Metcash continues to profit after 11 years

For the eleventh consecutive year, Metcash has recorded another record profit increase.

Despite uncertain economic and financial environments plus the receding effects of the government’s stimulus package which boosted sales in the previous year, the company achieved a profit increase of 12.4 per cent to $227.6 million.

The company’s growth was due to the three actions: the 50.1 per cent acquisition of the Mitre 10 Group; the acquisition of the NSW-based Franklins chain supermarkets; and the retention of Andrew Reitzer’s services as CEO for a further three years.

Further to the announcement, Metcash has bid farewell to Carlos Dos Santos who has retired as chairman and director. He has been replaced by Peter Barnes.
“Having been chairman of Metcash since 1998, I felt that this was a good time to pass the chair so as to facilitate a smooth transition and avoid the appointment of a new chairman and CEO at the same time,” Santos said.