Channel Islands Co-op beats tough trading conditions to lift operating profit

'It is a pleasure to report on a good year of progress as we continue to invest in your society'

Channel Islands Co-op has recorded operating profits of £8.8m for the year to 13 January, up from £6.6m the previous year.

Turnover rose by £9.1m (5.21%) during the year, to £184m, the society said in its annual report.

Chief executive Colin Macleod said: “In challenging trading conditions, it is a pleasure to report on a good year of progress as we continue to invest in your society, ensuring our range of services is relevant and appealing to members.”

Mr Macleod hailed “an exceptional year of trading” across all divisions – except for its Homemaker furniture store on Guernsey, which the society was forced to close.

“The increase of online shopping in the furnishing sector along with higher costs of operating a standalone business meant our offering was becoming increasingly uncompetitive,” he said.

“However, the opening of the Premier Inn and reopening of our new store at Charing Cross in Jersey contributed significantly to the society’s performance and this success justifies the decision to redevelop the site to provide this style of operation.”

The society’s food and fuel business enjoyed an increase in turnover of £10.7m (+6.87%), its medical business increased its turnover by £0.2m (+16.12%) and pharmacy improved its turnover by £0.204 million (+2.34%).

Travelmaker increased gross turnover by £3.9m (+16.46%) and market share has increased for Funeral Care, particularly in Jersey, overall increasing its gross turnover by £0.1m (+7.83%).

Turnover by sector was:

Food: £149,864 (2017/18: £143,112)

Fuel: £17,087 (2017/18: £16,111)

Homemaker: £2,864 (2017/18: £5,391)

Travel: £1,630 (2017/18: £1,412)

Funeral: £1,843 (2017/18: £1,742)

Medical: £1,423 (2017/18: £1,249)

Pharmacy: £8,898(2017/18: £8,861)

During the year, the society’s directors nominated charities in their respective islands and £750 was donated to each. The society says it supports more than 380 local charities annually with fundraising prizes and sponsorship.

Its Eco-Fund donated over £16,000 to local environmental causes and its Helping Hands Fund donated £18,000 to local charities. The society also backs the the the elderly voucher initiative started by local businessman David Kirch – which saw it give 57,225 in discounts to help the elderly community on Jersey in 2018.

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