IVE releases H1 FY23 results showing strong uplift in underlying revenue, EBITDA NPAT and EPS. 

IVE Group Limited (ASX:IGL) has announced its financial results for the six months to 31 December 2022. IVE has delivered a strong first half performance underpinned by an impressive uplift in revenue and associated further leveraging of the recalibrated cost base to drive strong earnings growth. The result also included a modest contribution from the acquisition of Ovato, which completed on 13 September 2022.

Financial Performance:

• Revenue $502.8m, up 31.4% from $382.6m PCP
• EBITDA $65.0m, up 17.7% from $55.2m PCP
• NPAT $24.3m, up 16.5% from 20.9m PCP
• EPS 16.5¢ps, up 12.8% from 14.6¢ps PCP
• Cash on hand $56.2m
• Net debt $97.5m
• Interim dividend of 9.5 cents per share, fully franked

Commenting on IVE Group’s FY23 H1 performance, Chief Executive Officer, Matt Aitken said:

“The first half result was ahead of expectations, underpinned by a strong performance across the Group. The half saw the completion of the final phase of our Victorian site consolidation initiative, the highly anticipated launch of our new e-commerce marketplace Lasoo, and the acquisition of major competitor Ovato.

Given unprecedented volatility in domestic energy markets, it is pleasing to announce our future partnership with global renewables company Iberdrola, with our power purchasing agreement (PPA) due to commence on 1 January 2024.”

IVE has provided the following guidance for FY23:

• Underlying EBITDA of around $120m
• Underlying NPAT of around $41m
• Capital expenditure is expected to be around $15m (excluding Ovato)
• Restructure and acquisitions costs are expected to be around $19m

SYDNEY, 24 February 2023 – IVE Group Limited (ASX:IGL)