Metro released their Q4 Activities report last week. It has been a strong quarter for Metro. Shipping figures were reported earlier this month, so the focus of this is on margins and cash flows. Site EBITDA margins improved significantly QoQ, delivering an EBITDA margin of A$17.4/wmt (Q3 FY24: A$13.8/wmt). Margin improvement was driven by strong Q4 FOB pricing (increasing 16% QoQ), but offset by slightly higher site costs (increasing 11% QoQ). We note the increased site cost was driven by a weat ....
