• Revenue up 0.4% to $507.8m
• EBITDA up 12.6% to $74.1m
• NPAT more than doubled to $27.1m
• Fully franked interim dividend of 9.5¢ps, unchanged from pcp

IVE Group Limited has announced its financial results for the six months to 31 December 2024. The Group delivered a strong first half performance with revenue, EBITDA and margins up again on a record prior corresponding period (pcp). IFRS NPAT more than doubled to $27.1m from $13.0m pcp, reflecting the strong uplift in underlying profitability coupled with a significant reduction in non-operating items. Key underlying financial performance indicators for the half include revenue of $507.8m (up 0.4% from $506.0m pcp), material gross profit margin of 48.5% (up from 46.2% pcp), EBITDA of $74.1m (up 12.6% from $65.8m pcp), and NPAT of $29.3m (up 29.1% from $22.7m pcp). The Group also reported that Ovato and JacPak cost synergies have been fully realised, and that JacPak's $15m of available revenue capacity has now been committed. Operating cash conversion to EBITDA improved to 92.0% from 84.0% pcp, and net debt decreased to $121.4m from $131.0m at 30 June 2024.

The Group has revised its FY25 underlying NPAT guidance range to $47m-$50m (from $45m-$50m previously). Capital expenditure is now expected to be around $32m, including $18m relating to the packaging capacity build-out. The annual dividend is expected to be held steady at 18.0¢ps for the foreseeable future.

Reflecting a strong start to the year and sound new business prospects, the Group has revised its FY25 underlying NPAT guidance range upwards. The Board and management view IGL's share price as offering significant value at current levels and has initiated an on-market share buyback of up to $10m.