The Channel Islands Co-operative Society has reported a strong trading performance in 2016, which included the expansion and refurbishment of its retail and medial network.
The total turnover figure for the Society in 2016 was £172.05 million, 1.96 per cent up on last year. Its food business performed particularly well, with a 2.6 per cent overall increase in turnover. Medical services experienced an increase in turnover of 7.7 per cent, with pharmacy improving by a more modest 0.5 per cent.
However, an increase in online sales led to its Homemaker operation reporting a 4.8 per cent fall in turnover, while Travelmaker saw a reduction in the amount of cash passing through the business of 4.7 per cent due to a marked reduction in foreign currency exchange.
The amount returned to members through dividend in 2016 was £7.8 millon.
In its annual report, discussed this week at annual members’ meetings in Guernsey and Jersey, Chief Executive Colin Macleod highlighted the impact of Brexit.
“Towards the end of the year, we were faced with an unprecedented level of supplier demand for price increases following the currency market reaction to the Brexit vote. We managed to stave off many of these, although protecting members from the impact of these increases has come at the expense of net profitability,” he said.