FCL records second-best financial year ever in 2019

2019 was another strong financial year for Federated Co-operatives Limited.

FCL posted revenues of $9.2 billion dollars last year, that’s down four per cent from $9.6 billion in 2018. The $9.2 is the second best financial year in FCL’s history.

CEO Scott Banda says the full impact of the on-going labour dispute with Unifor at the Co-op Refinery Complex in Regina will become more clear once the numbers for 2020 are released.

Banda does say that they haven’t noticed any changes at the retail level, other than the fact that some areas have seen increase in sales.

When asked if the lockout has had a negative effect on the Co-op brand, Banda said that their brand is always a concern and that they continue to invest in local communities to ensure that they’re prepared for the future. The CEO went on to add that labour disruptions are a part of business and that occur all the time.

Special mediator Vince Ready,  who was appointed by the province to assist in the negotiations is continuing his work, and Banda says meetings are scheduled this week between the two sides.

He adds he has been pleased with FCL’s approach towards finding a resolution to the now almost three-month long lockout adding that Unifor has used a number of theatrics since December 5th, the date the lockout began.

Banda wouldn’t comment on whether or not the two sides were close to reaching an agreement, although as of February 18th, the two sides have 20 days to reach a settlement.

No picketers were outside of TCU Place on the third and final day of FCL’s annual AGM.

Both Saturday and Sunday saw a number of locked out Unifor 594 members picket outside of the venue.


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