Community
27 June, 2024
Co-op gives back more than it profits
THE Terang and District Co-operative Limited has recorded another year of solid profits.
Although down on the previous year’s result, Co-op chair Geoff Barby and chief executive officer (CEO) Gary Tempany said the profit of $356,941 was a strong achievement.
The Co-op also continued to make a mark in the local community, providing $84,876 in sponsorships and donations and $297,455 in members’ rewards.
Mr Barby said in the annual report, released during this week’s annual meeting, the results underlined the importance of the role of the Co-op in the local community, which “we do not take for granted”.
He added trading continued to be strong thanks to the dedicated efforts of staff across the organisation, and membership increased by almost 150 across the year.
“As a co-operative, our members form the foundation of our very existence and it is pleasing to see that our member numbers continue to grow,” Mr Barby said.
“Continued growth on member numbers is a hallmark of the success of the Co-op and we are focussing on ways of enabling members to realise the benefits of membership.”
Highlights for the financial year included the appointment of Gary Tempany to replace Kevin Ford as CEO, a wide-ranging review of the Co-op’s operating rules, and initiating a review of the strategic plan.
“The future for the Co-op looks exciting from my perspective and I have great confidence in our ability to continue to grow a successful and sustainable Co-op,” Mr Barby said.
In his first annual report, Mr Tempany said the trading performance during 2023-24 continued the soft sales trend of 2022-23.
The 2023-24 year showed slight improvement and finished with an increase of 0.8 per cent and total revenue of $28.6 million.
The IGA supermarket was again the highlight with revenue growth of 3.1 per cent but Mr Tempany said there were consistent results across all departments.
The Camperdown hardware store delivered a marginal revenue increase but the Terang store decreased, ending in a combined 1.8 per cent decline, reflecting an industry-wide slowdown following the stimulus provided during the COVID-19 pandemic.
The Rural Store ended the year with promising and positive sales growth of 2.6 per cent.
The Co-op has 120 staff, supports 29 local liquor suppliers, 12 suppliers in the fresh departments and four in the dry grocery department, while the hardware and rural divisions support regional suppliers wherever possible.
Mr Tempany said the Co-op had total net assets of more than $10 million providing a solid platform for the future.
The Co-op’s financial year finishes at the end of February.