Metcash to cut dividends

Grocery wholesaler plans to lift capex, hit by business restructure costs.

Grocery wholesaler Metcash plans to cut its dividend payout and lift capital expenditure, after saying its earnings have been hit by a weaker than expected performance and costs from making changes to its business.

Investors were unimpressed, sending Metcash shares 10.79% lower to $2.81 at 10.56am (AEDT), against a benchmark index lift of 0.29%.

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