Why it matters: The dividend represents a significant turnaround for the regional co-operative, which has returned to profit following a challenging financial period.
The payment was approved at the retailer's Annual Members' Meeting at The Hold in Ipswich on Friday 23 May, marking the first in-person gathering since 2019. The decision followed a recommendation from the Board of Directors after the co-op reported a £4.6m turnaround from 2024.
The big picture: East of England Co-op made a £1m trading profit from continuing operations, crediting its commercial success to considered investment and reshaping of its business portfolio.
What they're saying: "Our return to profit is a monumental achievement in this financial landscape and we're proud to be able to share this success with our members," said Joy Burnford, East of England Co-op President.
She added: "It was a privilege to host our first in person Annual Members' meeting in five years. There was a shared sense of excitement for the future of our co-op, and it felt like an excellent way to start our journey to making sure our profit is sustainable for the members and colleagues that make us."
The details: The waterfront meeting saw 93 members attend in person and 30 online, with tastings from local producers including Adnams, Fairfields Farm, Tiptree, Stokes Sauces and Lane Farm.
The meeting also included Board of Directors elections, with ten candidates standing for five places. John Cook and Roger Grosvenor were elected, whilst Joy Burnford, Esme Cole and Martin Catchpole were re-elected.
What's next: Eligible members will receive their dividend payments by post starting next month.
The bottom line: The co-operative's return to profitability demonstrates the resilience of member-owned businesses and their commitment to sharing success with the communities they serve.
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