IVE Group managing director Matt Aitken has described the financial performance of the company in the six months to 31 December 2024 as “a very solid result”.
IVE Group grew revenue to $507.8 million for the six months to 31 December with gross profit margin increasing to 48.5 per cent.
“All key profit metrics are up significantly. We have had strong margin expansion and further uplifted operating cashflow with working capital levels normalising and the balance sheet has been further strengthened with gearing continuing to sit below our internal target,” he said.
Aitken confirmed IVE Group has ‘fully realised’ the cost synergies delivered to the business following the acquisition of the Ovato and JacPak businesses and also fully integrated the Elastic acquisition that took place in May last year.
Here are the numbers:
- Revenue for the six months to 31 December was $507.8 million, up 0.4 per cent from $506.0 million in the same period a year prior
- Material gross profit margin of 48.5 per cent was up from 46.2 per cent in the same period a year prior
- EBITDA was $74.1 million, up 12.6 per cent from $65.8 million in the same period a year prior
- EBIT was $51.4 million, up 23.4 per cent from $41.7 million in the same period a year prior
- Net Profit After Tax was $29.3m, up 29.1 per cent from $22.7m in the same period a year prior
- Net debt was $121.4 million, down from $131.0 million 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
The company has revised its net profit for the full year (FY25) from $45 million to $50 million to a new guidance of $47 million to $50 million.
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