CEO Mark Cox says despite tough trading conditions the board wants to give something back to shareholders.

For years the Channel Islands' Co-Op has tabled a 4% dividend at its AGM and shareholders have voted for it.

It became routine, expected.

But in the latest annual report, just published, CEO Mark Cox paints a bleak picture of the past year.

He says economic factors like inflation and soaring interest rates have impacted on the Co-Op's trading position and despite a turnover of £208M in 2023, profits went into the red.

The group recorded a loss of £1.8m when things like dividend payments and the re-evaluation of investment properties were taken into account.

The retailer had warned in February that it might have to suspend the members' reward completely, meaning shoppers would get no money back at all on their spend in 2023.

Mark Cox now says, after taking time to review what is in members' best interests, they will offer a 2% dividend at the AGMs to be held in Jersey and Guernsey on 21 and 22 May.

He also says there are reasons to be optimistic. The Co-Op has a strong balance sheet and is in a solid financial position.

Members' funds total £150m and he is assuring those members that their investment is secure.