IVE Financial Results: Lasoo Soldiers On Amidst Period Of Growth

Investor Presentation (Clive)
B&T Magazine
By B&T Magazine



Today, IVE (ASX:IGL) announced its financial results for the 12 months ended 30 June 2022, where the financial performance was consistent with earnings guidance provided with the release of the Group’s 2022 interim result.

The operational performance and significant uplift in earnings over the prior corresponding period (PCP) once again demonstrate IVE’s underlying solid fundamentals and growth potential.

Financial Performance:

  • Revenue $759.0m +15.6 per cent on PCP
  • EBITDA $96.6m +13.3 per cent on PCP
  • NPAT $33.1m +66.1 per cent on PCP
  • EPS 23.1 cents per share +71.1 per cent on PCP
  • Operating cash conversion to EBITDA 95 per cent
  • Net debt $76.8m
  • Cash on hand $67.0m
  • Final dividend 8.0 cents per share fully franked

Commenting on IVE Group’s FY22 performance, CEO Matt Aitken said: “We enter FY23 with a strong balance sheet having already funded a precautionary but material increase in inventories and having repaid a significant amount of debt over the past two years. We were encouraged by the uplift in revenue during FY22, and while the macroeconomic environment remains somewhat uncertain, I am optimistic about the year ahead given our demonstrated track record, business fundamentals and strong market position.

“My thanks to our Board and the entire IVE team for their skill and ongoing commitment throughout a year of volatility and uncertainty.”

Despite limited functionality, IVE’s digital catalogue aggregation platform, Lasoo, retains significant and loyal consumer and retailer support, as evidenced by impressive and regular site traffic.

In FY23, the Group will invest a further $3.3m after-tax primarily representing the cost of the consumer go-to-market campaign and team buildout.

On 10 August 2022, IVE announced it had entered into an implementation deed with Ovato Limited (Administrators Appointed).

IVE noted that clearance from the Australian Competition and Consumer Commission (ACCC) will be required in order for the Proposed Transaction to proceed.

FY23 outlook and guidance:

  • Underlying EBITDA of $105m excluding Lasoo
  • Underlying NPAT of $36m excluding Lasoo
  • The Company’s dividend policy remains unchanged, targeting a full year payout ratio of 65-75 per cent of underlying NPAT
  • Restructure and acquisition costs expected to be significantly less than FY22
  • Capital expenditure expected to be $14m



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