Joyce Corporation returns record $13m profit, boosts dividend
Joyce Corporation (ASX:JYC or “Joyce”) is pleased to report its results for the Financial Year Ending
30 June 2021.
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Highlights
• Group Revenue of $111.2m up 30% compared to prior year
• EBITDA of $24.3m increased by 46% on Financial Year 2020
• Record Group Net Profit After Tax of $13m
• Net Profit After Tax attributable to Joyce shareholders a record $7.6m compared to a loss
of $1.1m in the prior year
• Earnings per share1
increased by 71% from prior year to $0.27 per share
• Year End dividend of 10 cents per share, fully franked, resulting in record full year franked
dividend of 17 cents per share
• Debt Free as at 30 June 2021 with Group Cash of $19.9m
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Joyce CEO Dan Madden said that a combination of strong operational performance and successful
execution of the Company’s expansion strategy had enabled Joyce to capitalise on robust market
conditions, resulting in record revenue and profits for the 2021 financial year.
“Our business has been particularly resilient to the COVID-19 pandemic. Both KWB Group and
Bedshed have benefited from a lift in Australian consumer spending as Australians, unable to travel,
elected to spend an increased proportion of their disposable income on their homes, but this only tells
part of the story,” Mr Madden said.
“With an overriding focus on organic growth, we have been able to continue expanding KWB and
Bedshed into New South Wales. The KWB Group expansion in NSW has been hugely successful with
four stores opening during the year, giving KWB a footprint that extends across Queensland, South
Australia and New South Wales. KWB has great organic growth potential in untapped locations
including in Victoria and Western Australia and a ‘capital light’ business model with strong margins and
excellent cash flow, establishing it as a core asset for Joyce Corporation.
“When coupled with strategic decisions, such as keeping Bedshed’s supply chains active during the
early stages of the pandemic, and developing Bedshed’s e-commerce platform, we have gained market
share with both of our Group’s businesses, and Joyce has emerged stronger as a result.
courtesy of Bell Direct
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DYOR
i hold JYC ( free-carried )
that 36c a share i paid in January 2013 is looking like a good bet now
( but would be surprised if the 10c divs can continue for long )
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