Australian grocery wholesaler Metcash has forecast profits growth in the “high single digits” over the next 12 months.
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The company issued the outlook after posting a 41% leap in underlying net profit to A$174m (US$146m) for the year to 30 April.
Metcash said the possible of Australia’s second-largest supermarket chain Coles Group is causing uncertainty in the country’s retail market and has caused it predict slowing profit growth.
CEO Andrew Reitzer said the company’s “excellent” financial results during its fiscal 2007 period were due to its core operations and the integration of the Australian operations of grocery wholesaler FAL. Metcash bought FAL in late 2005 for A$1.1bn.
Reitzer said: “The group’s position as the clear third force in the grocery and liquor market has allowed it to establish a range of ongoing growth drivers in each of its business divisions.”
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