Annual members meetings in Guernsey and Jersey this week have agreed a 2% dividend pay out, as was controversially paid last year, when the Coop returned a loss of £1.8m.
In the year ending January 2025, it announced a £800,000 net profit, and more than 2,400 new or returning members have joined the society, after many people quit in protest at the planned withdrawal of ‘divi’ 13 months ago.
Dividend pay outs can now be withdrawn in stores with member services desks.
‘I’m proud that we’ve been able to make that profit, as it represents a meaningful progress,’ CEO Mark Cox told the Guernsey meeting on Wednesday.
‘Our focus in 2024 was to return to surplus so we could continue delivering long-term value for our members and communities.
‘This dividend vote is a clear sign that we’re back on the right track.’
Dividend payments are now backed by member pricing in store every day.
‘Members told us they wanted something a little more instant, so member pricing was introduced to provide immediate savings at the till,’ said Mr Cox.
‘Already since the launch in October we’ve saved members over a million pounds this way.
‘We recognised that waiting for divi would feel like a lifetime.
‘So we have invested in more competitive pricing across our stores, but sharing profits will always be a core value.
‘We aim to strike a balance between delivering immediate value through member pricing, while also retaining capital to reinvest and support long-term growth for the business.’
Later this year the Coop has plans to modernise its member rewards programme, launch its new mobile phone service, and continuing to invest into the island communities.
‘This is about more than profit – it’s about purpose,’ said Mr Cox.
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