IVE Group has shown growth in its business after reporting financial results for the full year to 30 June 2024 as revenue approaches $1 billion.
According to IVE CEO Matt Aitken the result was consistent with guidance and underpinned by margin expansion and a strong rebound in cash flow.
Revenue of $969.9 million was up by 0.3 per cent on the prior year, EBITDA of $127.8 million was up 7.5 per cent from $119 million the year before.
Significant milestones during the year included the successful completion of the Ovato integration, entry into the folded carton packaging sector with the acquisition of JacPak and expansion of the Group’s creative and content offering with the acquisition of Elastic. The Group’s e-Commerce marketplace, Lasoo, achieved strong growth across all key financial metrics with ongoing investment expected to drive significantly increased scale.
Non-operating items totalled $23 million including $13.1 million for the completion of the Ovato integration, $5.8 million operating loss consistent with guidance for the new Lasoo business and $2 million of acquisition costs for the JacPak acquisitions.
“Given an increasingly difficult economic landscape, I am very pleased with the FY24 result which was consistent with the targets we set at the beginning of FY24,” Aitken said.
“In addition to completing the Ovato acquisition ahead of schedule and reaffirming the integration synergies, we completed the acquisition of JacPak which is performing in accordance with expectations with cost and revenue synergy expectations unchanged. Lasoo’s continued strong outperformance of its original business case is particularly encouraging and warrants ongoing investment that is expected to deliver a material increase in platform scale and value.”
“Notwithstanding the macroeconomic headwinds, FY25 trading has commenced strongly. I would like to tahnk the contributions from all of our 2000 staff members to deliver a solid FY24 result that delivered all key guidance measures provided to the market during the year.”
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