The Channel Islands Co-operative has posted strong half-year results in an update to members, with turnover up 4.6% year-on-year.
A special meeting with society members was held across Jersey and Guernsey this week with hundreds of members in attendance.
Leadership announced the business was operating with a net surplus of £685,000 so far this year, up by £1m.
Pharmacy sales have grown by 20% to £13m, and there’s been a 5.4% increase in customer numbers.
Several changes to the rules were agreed at the meetings:
- The issue of a new C class of shares for a fixed term of 12 months with interest applied at a rate determined by the Board of Directors.
- The issue of a new D class of shares, for a fixed term of 24 months with interest applied at a rate determined by the Board of Directors.
- A change in the interest payment terms for B class shares, where interest is paid through the 90 days’ notice period to the date of withdrawal.
- Allow a member to subscribe for their initial A class share either by paying £1 upon application or to permit the Society to deduct and retain some or all of such sum from any future dividend or dividends paid.
- Amend the dormancy provisions so that they relate to the A share class only and member inactivity through lack of relevant purchases made against an A share class account.
- Make it clear that membership is open to charitable, social and non-profit organisations whether they are corporate or a legal person.
Mark Cox, Chief Executive Officer, said: “This meeting was a powerful reminder of the strength of our co-operative model. Our Members are at the heart of everything we do, and their input helps us grow stronger together”.