MEMBERS of the CI Coop have been asked to approve a 2% dividend when they convene for the society’s annual meetings this week.
The Coop’s annual report, released ahead of the meetings in Jersey tomorrow and Guernsey on Wednesday, shows the society returned to profit in the year to January 2025.
An annual net profit of £0.8 million was reported, in contrast to the position 12 months ago when the Coop accounts showed a loss of £1.8m.
Although the proposed 2% dividend is the same as last year’s figure, contrasting with a “divi” of 4% or 5% that had been common in recent years, chief executive Mark Cox said additional benefits had been introduced following consultation with members.
“Immediate rewards through member pricing have resonated strongly, delivering more than £1 million in savings since the launch in October,” he said. “This initiative has led to better everyday value for our members, a rise in new member sign-ups, and a noticeable increase in participation.
“Over 80% of all sales now come from our members – an increase on the previous year – making us one of the leading consumer cooperatives in the UK for member participation.”
It is estimated that the annual savings achieved through member pricing will reach £2m once the initiative is spread across a full financial year.
Mr Cox said the society’s primary focus had been to strengthen its financial performance.
“The aim has been to continue rewarding our loyal members while delivering long-term value,” he said. “It is pleasing to share the progress we have made – we have returned to surplus, welcomed over 2,400 new members, and made significant investments in technology, pricing, and in further enhancing our support for local communities.”
The improved financial performance has also allowed the Coop to offer bonuses to its 1,200 staff, known as “colleagues”, across the Channel Islands; no bonuses were paid last year.
“We’ve continued to invest in our people – through improved pay, enhanced benefits, and creating a more supportive, rewarding working environment –because we know that our success depends on the wellbeing and commitment of our colleagues,” Mr Cox added.
Other features highlighted in the annual report include:
- Investment in the four Jersey pharmacies acquired from Lloyds in 2023 (as well as three in Guernsey, with the early sales performance from these sites described as “encouraging”.
- The launch of the new Coop Mobile service, which will provide a new option for mobile phone users, utilising the Sure network of masts. Focus groups have been conducted with members, with the launch scheduled for October.
- Greater collaboration with the food-sharing app Olio, which has resulted in the equivalent of 81,000 meals, which would have otherwise gone to waste, helping feed over 15,000 households in Jersey and Guernsey.
- Employees giving up 795 hours to volunteering initiatives across the year, while £328,000 was donated to charities and community causes.
- Continuing to work with local producers. Mr Cox said: “We’re proud to have invested over £7.9 million with them, creating jobs and strengthening our local economy.”
- A new digital sign-up process, which helped attract 2,400 new members, taking the pan-island total to 123,912.
CI Coop annual report
Facts extracted from the report for the year to 12 January 2025
- 80% of Coop sales are made to members, with the average member shopping 10 times per month.
- The 2% dividend approved 12 months ago for the year to January 2024 equated to a total of £3m.
- The total funds in members’ share accounts was recorded as £133.7m.
- Just over 1.2m items were dispensed by Coop pharmacies across the year, an increase of 85% from the previous year’s figures following acquisitions.
- Robot dispensing technology was introduced at the Queen’s Road Pharmacy in Guernsey, dubbed “Spencer (the dispenser)” by staff.
