Co-op pays out record divi of £50m

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The Independent Online

The Co-operative Group will make a record dividend payment of £50m within the next few days after racking up records profits in 2009.

More than five million Co-operative Group members will share a profit payment of £50.4m – a 30 per cent increase on the previous year.

Patrick Allen, the director of marketing at the Co-operative Group, said: "It is only right that our members, who ultimately own and control the business, share in our success."

The payment will be made to members in the form of vouchers or into their bank account.

The Co-op, which has grocery, travel, pharmacy, funeral care, banking and insurance businesses, saw its profits rise by 85 per cent to £402m in the 51 weeks to 2 January. These were boosted by its acquisition of Somerfield supermarkets and the merger of Co-operative Financial Services with Britannia. Based on its 2009 profits, the value of each point earned by members in 2009 was 2p.

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