Lincolnshire Co-op members to share £1.56 million bonus after 11% rise in profits

Lincolnshire Co-op members who hold dividend cards will share a total of £1.56 million after the organisation saw an 11% rise in profits.

The bonus will be paid out from December 1 and was approved by those who came to the Co-op’s annual members’ meetings, held across the trading area.

Dividend card holders will receive an extra 85p per £1 of dividend collected during the year.

The bonus of £1.56 million is on top of the £1.83m already paid out – a total of £3.39 million in dividends for members this year.

Lincolnshire Co-op’s dividend and dividend bonus are one of the ways the society shares profits with its 244,000 members, who own the business.

During the year, the Co-op’s net assets grew to £282 million, with the organisation also paying two profit share bonuses to its 2,800 staff, totalling an extra week and a half’s wages.

Ursula Lidbetter. Photo: Steve Smailes for Lincolnshire Business magazine

Ursula Lidbetter. Photo: Steve Smailes for Lincolnshire Business magazine

Chief Executive of Lincolnshire Co-op Ursula Lidbetter said: “We’re proud to be a co-operative and our continued success enables us to pay our members a good dividend, which is their share of the profits.

“We’re really delighted that more people are joining Lincolnshire Co-op too – this year we welcomed more than 19,700 new Dividend Card holders, bringing our total membership to over 244,000 local people.

“A positive performance also means we can reinvest in our services and in our communities. Trading conditions are tough out there. To record such a good result despite that is exceptional and I’d like to thank all of our hard working staff and our members and customers, who continue to support their local co-op.”