Page 11 - HW September 2020

hard news
CBS Co-op announces second year growth
COMBINED BUILDING SUPPLIERS
Co-operative (CBS) appears to be delivering on its promises to members and suppliers.
With the aim of being self-funding through supplier rebates, CBS launched in Canterbury in April 2018 and went nationwide later the same year.
It currently has 350+ members, handily up from February this year when we reported that the co-op was “nearing 250 members”.
A summary of the co-op’s nancial performance for the year ended 31 March 2020 shows that CBS member transactions with CBS suppliers increased by 219% and that pro t distributions to shareholders, provided for from 2019/2020 pro t, increased by 385%.
Over the same period, shareholder equity increasing to $54,660 (+313% on last year), with cash in bank was $77,479
as at 31 March 2020 (+137% on last year). e reported net retained pro t was
$5,319 after tax and after allowing for
total pro t distributions to shareholders of $40,000.
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SEPTEMBER 2020 | NZHJ 9