IVE Full Year Results better than Anticipated

IVE performed better than anticipated in the 2020-21 financial year, achieving a $100.2m EBITDA on revenue of $656m – an increase of 3% from the previous year.

With a net profit of $30.2m, the company suggests these figures demonstrate the resilience of the business which operated throughout a year of “uncertainty and volatility.”

On top of this, IVE forecasts even stronger growth for the next financial year. This increase is anticipated to come from the fibre-based packaging segment and bolt-on acquisitions.

"We already do a little bit in packaging, but we see potential growth. We would not be looking to take on Amcor or Visy, but in the short and medium run fibre sector we feel we have a lot to offer,” said IVE executive chair, Geoff Selig.

Selig reports that acquisition is “back on the table. We may look at a fibre-based packaging business, or a bolt-on for one of our existing sectors, or something else altogether in an adjacent field such as data.” He promises that whichever they go, “we will be disciplined."

During the year IVE had no material customer losses and gained some $58m worth of business from new clients including Bunnings, OfficeWorks, and Colgate. This comes despite a drop at the start of the 2020-21 financial year when COVID initially impacted the business.

“Given the year of unprecedented volatility and uncertainty, I acknowledge the capacity of our people and business to respond to the pandemic by coming together as one and committing to go above and beyond to service our clients, and care for each other,” said Geoff Selig.

“The solid financial performance of the business, and our significantly strengthened balance sheet, demonstrate the resilience of the business, and position the company to deliver strong growth as we emerge from this period of disruption. My thanks to our Board, our CEO Matt Aitken for his leadership, and the entire IVE team, for their skill and continued commitment over what has been a most challenging year.”