Friday, April 19, 2024

Metcash pleased with results through ‘toughest year’

“I am pleased to report that the company delivered admirable results and clearly demonstrated its purpose of championing successful independents,” says Chairman of Metcash, Robert Murray.

“The FY2020 financial year will stand as one of the most challenging years we have experienced, with devastating bushfires severely affecting many of our retailers and local communities, particularly in rural and regional areas where our retailers are strongly represented,” Mr Murray continues in the 2020 Annual General Meeting and Trading Update.

According to the report, Metcash saw a group revenue increased 2.9% to $13.0bn and, including charge through sales, was up 2.0% to %14.9bn.

Food delivered sales growth, even excluding the positive uplift in sales due to Covid-19 in March and April. Supermarkets whole sales (ex-tobacco) reported underlying sales growth for the first time since FY12, confirming our strategic initiatives are delivering positive results.

Underlying Group EBIT (pre AASB16) was $324.2m. Excluding the impact of the loss of Drakes and a lower contribution from lease resolutions, this is an improvement of $12m on last year.

Liquor continued to perform well following the relaxation of restrictions in both New Zealand and for ‘on-premise’ business across Australia.

Accomplishments

Mr Murray proceeds, “I am pleased to report that our achievements in gender pay parity have again been recognised with receipt of our second ‘Employer of Choice’ citation from the Workplace Gender Equality Agency.

“We have continued to narrow the gender pay gap, which at the end of FY20 was less than 1%.”

Management changes

The senior management team has seen quite a number of role changes.

With the sad news of Wai Tang passing away after a short illness earlier in the year – the team are still searching for an appropriate replacement as Non-Executive Director.

In terms of Chair of Audit, Risk and Compliance Committee (ARCC), Peter Birtles has been appointed with that position.

Metcash future initiatives 

Mr Murray explains: “…our MFuture program continues to be well supported by the quality, dedication and passion of our leadership team, the Board and our retailers and will be a key driver of further improving the competitiveness of our retailer network.”

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