Co-op members in the Channel Islands have voted to accept a 2% dividend.
Meetings were held in Jersey and Guernsey this week, where shareholders were asked to agree to a lower-than-usual reward.
The retailer warned earlier this year that it might not be able to make any annual payout for 2023 because of tough trading conditions
Earlier this month, it suggested a return of 2% instead - which is half the 4% that has traditionally been awarded.
Despite a turnover of £208m in 2023, profits went into the red to the tune of £1.8m
CEO Mark Cox told members there were reasons to be optimistic about the future.
Excellent time with @CI_Coop members the last two nights, very positive engagement, delighted to be able to update members & share exciting plans for the future. Dividend pay out available today, despite our challenges that’s nearly £3m being returned locally to member owners
— Mark Cox (@MarkCoxJsy) May 23, 2024
Meanwhile, the Co-op is partnering with Sure to launch a new mobile phone service called Co-op Mobile.
In a first for the islands, it would become a Mobile Virtual Network Operator (MVNO) - offering a range of mobile services and products using the Sure network.
It would be a similar arrangement to how Tesco Mobile operates in the UK.
If Sure gets permission to complete its takeover of Airtel Vodafone, it would ensure customers continue to have a choice of three providers.
Sure’s Group CEO Alistair Beak welcomed the MVNO agreement:
“Launching a virtual operator is one of a number of legally binding commitments we have made as part of Sure’s proposed acquisition of Airtel Vodafone.
"The Channel Islands Coop, like Sure, is a well-established and trusted leading local brand and we’re very pleased to be entering this innovative long-term agreement, subject to regulatory approval.
Mark Cox, Chief Executive of the Channel Islands Co-operative Society said:
“The Coop is always looking for opportunities to innovate and offer its customers more choice and greater value at competitive prices. Coop Mobile is an exciting venture for us, for our members and for our customers across the islands, who will benefit from Sure’s investment in the latest technology and our unbeatable retail expertise."
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