CEO’s Report 2017
The last financial year was a very challenging one in many aspects, including highly competitive market conditions leading to increased price deflation, and market disruption from the closure of Masters’ hardware stores. In this context,there were many facets of our performance that were pleasing.
From a financial perspective, the Group delivered growth in underlying earnings and strong cash inflows despite the market challenges, both creditable outcomes.
Underlying profit after tax increased 9.3% to $194.8 million, reflecting continued earnings growth in Liquor, and in Hardware which benefited from the successful acquisition of Home Timber & Hardware (HTH). Our Food pillar delivered earnings in line with the prior year, despite facing price and new space competition at levels never before seen in the sector.
Supporting Independent Retailers to be the ‘Best Store in Town’ is central to our strategic focus, and the past year saw significant progress on our retailer-centred initiatives. Download the report to read more.
Ian Morrice
Chief Executive Officer