• Steady operating performance despite challenging trading conditions
• KWB Group and Bedshed demonstrate resilience amid softer consumer demand
• Interim dividend of 10.5 cents per share, 78% of normalised NPAT

Joyce Corporation Ltd (ASX: JYC) has reported its financial results for the first half of FY25. The Group recorded revenue of $73.4 million, up 0.5% from the prior corresponding period (pcp). Normalised Group EBIT was $12.2 million, down 8.0% from the pcp, with normalised EBIT margin of 16.6% compared to 18.2% in the prior year. Normalised NPAT attributable to JYC shareholders was $4.0 million, down 16.1% from the pcp. The company will pay a fully franked interim dividend of 10.5 cents per share, representing 78% of normalised NPAT. The KWB Group (Kitchen Connection and Wallspan) continued to be the market leader in 'do it for me' kitchen and wardrobe renovations, with strong order performance despite reduced foot traffic. The Bedshed network of 43 stores delivered business written sales in excess of $80.0 million, a 6% increase on pcp. The company's Crave Home Staging pilot was closed after underperforming expectations, resulting in a non-cash asset write-down of $0.6 million. Joyce ended the half with a strong balance sheet and net cash position of $31.8 million.

Joyce Corporation expects the KWB Group and Bedshed businesses to continue their resilient performance in the second half of FY25, supported by strong order books and improving operational metrics.

The company remains focused on organic growth opportunities, with further network expansion planned for both the KWB Group and Bedshed businesses. Joyce will also continue to evaluate non-organic growth opportunities that align with its existing portfolio and can maximize shareholder value.