Joyce Corporation (JYC) H2 2024 earnings summary

Executive summary

• Delivered strong operational and financial performance in FY24, maintaining steady revenue of $145.5 million 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.

• Net cash position at year-end was $39.1 million, down from $46.1 million, mainly due to dividend payments and tax on property sale.

• Final fully franked dividend of 17.5 cents per share, with a full-year dividend of 28.5 cents per share, including a special dividend from a property sale.

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 shareholders was $8.4M, down 7.5% year-over-year.

• Normalised EPS of 29.6 cps, down 7.7% from prior year; dividend payout ratio at 80% of normalised NPAT.

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

• Full-year dividend per share increased 11.8% to 28.5 cps (including 5.5 cps special dividend).

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.

• Anticipates continued organic growth, with cautious optimism for trading conditions similar to FY24.

• Improved performance expected from Bedshed company-owned stores as establishment costs subside.