Co-op profits boosted by Somerfield and Britannia

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 in 1844.