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

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

Copyright 2020 – Finance News Network

Source: Finance News Network