We say our Co-op is a different and better way of doing business. Well, this morning we’re proving it.
Our half-year report to members sets out how we did between January and the end of June and covers our sales and profit numbers, as you’d expect from any big business.
But as a Co-op we exist to do more. We’re here to create value not just for a small number of shareholders in the City of London but for every one of our 4.5 million members and for the communities where they live. And we’re doing just that.
Our ‘member value’ is being created because we’re running our businesses successfully. So in the first half of the year we’ve given back £29m through the 5% member reward and have shared out £6m to 4,000 local community causes through the 1% reward.
And we’re creating member value in other ways too. Through the campaigns we’re championing to tackle Loneliness, Modern Slavery and Water poverty; through our commitment to British farmers and our Fairtrade partners; through fair funerals and by helping young drivers to keep safe; through our ten Co-op Academy Schools raising standards and creating local pride; through our recruitment of dedicated Member Pioneers; and through taking on 100s of new Co-op apprentices.
The news release we’ve issued to the media this morning reflects our different way of measuring Co-op performance, measures that no other business can match. You can also read the blog post I’ve written to members.
The infographic below shows the highlights from our report.
Click to open a PDF version of the above graphic.
There are also specific updates for colleagues in each of our Co-op businesses:
- Jo Whitfield for Food
- Robert Maclachlan for Funeralcare
- Mark Summerfield for Insurance
- Matt Howells for Life Planning & Legal
- James Holland for Electrical
We’ve made great strides in rebuilding our Co-op over the last three years and none of that could have happened without you.
Looking ahead, the markets we’re in remain as competitive as ever and to keep up, and stay ahead, we constantly have to challenge ourselves to be the best we can. That means change becomes a constant for many of us. I know that’s unsettling and difficult at times and it puts a lot of pressure on our front line colleagues especially. My job, and the job of managers across our Co-op, is to support your work and create change that make sense for you as well as for our members and customers.
So, finally, let me say a huge thank you to every one of you. As Co-op colleagues you are our most passionate and committed members. Day in and day out, it’s you that explain why membership is meaningful, and you that deliver our Co-op value that proves we truly are a better way of doing business.