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Co-op makes solid progress in "tough climate"

Co-op makes solid progress in

Monday 18 May 2015

Co-op makes solid progress in "tough climate"

Monday 18 May 2015


The Channel Islands Co-operative Society reported a solid trading year in 2014, despite a "challenging and competitive retail climate", at its annual members’ meeting this week.

Sales rose from £160.4m last year to £165.9m in 2014 - a 3.48% increase on 2013, helped by a full year of trading of Argent Funeral Care – which the Co-op bought in 2013 – and a full year of an increased shareholding in Jersey Pharmacy Services Limited.

The Society’s chief executive, Colin Macleod, said that he was very pleased with progress, considering growth was hard to come by.

"If you look at the year as a whole, it has been one of memorable highs alongside a couple of significant lows. We started with the acquisition of JPSL and worked hard to integrate that business into the Society. We finished the year with our entrance into the medical marketplace in Jersey, with the acquisition of two GP practices, and have been extremely pleased with how that has developed. We also received planning permission to redevelop our Charing Cross site in St Helier, ending 20 years of uncertainty and we opened a new funeral home at Bailiff’s Cross in Guernsey. These are significant and very important initiatives for the Society moving forward," he said.

"As far as lows go, the announcement about the closure of the warehouses and Total Sport in Jersey was particularly difficult. It was, however, a positive reflection on the Co-operative model that we were able to discuss and explain our proposals to our members, who equally had the opportunity to express their own views. It is a good example of our strong community credentials in the Channel Islands."

Despite the tough climate, the Society said that £8.90m had been returned to members in share interest, dividend and double dividend, which was very similar to the previous year.

"The dividend amount is a significant achievement under the circumstances. Our members are the reason we exist so it is important to repay their faith and their continued support," said Mr Macleod.

The Society also won a CIPD award in Jersey for Best Learning and Development Strategy.

"We are really pleased to be recognised again for our efforts in nurturing talent, developing people and fulfilling potential. There is no greater reward than seeing our colleagues reach their potential and develop their careers with us," added Mr Macleod.

As a local business, the Society continued its long association with local suppliers, supporting more than 70 across the islands. This ensures ranges of local products that are stocked in Co-operative stores include dairy, fruit, vegetables, salad, herbs, alcohol, coffee and bakery products amongst others. The Society pays £11m for the supply of local goods on an annual basis – money that circulates around the local economy.

The Co-operative’s links with the community continued with the support of more than 400 hundred local charitable initiatives through schemes such as Helping Hands and Ecofund. Helping Hands, in its 21st year, helped more than 35 local causes and the Ecofund, generated by the sale of carrier bags in-store, distributed over £14,000 to local worthy projects. In total, the Society donated over £215,000 last year to community and charity projects in the Channel Islands.

Mr Macleod concluded: "We are a community based retailer which means we take our role in daily island life seriously. Making a real difference to the communities we serve is our primary purpose. This includes putting a vast amount of effort into helping as many good causes and projects as we can because there is incredible work being done by individuals and volunteer groups right across our islands."

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