Metcash (MTS) 1H16 Result - Sales have stabilised in Food & Grocery plus improvement in both Liquor and Hardware EBIT

Bell Potter

Stockbroker

Metcash reported net profit up 20% to $122m (including discontinued automotive business). EBIT margin was 2.0% as compared to 2.5% in pcp. SEGMENT EBIT: Improvement in both Liquor and Hardware: Food and Grocery down 23% to $91.9m, Liquor up 4% to $25.9m and Hardware up 22% $11.6m. Net operating cash flow down 98% to $3.1m (negatively impacted due to $90 m in ‘elevated working capital’ due to damage in the Huntingwood Distribution Centre). Working Smarter program commenced, designed to reduce complexity and deliver savings of ~$100m p.a. by FY2019 but no significant benefit in FY16. Click here ( (VIEW LINK) ) to read more.


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Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to a diversified client base that includes individuals, institutions and corporations.

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