Channel Islands Co-op has announced its half-year results at a special members’ meeting, with turnover up 4.6% to £119m, and a net surplus of £685,000, an increase of £1m year-on-year.
The society added that it has served 6.1 million customers so far this year, a 5.4% rise, and members have saved £2m through over 800 member prices.
Members were also updated on the retailer’s Blueprint for a Sustainable Future, with its carbon footprint cut by more than 5% through low-energy lighting and efficient refrigeration.
Other social impact includes support for more than 50 local producers, spending over £5m in the last six months.
Meanwhile, society colleagues have completed over 3,500 hours of training.
The society also reported significant upgrades to its food stores and introduced new tech across its pharmacy business, which saw sales grow 20% to £13m.
Members approved a rule change introducing new long-term share classes. “This will create an investment opportunity designed to benefit members who invest for longer periods,” it said, “helping both you and your co-op grow stronger together.”
Related: Channel Islands Co-op returns to profit despite ‘volatile market’
The change means the society will issue a new C class of shares, which will be for a fixed term for a period of 12 months with interest applied at a rate determined by the board at its discretion.
And a new D class of shares, will be distributed for a fixed term for a period of 24 months with interest applied at a rate determined by the board at its discretion.
The reform also changes the interest payment terms for B class shares, where interest is paid through the 90 days’ notice period to the date of withdrawal.
Members can now subscribe for their initial A class share either by paying £1 upon initial application or to permitting the society to deduct and retain some or all of such sum from any future dividend or dividends paid in favour of the member.
The rule change makes it clear that membership is open to charitable, social and non-profit organisations whether they are body corporate or in the form of a legal person.
In other news from the society, it has signed a multi-year partnership with retail software firm Lobyco, to introduce a new membership app that combines rewards, tailored offers, and interactive features such as games.
“We’re proud to partner with CI Coop, a retailer with strong roots in its communities and a clear focus on delivering value to its members,” said Lobyco’s chief commercial officer Anders Mitag. “Together, we’re introducing a new loyalty app that goes well beyond traditional points and discounts.
“With engaging features, we’re creating a more interactive and rewarding experience that strengthens the connection between the Coop and its members. This partnership is a great example of how we can combine local values with Lobyco’s expertise in digital engagement to make loyalty simple, fun, and impactful.”
David McGrath, chief marketing and membership officer at Channel Islands, said “We’re thrilled to be partnering on this exciting new loyalty experience.
“At the Coop, our members are at the heart of everything we do, and this collaboration allows us to deliver even more value, convenience, and personalisation. Together, we’re creating a smarter, more rewarding way to shop, one that reflects the needs of our community and makes every visit even more engaging.”
