COLCHESTER and East Essex Society are to hand out a massive £ 1.4 million in dividend payments, with two individual members receiving over £ 500 each.
The payouts were agreed at the recent annual general meeting after members heard that the society's trading profit rose by 21 per cent to £ 8.5 million with turnover up to £ 165 million.
Chief Executive Chris Blanchett commented: `We are delighted with this result given the challenging trading conditions of last year. It demonstrates that it is possible to combine the values and principles of being a co-op with commercial success.
`The Members' Dividend payout comfortably exceeds national retailers store cards.`
Mr Blanchett added that the society is committed to spending another £ 7.5 million on store improvements, expansions and acquisitions during 2003.
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