Co-op members to share £17.8 million dividend
The Co-operative Groups five million members are to share a record £17.8 million interim dividend .
The members will receive a share based on the amount they have spent across the group's portfolio of businesses during the first half of the year.
The dividend is being increased from last year’s £16.9 million despite the fact there has been a 12% drop in group profits in the period. However, the Co-op has recruited more members, up from 4.8 million a year ago.
The dividend was reintroduced in 2006 and gives members the opportunity to earn reward points every time they buy from the Co-op.
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."
In August, Marks reported trading conditions were the worst he had seen in 40 years as the group reported a sales slump in the six months to 2 July to £6.89 billion from £6.95 billion.
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