The 2016-17 profit result was a small increase from the previous financial year’s profit of $137,000.

The Co-op’s revenue was more than $23 million.

Recently appointed chief executive officer 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.

Mr Ford said dairy services had been identified as an area for growth.

“It’s a business segment that needs to grow and we need to raise our standards and grow our customer base,” he said. “I’m not saying it’s broken at all I just know that we can do better.”

Mr Ford said achieving such expansion would vastly strengthen their dairy services on offer and add profitability to the bottom line.

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 and 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 $6 million indicate the hardware model is working and welcomed by members and customers.

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 $23 million, which is very pleasing and shows the long term strategic decisions taken have placed the business on very sound footing,” he said. He also paid tribute to Charlie Duynhoven who retired in March after 43 years of service.

More than $300,000 went back into the community via members’ rewards, discounts, donations and sponsorships. 

The 2016-17 financial year also saw 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.