The town’s largest retailer increased its revenue by nearly 16 per cent over the 2014-15 reporting period, according to the co-op’s annual report released on Wednesday.

The document revealed the co-op boosted its annual before tax profit to $303,297 during the past 12 months, a significant increase on $70,347 during the 2013-14 financial year.

Terang Co-op general manager Charlie Duynhoven hailed the record turnover as a great result for the entire town.

“The local economy has really turned around in the past year or so and we’ve seen it first-hand here at the co-op,” Mr Duynhoven said.

“Only a few years ago, the dairy industry was struggling and of course that has a flow-on effect. Now, Terang is doing well, business is improving and the co-op has followed suit.”

Divided into departments, the co-op’s hardware sales skyrocketed by 43 per cent due to improved trade as well as a takeover of the former Terang Plumbtec and the reopening of the Camperdown hardware site.

Rural division sales, incorporating the Dairy Services and CRT rural store, were up 22 per cent.

However, Mr Duynhoven said the IGA supermarket still contributed to more than half the sales across the co-op, with a solid 4 per cent increase to $11.6 million. 

“The changes with the Plumbtec and Camperdown business side of things has really boosted the hardware side of things and the supermarket continues to perform well,” he said.

The net income profit after tax was $218,928 compared to $50,146 the previous year.

On the philanthropic side, the co-operative donated $58,228 to local organisations and distributed benefits of $237,491 to Terang Co-op members and Seniors Card holders. More than $8,000 was also provided to local hospitals and hostels.

Corangamite Shire mayor Chris O’Connor congratulated the Terang Co-op on its strong annual report. He said the retailer was one of the region’s leading contributors to community causes.

Membership of the Co-op hit a new record at 2,262 signatories, up 122 on the previous year.

Co-op chairman Nigel Bruckner said it was particularly pleasing that all divisions had contributed to the turnaround in results