Joyce Corporation (JYC) H2 2024 earnings summary

Executive summary

• Delivered strong operational and financial performance in FY24, maintaining steady revenue despite volatile trading and lower foot traffic.

• Focused on capital light, high margin businesses with resilient core operations.

• Prioritised shareholder returns with consistent dividend policy and strong cash position.

Financial highlights

• Group revenue of $145.5M, up 0.2% year-over-year; normalised EBITDA of $32.0M, down 1.9%.

• Normalised NPAT attributable to JYC shareholders was $8.4M, down 7.5% year-over-year.

• Operating cash flow of $24.5M; group net cash of $39.1M at 30 June 2024.

• Fully franked final dividend of 17.5 cps, total FY24 dividend 28.5 cps (including 5.5 cps special dividend).

• Normalised EPS of 29.6 cps; dividend payout ratio at 80% of normalised NPAT.

Outlook and guidance

• KWB Group to expand Sydney footprint in FY25–FY26, aiming to double showroom network long-term.

• Bedshed targets network growth with focus on franchised and company-owned stores, leveraging omni-channel enhancements.

• Crave to maintain pilot status in Perth, with disciplined approach to potential interstate expansion.