In its first public results statement since listing on the ASX in December 2015, IVE Group has exceeded all financial forecasts.
It delivered an after-tax net profit of $20.9m, 2.9 per cent above the predicted $20.3m and revenue of $382m, just ahead of the forecast of $381m.
Compared to FY2015, this year IVE has achieved an impressive $44.6m increase in revenue, $19.7m in gross profit, and $11.3m in net profit.
The group’s EBITDA of $42.8m exceeded the prospectus prediction of $42.5m and was up by an impressive proforma 38.7 per cent compared to EBITDA of $30.9m in FY2015.
IVE’s customer base has grown by 12 per cent with the group now servicing over 2,260 customers.
Geoff Selig, executive chairman of IVE Group says, “We are pleased to have exceeded our prospectus forecasts, with strong revenue growth underpinning our uplift in both EDITBA and after-tax profit. The business continues to execute effectively on our strategy of ongoing diversification and growth through expansion into complementary products and services.
He continues, “Our 13.2 per cent increase in pro-forma revenue over FY2015 reflects continued organic growth, increased revenue from our existing customer base through an expanded service offering, and contributions from acquisitions.
“Earnings have also benefitted from our capital expenditure program and closely managed cost base which resulted in an expanded EBITDA margin.”
IVE is the parent group of the country’s biggest sheetfed printer Blue Star Print, which is now one part of one of the four divisions of the diversified group; IVEO, Blue Star Group, Kalido and Pareto.
The group completed six acquisitions throughout the financial year, and integrated four acquisitions into existing businesses, including Fineline Printing in April and Frost Promotions in May.
Selig says, “We continued to execute on our disciplined acquisition program, with the bolt on acquisition and integration of our four businesses, together with the acquisition of two businesses that further expanded our product and service offering.”
The group says it is continuing on a path of diversification and growth and expects to further increase revenue and EBITDA in FY2017.
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