First IVE results show strong performance

IVE Group has announced its first set of half year results since listing on the ASX in December, showing pro forma revenue up 13.9 per cent to $196.1m and EBITDA up 30.7 per cent to $22.2M on previous corresponding period.

Geoff Selig, executive chairman, says the results come ‘on the back of ongoing strong performance and continued investment.’

“We are pleased with the performance of the business in the first half, with strong revenue growth underpinning our uplift in both EBITDA and NPAT,” he says.

The company recorded pro forma revenue up 13.9 per cent at $196.1m (from $172.2m in the first half of 2015) and EBITDA of $22.2m up 30.7 per cent on the same period last year of ($17m). Revenue uplift is a result of a combination of acquisitions and organic growth. Earnings uplift driven by increased revenue as well as productivity gains through capital investment.’

“Our listing on the ASX in December of last year has been very well received by all stakeholders, and we continue to maintain our focus on growing and evolving the business further, says Selig.

[Related: IVE succeeds with IPO]

IVE says its full year guidance is in line with the prospectus forecast of $381m revenue, $42.5m EBITDA and $20.3m NPAT on a pro forma basis.

Chief financial officer Darren Dunkley says, “The first half year results track in line with our prospectus and reflect our continued growth, stable operation and well managed business.”

The company continues to maintain a strong balance sheet with net debt forecast to remain well below 1X (times) EBITDA.

Dunkley adds that the pro forma results provide a more accurate reflection of the company’s trading than the statutory results, as the statutory results reflect approximately $13-14m of one-off costs associated with listing the company on the ASX.

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