Channel Islands Coop propose lower 2% dividend for second year as finances improve
A major Jersey and Guernsey supermarket chain wants to offer a lower dividend to customers in their membership scheme for the second year running.
The Board of Channel Islands Coop has recommended continuing with the halved dividend of 2%, having made the "unprecedented adjustment" in 2024 due to difficult trading conditions.
A public outcry followed the announcement of last year's reduced rate, although it was voted through by members following a year of financial hardship for the organisation that saw a net loss of £1.8 million in 2023.
Coop says its latest accounts show improvements with turnover increasing and a net profit of £800,000 in 2024.
If members approve the 2% dividend payout, they will be able to withdraw it from Thursday 22 May.
The Chief Executive Officer of Channel Islands Coop, Mark Cox, says: "Our primary focus last year was to strengthen our financial performance so we could continue rewarding our loyal members while delivering long-term value.
"Immediate rewards through member pricing have resonated strongly, delivering more than £1 million in savings since its launch in October."
Five 10% discount weekends were also offered to members throughout 2024.
The Annual Meeting of Members (AMM) will take place in Jersey and Guernsey, where those attending will be asked to vote on the dividend payment, as long as they have been signed up to the scheme for at least six months.
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