Metcash (ASX:MTS) announces a 31% increase to its interim dividend

The 10.5 cents dividend per share was revealed in the half-year results announcement this morning. Group revenue rose 1.5 per cent to $8.5 billion with EBIT growing 13.9 per cent to $146.6 million.

Group CEO, Jeff Adams said: “It has been a very pleasing first half for both Metcash and our independent retailers as we continued to build on the very strong prior corresponding half.”

“The preference for local neighbourhood shopping and shift from cities to regional areas helped our independent retail networks all deliver ‘like for like’ sales growth in the half. IGA Supermarkets were up 18.8 per cent, IBA stores in Liquor were up 27.0 per cent, Independent Hardware was up 17.7 per cent and Total Tools up 51 per cent.”

Shares in Metcash (ASX:MTS) are trading 5.4 per cent higher at $4.17.