Metcash Limited Weak profit after tax in FY 17
Weak profit after tax in FY 17: Metcash Limited (ASX: MTS) has announced that Jeff Adams would succeed Ian Morrice as the company’s Group Chief Executive Officer. Mr. Morrice had notified the company of his intention to retire in 2018, after the completion of five years in the role. Mr. Adams will join MTS in September and, after a comprehensive orientation of the business, and would work with Mr. Morrice to ensure a smooth transition into the role. He will succeed Mr. Morrice as Group Chief Executive Officer after the completion of the transition in December. Mr. Morrice will then act as an adviser to Mr. Adams and the Board through to June 2018. On the other side, in FY 17, MTS has reported 5.4% growth in the group sales revenue to $14.12bn and 9% increase in the underlying net profit after tax to $194.8m. The group EBIT grew by 8% to $296.7m (including 53rd trading week and acquisition of HTH. However, the reported profit after tax fell by 20.6%. Additionally, in Liquor segment, there is a modest industry growth, due to the consumer habits, that is shifting to less volume consumption but higher quality. There is an elevated level of competition due to the large retailers and there are difficult trading conditions in Western Australia. But MTS is trying to take initiatives to help minimize the impact of difficult market conditions including price deflation, cost inflation
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