Metcash profit boost sends shares soaring

December 04, 2017

Metcash's outgoing CEO Ian Morrice called the grocery wholesaler's 24% profit growth pleasing

Grocery wholesaler Metcash has boosted its half-year profit 24 per cent on the back of a lift in revenue driven by sales from the Home Timber & Hardware business which it acquired last October.

Net profit for the half-year to October 31 grew to $92.9 million, from $74.9 million a year earlier, while sales revenue rose 7.6 per cent to $7.1 billion, from $6.6 billion in the prior year when it received only one month of sales from Home Timber & Hardware.

Metcash declared a fully franked interim dividend of six cents per share, compared to no dividend in the 2017 financial year.

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