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May 24, 2006

AUSTRALIA: Metcash delivers record annual profit

Australia’s largest grocery wholesaler Metcash today (24 May) delivered net profit after tax, excluding non-recurring significant items, of AUD$127.9m (US$96.24m), up 23.8% from $103.3m in the year to 30 April.

Australia’s largest grocery wholesaler Metcash today (24 May) delivered net profit after tax, excluding non-recurring significant items, of AUD$127.9m (US$96.24m), up 23.8% from $103.3m, in the year to 30 April.

Cash flow from operations rose from AUD$129m to AUD$237m. Wholesale sales increased by 10% to AUD$7.7bn. Earnings Before Interest, Tax and Amortisation (EBITA) rose 19.5% to AUD$226.9m, with earnings per share increasing by 34.7% to 21.55 cents per share.

Chief executive officer Andrew Reitzer said: “I am delighted to note the very strong growth from our core operations, particularly our grocery marketing and distribution business, IGA Distribution, during a period dominated by a major acquisition and the subsequent integration of Foodland.

“We are well on track to deliver incremental EBIT in the range of AUD$80m to AUD$90m resulting from the Foodland acquisition for the 2007 financial year”, he added.

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