Co-operative pays record £50m dividend

The Co-operative Group has announced a record dividend payment of £50 million after posting its highest ever profit in 2009.

The five million members of the Co-operative Group will share in the £50.4 million payout, with an average payment of £9.88 per member.

This is a 30% increase on last year’s dividend payment of £38.8 million.

The group racked up profits of £402 million in 2009, an increase of 85% on year.

“Last year was particularly successful for us,” said Patrick Allen, director of marketing.

“The trading group acquired Somerfield in March, Co-operative Financial Services merged with Britannia in August and we launched the new Co-operative brand with a high profile advertising campaign.

“It is only right that our members, who ultimately own and control the business, share in our success.”

Members will receive payment in the form of vouchers, or directly into their bank account.

Discuss this in the Finance Markets forums

Story link: Co-operative pays record £50m dividend