Newly-listed print and marketing group IVE has posted a strong first-half result with earnings up 30.7% on the previous corresponding period to $22.2 million, on a pro forma basis. Revenue rose 13.9 per cent to $196.1 million.
“It’s a very strong result that’s in line with our prospectus forecast for 2016 and it’s very pleasing for us to be able to go back to our investors with these numbers,” said Darren Dunkley, CFO, IVE Group.
IVE – formerly Blue Star – launched on the Australian Stock Exchange just over two months ago on 16 December after postponing an earlier attempt in June 2015.
Dunkley said the pro forma results provided a more accurate reflection of the company’s result than the statutory figures, which included $13 million or $14 million in one-off costs from the ASX listing.
“We have a strong balance sheet and it places us in a very good position moving forward as we continue to grow organically and to actively explore opportunities through acquisitions,” he said.
Major acquisitions in the first-half period included Oxygen8 and the Pareto Group. IVE also successfully integrated acquisitions undertaken in H2 FY2015 of The POS Collective, VaVaVoom and Task2.
New business added $18.7 million to total revenue, with highlights including: a letter of intent to supply Westpac with graphic design and print management services; managed solutions contracts with Vodafone Australia and McDonalds Australia in the IVEO division; and the successful rolling out of key contracts with Tabcorp, American Express, QBE Insurance, Flight Centre, Travelcorp and others.