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Metro: annual results flat; shares up.

(CercleFinance.com) - Germany's Metro said on Wednesday that it recorded flat results in its financial year 2016/17, a period that the group has described as a "transition year.

The food retailer Metro, which recently demerged from consumer electronics group Ceconomy, said that EBIT before extraordinary items reached the previous year's level of 1.1 billion euros.

Its sales increased by 1.6% to 37.1 billion euros in financial year 2016/2017, due to positive currency and portfolio effects, with like-for-like sales up 0.5%.

For the new financial year 2017/18, Metro said it expects a significant increase in earnings before real estate transactions.

Metro also said it would propose a dividend of 0.70 euro per share in order to enable its shareholders to benefit from its "positive business development."

Metro shares are currently up 1.4% at 17.7 euros, outperforming a 0.8% rise in the European retail index.

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