Grocery wholesaler Metcash's full year profit has dropped by 63 per cent because of the cost of its major restructure.
The company says its sales rose slightly in the year to April 30 and underlying profit grew by 2.5 per cent to $262.5 million.
But costs associated with its restructure, the acquisition of Franklins and an impairment on one of its businesses totalled $176.7 million.
That resulted in a full year net profit of $90 million, down from $241.4 million in the previous year.
Underlying earnings of $451.2 million in the year to April 30 were up 3.0 per cent from the previous year, in line with Metcash's previously issued guidance.
"We are pleased to announce a full year result that meets our guidance despite the tough trading conditions," chief executive Andrew Reitzer said in a statement.
Metcash also announced it would raise up to $375 million by issuing new shares to fund acquisitions and growth opportunities.
Those acquisitions include the purchase of 75.1 per cent of Automotive Brands Group, a privately owned car parts business, including the Autobarn and Autopro stores.
Metcash said it would pay $53.8 million for the controlling stake in ABG, and could take full ownership of the business over the next three to five years.
It also will use the capital raising funds to upgrade its warehouse distribution system and to pay for its recently announced buy-out of the Mitre 10 group.
Each of the acquisitions was expected to generate earnings in the 2012/13 fiscal year, Metcash said.
The company forecast underlying earnings per share growth of up to 5 per cent in 2012/13.Metcash declared a final, fully-franked dividend of 16.5 cents.
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