Australia's Metcash jumps most in 2-1/2 years on record year, robust sales

Metcash

26/06/2023 03:41

(Adds analyst comment)
    ** Shares of grocery distributor Metcash Ltd  MTS.AX  rise
as much as 9.1% to A$3.915, posting their biggest intraday pct
gain since December 2020 
    ** Co posts record year with an underlying profit after tax
of A$307.5 mln ($205.26 mln), up 4.6% versus previous year 
    ** Says full-year revenue increased 6.2% to A$15.8 bln;
total dividends for FY23 up 5% at 22.5 Australian cents per
share 
    ** Adds sales growth momentum continued into early FY24 
    ** Analysts at JP Morgan describe the trading update as
"better than feared"; flag momentum in food sales likely to be
offset by higher corporate costs, Victorian payroll tax
    ** Shares hit their highest level since May 15 
    ** Stock second-biggest pct gainer on the benchmark S&P/ASX
200 index  .AXJO  
    ** Stock down 9.8% this year, as of last close, compared
with a 0.9% increase in AXJO 
    
($1 = 1.4981 Australian dollars)

 (Reporting by Roushni Nair and Mehr Bedi in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))