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The owner of IGA supermarket’s Metcash Limited (ASX:MTS) has vowed to push ahead with its transformation while reporting a fall in its first half underlying profit.
The grocery wholesaler’s underlying net profit dropped 9 per cent to $101.7 million in the six months to the end of October.
CEO Ian Morrice says Metcash’s transformation plan is now gaining momentum and the company is very encouraged by initial indicators.
Mr Morrice has also flagged signs of a sales led recovery and encouraging positive momentum in the lead up to Christmas.
Looking ahead Metcash expects to deliver annual earnings before interest and tax of between $315 and $330 million in the full 2015 financial year.
Metcash has lowered its interim fully-franked dividend to 6.5 cents per share from 9.5 cents per share the year before.
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