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Metcash posts annual profit decline, resumes dividends

National grocery and convenience wholesaler Metcash has resumed dividends after reporting a decline in profit.

The IGA and Foodland supplier’s net profit for FY17 was down 20.6% on the previous year, dropping to $171.9 million.

Despite the drop in profits, Metcash said sales revenue rose 5.4% to $14.2 billion, which was assisted by a 53rd trading week.

Metcash chief executive Ian Morris said it had been a fairly challenging year.

“We continued to see positive earnings momentum in both Liquor and Hardware, while in Food the impact of intense competition and weak economic conditions in WA were largely offset by the benefit of the 53rd trading week, working smarter and other cost savings,” he said.

The company has also announced that Mr Morris will retire as CEO in 2018, following five years of service in the role.

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