Co-op issues £17m record interim dividend to members

THE Co-operative Group is to issue a record-breaking interim dividend of £17.8m to its membership.

In the first half of the year, the group’s 5m customer members who used their dividend card earned a total of £17.8m, up from £16.9m last year.

Community groups are set to benefit to the tune of £1.3m, thanks to members who have elected to give all, or part, of their share of the profits to charity.

Members receive a cash payment based on the points they earn when they trade with any of the group’s businesses, which include The Co-operative Food; Pharmacy; Funeralcare; Electricals; Motors and Legal Services as well as The Co-operative Bank Group.

The points earned vary across family of businesses, but in food, pharmacy and electricals customer members receive one point for every £1 spent.

The interim payment values a point at 1p and will be paid in the form of cash vouchers or directly into a bank account.

Group chief executive Peter Marks said: “At a time when people are tightening their belts, I am sure the interim dividend will be a welcome seasonal boost for our members.

“However, many have again shown their generosity by donating all, or some, of their payment to good causes which will make a real difference to many charities and local groups that are doing such great work in the communities we serve.”