Page last updated at 09:25 GMT, Thursday, 18 March 2010

Co-op profits boosted by Somerfield and Britannia

Co-op chief executive Peter Marks
Chief executive Peter Marks hailed an "historic year"

The Co-operative Group has reported "record sales and profits" for 2009 after buying Somerfield and merging with the Britannia building society.

Boosted by the merger and acquisition, the company's first annual results for the group as a whole show a pre-tax profit of £402m and revenue of £13.7bn.

However, the group was cautious in its outlook for the economy in 2010.

The Co-op runs a range of businesses, from financial and funeral services to travel agents and pharmacies.

"These are record results in what has been an historic year for the Co-operative Group," said chief executive Peter Marks.

"Our business has continued to thrive in spite of economic pressure, and I am pleased to report that we are on track with the integration of both Somerfield and Britannia."

He did, however, add that "economic pressures" would continue, possibly into the first half of next year.

At the end of 2009, the Co-operative Group had about 4.5 million members and 5,300 retail outlets.

The organisation can trace its roots back to the founding of the co-operative movement in Rochdale, north-west England, in 1844.



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SEE ALSO
Food sales boost to Co-op profits
12 Oct 09 |  Business
Co-op enjoys Somerfield boost
11 Dec 09 |  Business
Co-op to close down Somerfield HQ
16 Feb 09 |  Business
Co-op completes Somerfield move
02 Mar 09 |  Business
Somerfield name likely to vanish
21 Oct 08 |  Bristol

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