Metcash in middle of reinvention
THE grocery wholesaler Metcash Ltd ticked all the wrong boxes yesterday. It delivered a full-year profit that was below expectations, it announced plans to buy a non-core business and it decided to raise capital in a shabby equities market.
To make matters worse Metcash is also feeling the increased financial heat from legacy deals – having to write off loans and investments in supermarket retail joint ventures.
This is a company in the middle of an exercise in re-invention. But it’s a process that is being undertaken in a very difficult environment. Sydney Morning Herald – Read more…