The Co-operative group released its FY 2009 results today. The group reported its annual profit up by 20% in 2009. The increased profit was mainly attributable to the acquisition of Somerfield and merging with the Britannia building society.

The Co-operative group operates in a range of businesses, from financial and funeral services to travel agents and pharmacies. However, the group remains cautious in its outlook for FY 2010.

For the full year 2009, the group has reported underlying group operating profits of £473 million, increasing by 20% comparing to FY 2008. In FY 2009 ended January 2, the group reported a pretax profit of £402 million, increasing by 85% while in the previous corresponding year the pretax profit was reported of £218 million.

Total sales of the group for 2009 were reported of £13.7 billion, increasing by 31% comparing to FY 2008 sales. Members' funds in 2009 increased by 15% and were reported to £4.5 billion.

Going deep into the results of the group, Co-operative Financial Services reported total operating profits of £177 million, increasing by 20.5% while in FY 2009 it was posted of £147 million. Co-operative Financial Services merged with Britannia Building Society last year and the profit of Britannia is included in 2009 operating profit.