Dungannon, and Fred Durnin from Goderich.
Lucknow District Co-operative Inc. was established in 1944. The co-operative provides its more than 1,800 members and customers of Huron and Bruce Counties with livestock feed, agronomy products and services, consumer goods, including hardware and clothing, and petroleum products and services. It also offers customers AIR MILES® reward miles on qualifying purchases. Lucknow Co-op is a shareholder-owner of GROWMARK, Inc. and markets products and services under the FS banner.
® Trademark of AIR MILES International Trading B.V. Used under licence by Loyalty Management Group Canada, Inc. and the LUCKNOW DISTRICT CO-OP INC.
Contact: Allan Scott, general manager
Lucknow District Co-operative Inc.
Ph. 519-529-7953
Email: ascott@lucknowco-op.com