Noel Gifts International (543) H2 2024 earnings summary

Executive summary

• FY2024 revenue fell 7.4% YoY to $16.7m, mainly on lower Gifts sales; net profit rose to $13.5m from $0.2m, driven by the completed property disposal.

• Continuing operations recorded an $853k net loss, while discontinued operations contributed $14.33m profit after tax.

Financial highlights

• Revenue was $16.667m vs $18.006m in FY2023; gross profit declined 4.1% to $8.205m.

• Gross margin improved to 49.2% from 47.5%; distribution costs eased to $2.4m, while administrative expenses rose to $6.9m on higher staff costs and donations.

• Other operating income was $830k vs $603k, including $580k interest income from amortised-cost assets and $62k dividends.

• Total profit attributable to owners was $13.477m vs $225k; continuing-operations loss before tax was $769k vs $112k.

Outlook and guidance

• Priorities include streamlining Gifts processes, improving efficiency, adapting to changing consumer needs and exploring new business and investment opportunities for Properties.

• Digital initiatives focus on improving omnichannel customer experience, delivery updates and service efficiency; FY2024 programmes included Members’ Benefits and Birthday Insider.