IVE Group has released its full-year financial results with revenue growing to $969.9 million, up 0.3 per cent. Meanwhile, its post-tax net profit jumped to $43 million, up 8.4 per cent.
The result was consistent with guidance and underpinned by margin expansion and a strong rebound in cash flow. Significant milestones for IVE Group included the successful completion of the Ovato integration, entry into the folded carton packaging sector with the acquisition of JacPak and expansion of the Group’s creative and content offering with the acquisition of Elastic.
The Group’s e-Commerce marketplace, Lasoo, achieved strong growth across all key financial metrics with ongoing investment expected to drive significantly increased scale.
“Given an increasingly difficult economic landscape, I am very pleased with the FY24 result which was consistent with the targets we set at the beginning of FY24. In addition to completing the Ovato acquisition ahead of schedule and reaffirming the integration synergies, we completed the acquisition of JacPak which is performing in accordance with expectations with cost and revenue synergy expectations unchanged. Lasoo’s continued strong outperformance of its original business case is particularly encouraging and warrants ongoing investment that is expected to deliver a material increase in platform scale and value,” said IVE Group’s managing director, Matt Aitken.
IVE’s acquisition of Melbourne-based folding carton player, JacPak should allow the Group to leverage the operational footprint of its Sydney commercial printing operation (via the addition of new finishing equipment) to support significantly increased packaging revenues.
It also recently acquired Elastic Group, an independent creative agency that specialises in video content creation and visual communications. Elastic’s Sydney and Melbourne operations have been relocated and integrated into IVE’s business. Elastic brings an impressive portfolio of customers across automotive, pharmaceutical, government, sports & entertainment, food & beverage, finance and property.
