Cooperative CI records robust mid-year financial results
The Channel Islands Co-operative has announced a series of changes and improvements, as revealed in a recent update.
Firstly, the co-operative has experienced a significant growth in customer numbers, with a 5.4% increase reported compared to previous figures. This expansion is a testament to the co-operative's commitment to serving its community.
In addition to the customer growth, the co-operative has also seen a 4.6% increase in turnover year-on-year, indicating a strong financial performance. As a result, the business is currently operating with a net surplus of £685,000 this year, marking a £1m increase compared to the same period last year.
To support this growth and further strengthen its financial position, the co-operative has agreed to issue new D and C class shares for fixed terms of 24 and 12 months respectively. The interest rates for these shares will be determined by the Board of Directors.
The co-operative is also expanding its membership to include charitable, social, and non-profit organisations, whether they are corporate or legal persons. This move is aimed at fostering a wider network of support and collaboration.
In terms of shareholder changes, the interest payment terms for B class shares have been amended. Interest will now be paid with a 90-day notice period to the date of withdrawal. Additionally, the dormancy provisions have been amended to relate only to the A share class and member inactivity through lack of relevant purchases made against an A share class account.
The co-operative's pharmacy sales have also seen a substantial growth, with sales increasing by 20% to £13m.
Lastly, a special meeting was held with society members across Jersey and Guernsey this week, where multiple rule changes were resolved. Local government representatives, legal bodies, and key stakeholders from both islands participated in the special assemblies over the weekend.
These developments underscore the co-operative's continued commitment to growth, financial stability, and community engagement.
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