Joyce Corporation (JYC) H2 2025 earnings summary

Executive summary

• Achieved strong operational and financial performance from capital light, high margin businesses, focusing on organic growth and operational efficiency.

• Revenue increased 2% year-over-year to $148.2 million, with solid operational performance despite challenging consumer demand and cost-of-living pressures.

• Expanded KWB showroom network by 5, driving increased presence and brand recognition, especially in Sydney.

• Bedshed delivered revenue growth and improved gross margins despite cost-of-living pressures.

• Maintained a strong balance sheet with $39.2M net cash and no debt at year-end.

Financial highlights

• Group revenue rose 1.8% year-over-year to $148.2M.

• Normalised EBITDA increased 2.6% to $32.8M, with a stable margin of 22.1%.

• Normalised NPAT attributable to shareholders was $8.2M, down 2.7% from FY24, reflecting one-off costs and the closure of the Crave pilot.

• Operating cash flow reached $27.4M, and closing group cash was $39.2M.

• Total dividend for FY25 was 27.5 cents per share, including a 5.5 cent special dividend.

Outlook and guidance

• KWB’s new showrooms are expected to drive strong EBIT growth in FY26 as they ramp up.

• Long-term targets include 50+ KWB showrooms and 65+ Bedshed stores nationwide.

• Continued focus on network expansion, product range enhancement, and operational improvements.

• Board remains disciplined on capital management and cost control, aiming for sustainable growth and healthy dividends.