The Channel Islands Coop has announced the repayment of £5.5 million to its members following the successful conclusion of its 2023 Annual Members Meeting.
Held on May 16th and 17th, 2023, this year’s Annual Members Meeting (AMM) marked the second Guernsey and Jersey hybrid meeting, where members actively engaged in shaping the Coop and were provided with insights into the Coop’s annual results.
With a dedicated workforce of 1088 islanders spread across Jersey and Guernsey, the Coop achieved an annual turnover of £192.4 million in 2022, resulting in a trading surplus of £5.8 million. Demonstrating their commitment to member-centric values, the Coop will distribute 93% of this surplus to its members through its 4% dividend scheme.
In addition to the dividend pay-out, the Coop has distributed an extra £1.2 million to loyalty bonuses and £1.1 million to A&B share interest, bringing the total member returns to £7.7 million.
Members are invited to collect their dividends at the member services desks from Thursday, May 18th.
Mark Cox (pictured), Chief Executive Officer at the Channel Islands Coop, expressed delight at providing such significant returns to their members, saying, “We are thrilled to announce the payment of £5.5 million to our valued members.
“Despite facing challenging trading conditions and the impact of rising cost prices, our unwavering commitment to making a positive difference for our customers has remained a top priority. It is truly rewarding to be in a position to offer our members such a substantial sum.”
The Channel Islands Coop has prioritised mitigating the impact of rising costs on its customers, striving to strike a balance between absorbing price increases and maintaining affordability against a backdrop of inflation.
The Coop’s dedication to charitable initiatives has also remained, with support provided to 167 local projects across Jersey and Guernsey, resulting in a total contribution of £155,000 to charity. Additionally, the Coop launched a volunteering hours initiative in January, encouraging its employees to actively participate in activities such as tree planting, beach cleaning, and assisting at soup kitchens.
