The Terang and District Co-operative Ltd has overcome difficult conditions in the region’s rural economy to post a $153,786 profit for the 2016-17 financial year.
The 2016-17 profit result was a small increase from the previous financial year’s profit of $137,224.
The Co-op’s revenue stayed steady with sales of more than $23 million.
Co-op Board Chairman Brendan Kenna said the result was pleasing in the face of very difficult trading conditions and showed the underlying strength of the business. “For the second year running we have been able to achieve sales in excess of $23m, which is very pleasing and shows the long term strategic decisions taken have placed the business on very sound footing,” Mr Kenna said.
The Co-op’s 2016-17 financial year was the final one for long-serving General Manager Charlie Duynhoven. Mr Duynhoven retired in March after 43 years of service, including 18 years as general manager. Mr Kenna acknowledged and thanked Mr Duynhoven for his years of dedication and leadership to the Co-op.
Newly appointed CEO Kevin Ford said that the Co-op was keen to expand its customer base and would continue to invest and build on its dairy services operation. “Achieving such expansion will vastly strengthen our dairy services offer and, in turn, add profitability to the bottom line,” Mr Ford said.
The Supa IGA supermarket continues to lead business activities each year, with sales in excess of $11 million. “We remain gratified that our store is seen as a great place to shop,” Mr Ford said.
Both the Home Timber & Hardware stores in Terang and Camperdown have continued to enhance their operations by managing sales, stock and staff more efficiently. Mr Ford said the Co-op’s benchmark comparisons with other hardware stores, and sales in excess of $6m indicate the hardware model is working and welcomed by members and customers.
As it has done since being established in 1908, the Co-op continues to act as a cornerstone to the local region with $311,085 being contributed back into the community via members’ rewards, discounts, donations and sponsorships.
The 2016-17 financial year also saw a number of new members join the Co-op, bringing the total membership base to 2,500. In the past 10 years membership has grown by more than 60 per cent, from 1,548 to 2,500 members. The Co-op Board recently approved a 10 per cent bonus points allocation to members.
