Metcash (ASX:MTS) posts loss for 2020 financial year

Company News

by Anna Napoli

Metcash has posted a statutory loss of $56.8 million for the 2020 financial year. The loss includes an impairment to goodwill and other assets in the first half of 2020 of $242.4 million.

Revenue increased by 2.9 per cent to $13 billion.

The company says all Pillars responded well to service its retailers in a very challenged environment impacted by both bushfires and COVID-19.

Underlying Group earnings were $324.2 million an improvement of around $12 million on last year excluding the impact of the loss of Drakes.

Metcash will pay a final dividend of 6.5 cents a share, down on the 7 cents it paid last year.

Meantime, the company says it has entered the final stage of negotiations to acquire 70 per cent of Total Tools Holdings, a leading participant in the professional tool segment in Australia, for around $57 million.

Shares in Metcash (ASX:MTS) are trading 0.35 per cent higher at $2.84

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.