Joyce Corporation (JYC) H1 2025 earnings summary

Executive summary

• Revenue for 1HY25 was $73.4M, up 0.5% year-over-year, with steady operating performance despite challenging consumer conditions.

• NPAT attributable to Joyce shareholders was $3.1M, down 35.6%, and group NPAT was $7.4M, down 21.5% year-over-year.

• Net cash position of $31.8M as of 31 Dec 2024, with the group remaining debt free.

• Fully franked interim dividend of 10.5 cps declared, with a payout ratio of 78%.

• Special and final dividends totaling 17.5 cps were paid in October 2024.

Financial highlights

• Gross profit rose to $40.1M, with gross margin improving to 54.7% year-over-year.

• Normalised EBITDA was $16.6M, down 0.8% year-over-year; normalised EBIT was $12.2M, down 8.0%.

• Operating expenses increased to 27.5% of revenue from 26.0% in 1HY24.

• Net cash balance at 31 Dec 2024 was $31.8M, down from $39.1M at 30 June 2024.

• Cash flow from operations improved to $6.5M from $3.8M year-over-year.

Outlook and guidance

• Focus remains on organic growth in large addressable Australian markets.

• KWB Group plans further showroom expansion, targeting over 50 locations long-term.

• Bedshed aims to improve company store performance and expand its franchise network.

• Directors resolved to pay a fully franked interim dividend of 10.5 cps, record date 14 March 2025, payable 4 April 2025.

• Continued emphasis on disciplined cost and capital management.