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Co-operative Group profits surge

The Co-operative Group has announced record 2009 annual financial results, with sales up 31% and a 38% growth in new customer bank accounts.

CITY & CORPORATE

Co-operative Group profits surge

The Co-operative Group has announced record 2009 annual financial results, with sales up 31% and a 38% growth in new customer bank accounts.

The year saw the group acquire supermarket chain Somerfield to become the fifth largest retailer in the UK, with each of its 3,000 food stores in every postcode in the UK bar one, serving a total of 21 million customers. Overall like-for-like food sales were up 5.5% compared with the previous year.

The financial services arm of the group also merged with Britannia Building Society to become the UK’s first ‘super mutual’, the most diversified in the country.

Peter Marks, Co-op Group Chief Executive, said: “Whilst we have expanded and evolved as an organisation, we have stayed true to our core principles and we continue to do what we do best: serving customers with excellent products and services, and bringing solid values and trust to the communities in which we operate.

“Looking ahead, we expect the economic pressures to continue until the end of this year or the first half of 2011. Sustaining the level of success we have enjoyed over recent years will not be easy. All of our businesses are operating in fiercely competitive markets which will only get tougher, so we will be redoubling our efforts to help our customers by providing even greater value and service.”

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