Co-op reveals record results

Mar 18 2010 By nebusiness

The Co-operative Group hailed record annual results today but warned a return to "real economic growth" could be a year away.

The mutual’s revenues jumped 31% to a mammoth £13.7bn last year as its grocery arm absorbed the former Somerfield business and its Co-operative Financial Services banking business merged with the Britannia.

Chief executive Peter Marks said it had been a "historic year" but warned the waters ahead are "still choppy".

He said: "It may be that the UK does not start to see real economic growth until the end of 2010 or as late as the beginning of 2011.

"Therefore, sustaining the level of success we have enjoyed over the last two years will not be easy."

Profits before payments to members - equivalent to pre-tax profits at a plc - jumped 85% to £402m over the year.