IVE Group delivers strong performance in H1 Financial results

IVE Group has announced its financial results for the six months to 31 December 2024.

The Group delivered a strong first-half performance with revenue, EBITDA and margins up again on a record prior corresponding period (pcp).

IFRS NPAT more than doubled to $27.1m from $13.0m pcp, reflecting the strong uplift in underlying profitability coupled with a significant reduction in non-operating items.

Managing Director Matt Aitken said, “Given continued economic uncertainty and persistent inflation, I am extremely pleased with the first half result, which was up materially relative to the prior period. In addition to a strong underlying performance, the half included a full run-rate of Ovato and JacPak (cost) synergies, with JacPak’s $15m of available revenue capacity now committed as per the acquisition business case,”

Key underlying financial performance indicators for the half include:
•    Revenue $507.8m, up 0.4% from $506.0m pcp
•    Material gross profit margin of 48.5%, up from 46.2% pcp
•    EBITDA $74.1m, up 12.6% from $65.8m pcp
•    EBIT $51.4m, up 23.4% from $41.7m pcp
•    NPAT $29.3m, up 29.1% from $22.7m pcp
•    EPS (NPAT) 19.0¢ps, up 28.1% from 14.8¢ps pcp
•    EPS (NPATA) 20.1¢ps, up 26.7% from 15.9¢ps pcp
•    Ovato cost synergies fully realised
•    JacPak cost synergies fully realised and available revenue capacity committed
•    Operating cash conversion to EBITDA of 92.0%, up from 84.0% pcp
•    Net debt $121.4m, down from $131.0m at 30 June 2024, reflecting continued strong operating cash conversion and greatly reduced restructuring costs, partially offset by peak working capital seasonality and capex associated with the packaging capacity build-out
•    Fully franked interim dividend of 9.5¢ps, unchanged from 9.5¢ps pcp, consistent with guidance indicating a stable dividend for the foreseeable future