Latest news with #MarkCox
BBC News
23-05-2025
- Business
- BBC News
Islanders respond to CI Coop dividend rate
People in Guernsey have been responding to the Channel Islands' Co-operative's dividend Wednesday the business said it would pay members a 2% dividend rate, the same rate as last year, despite it having returned to profitability in 2024 after a £1.8m loss in 2023. Chief executive Mark Cox said the business "would love to get back to a 4% dividend rate" but the members had said they appreciated the immediate benefits of reduced in-store member Mandy said she was "very happy" with the dividend rate as "anything is better than nothing as far as I'm concerned". Another member, Jane, said she found the offers "very good" and she was "quite happy" with the dividend rate. "I wasn't expecting anything at all," she said. She added: "I'm actually quite happy because I feel the prices are quite good, they have Coop member prices and they're quite good deals, and I find their offers are very good."However, a third CI Coop member, John, said the 2% dividend rate was "not really fair".He said: "Last year it was 2% and yet they made such a profit this year so it should be more, really - 5% would be more fair."We've all been loyal to the Coop and it's spoken about that the dividend is not paying up these last few years."
BBC News
22-05-2025
- Business
- BBC News
Co-op chief calls for governments to work together
The chief of the Channel Islands Co-operative has called for the Jersey and Guernsey governments to work Cox said the governments choosing two different ferry providers had "added complexity and costs" within the freight and supply comments followed the CI Co-op's annual general meeting on Wednesday at which a 2% dividend rate for members was Cox said the business had returned to profitability in 2024 after a £1.8m loss in 2023 but that "if we want to be serious about reducing costs then the islands have to work together". 'Immediate benefits' He attributed the return to profitability to CI Co-op's new member pricing initiative and investment into seven Cox told BBC Radio Guernsey members had been concerned about the pharmacies at a time when dividends had been reduced but their performance had been "exceptional".Mr Cox said the new in-store savings scheme for members had been "a real success" and had delivered more than £1m savings to them since it was introduced in said members had to wait a year for dividends and they had told CI Co-op they wanted "something a bit more immediate" so the member pricing scheme had been launched."Of course we'd love to get back to a 4% dividend rate but I think that balance between delivery of a share of profit and giving immediate benefits is really important," he added. Dividends were available to be collected at CI Co-op member services desks but there could be delays over the next few days, he Cox said the past few weeks had been "nothing short of horrific" after the recent cyber attack and resulting goods infiltrated the Co-op UK group's IT networks and claimed to have stolen the customer and employee data of more than 20m said: "We've not been at our best over the past couple of weeks as a result of that cyber attack but day by day now we are seeing more products come in."We will recover, we'll bounce back and we will look at opportunities to reward members for their patience in this difficult time."
BBC News
21-05-2025
- Business
- BBC News
Jersey members back 2% Coop dividend
Members of the Channel Islands Co-operative in Jersey voted to maintain the 2% rate for member shares, at their annual meeting, last Coop reported a net surplus of £800,000 last year, a significant recovery from the previous year's £1.8m dividend was reduced from 4% to 2% after the almost £2m of losses in 2023 and on Tuesday evening members backed the decision to maintain it at 2% for another 12 plan will now be voted on by members in Guernsey on Wednesday evening. Ahead of the annual meeting, CEO Mark Cox said 2024 had been a year of "real progress"."We've returned to surplus, welcomed new members, and made impactful investments," he said."Our investment in engaging with members has shaped a more positive comes as the Coop continues to experience supply chain issues, following a cyber-attack which has led to empty shelves across the island.
BBC News
14-05-2025
- Business
- BBC News
Channel Islands Coop to offer 2% dividend to members
The Channel Islands Co-operative Society has returned to profitability according to its annual report and will be offering a 2% dividend to reported a net surplus of £800,000, a significant recovery from the previous year's £1.8m loss."In a volatile market, we've stayed focused on enhancing performance and increasing value for our members," said chairman Jon financial highlights include a turnover of £212.8m, up 2.1%, with a 2% profit share being proposed by the board. 'Real progress' CEO Mark Cox said 2024 had been a year of "real progress"."We've returned to surplus, welcomed new members, and made impactful investments," he said."Our investment in engaging with members has shaped a more positive future."Over 80% of all sales now come from our members, making us a leading consumer co-operative in the UK."The report also showcased CI Coop's community impact, including redistributing over 81,000 meals, donating £328,000 to local causes, and spending £7.9m with local suppliers. 'Innovations and improvements' Mr Bond said the board were "delighted" to recommend a 2% dividend, subject to members approval, at its annual members meeting in CEO said the business was owned by its members, adding "everything we do is for their benefit". "With member pricing, we are giving back at the checkout—every day," he said."More exciting innovations and improvements are coming in 2025 as we modernise our member rewards proposition, deepen our impact in the community, and strengthen the value we offer to every member, every colleague, and the islands we call home."
ITV News
13-05-2025
- Business
- ITV News
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.
