The CI Coop says it made a profit last year and wants to give its members a 2% dividend as a result.
If that’s approved at the Annual Members’ Meeting later this month, it will be the second year running that members get 2% back – after the Coop had previously warned that it might have to scrap divi payouts entirely last year.
The retailer backtracked on that after a backlash from members.
This time round, the Coop has gone straight for a 2% payback pledge – saying that it marked a “return to profitability and significant progress in delivering value to members and communities, despite ongoing economic challenges” during 2024.
The CI Coop’s net surplus of £0.8million for last year – compared to a £1.8m loss in 2023 – was welcomed by Chairman Jon Bond.
“In what has continued to be a volatile and demanding market, we’ve remained focused on improving performance and increasing value for members,” he said.
“Following feedback from our members our introduction of member pricing has already given back to members at the point of purchase. In addition, the board are delighted to be able to recommend a 2% dividend at our Annual Members’ Meeting in May.”
CEO Mark Cox said the company enjoyed a year of “real progress” during 2024, which he attributed to the hard work of his colleagues and the loyalty of members.
“Our primary focus last year was to strengthen our financial performance so we could continue rewarding our loyal members while delivering long-term value,” he said.
“It is pleasing to share the progress we have made towards this goal. We’ve 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.”
Mr Cox said more than 80% of all sales are now through its members, with the Coop’s new Member Pricing scheme delivering more than £1 million in savings since its launch in October 2024.
“We’ve focused on managing our costs carefully so that we can reduce the impact of inflation on our members,” he said. “This includes investing not only in promotional offers, but also in consistently lower everyday prices across our stores—ensuring value is accessible to everyone, every day.”
The CI Coop’s ‘Key Financial Metrics’ for 2024:
- Dividend Update: A 2% profit share has been proposed by the Board, subject to member approval at the AMM.
- Turnover: CI Coop delivered a turnover of £212.8 million, up 2.1% (53 weeks v 53 weeks).
- Net Surplus: The Society reported a net profit of £0.8 million, reversing the previous year’s deficit.