Channel Islands Co-op has released its annual results for the year to 12 January, hailing a return to profitability and “significant progress in delivering value to members and communities, despite ongoing economic challenges”.
The retailer reported a net surplus of £0.8m – a marked turnaround from the previous year’s £1.8m loss. Turnover was £211.2m, up 1.3% on the previous year.
“In what has continued to be a volatile and demanding market, we’ve remained focused on improving performance and increasing value for members,” said chair Jon Bond. “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 praised the hard work of colleagues and the loyalty of members in achieving these results, describing 2024 as a year of “real progress.”
He added: “Our primary focus last year was to strengthen our financial performance so we could continue rewarding our loyal members while delivering long-term value. 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.
“We’ve seen encouraging results across all areas of the business and have improved our performance against each of the Cooperative Principles – whether through deeper engagement with members, reinvestment in the community, or continued support for our colleagues.”
Cox said the society had continued to invest in member engagement. “Listening to their needs has helped shape a more positive and inclusive future,” he added. “Immediate rewards through member pricing have resonated strongly, delivering more than £1m in savings since its launch in October.
“This initiative has led to better everyday value for our members, a rise in new member sign-ups, and a noticeable increase in participation. Over 80% of all sales now come from our members – an increase on the previous year _ making us one of the leading consumer co-operatives in the UK for member economic participation.”
“Equally, our investment in our pharmacy business has had a real and measurable impact, with refurbished and relocated stores performing exceptionally well.”
Cox said the society had also acted to help members through the cost-of-living crisis. “We’ve focused on managing our costs carefully so that we can reduce the impact of inflation on our members. 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.
“We’ve also continued to invest in our people – through improved pay, enhanced benefits, and creating a more supportive, rewarding working environment – because we know that the success of our Society depends on the wellbeing and commitment of our colleagues.”
Cox added that more changes are coming this year “as we modernise our member rewards proposition, deepen our impact in the community, and strengthen the value we offer to every member, every colleague, and the islands we call home”.
In terms of community impact, the society says it distributed more than 81,000 meals through Olio, donated £328,000 to local causes, saw colleagues carry out 795 volunteering hours, and spend £7.9m with local suppliers.
The society continued to invest in digital, pharmacy services and retail infrastructure and is preparing to launch Coop Mobile later this year as part of its strategy to “widen member value and service”.
