The region’s largest print business IVE Group posted full-year 2022 revenue of $759 million, with earnings before tax up 13% pcp to $96m and net profit after tax up 66% to $33m.
IVE Group's new Retail Display facility at Braeside, VIC
 |
"We enter FY23 with a strong balance sheet having already funded a precautionary but material increase in inventories and having repaid significant amount of debt over the past two years,” said IVE Group CEO Matt Aitken (pictured right).
“We were encouraged by the uplift in revenue during FY22, and while the macroeconomic environment remains somewhat uncertain, I am optimistic about the year ahead given our demonstrated track record, business fundamentals and strong market position.”
Earlier this month, IVE Group launched a bid to acquire its troubled competitor Ovato, which last month went into administration. The proposed deal needs ACCC clearance.
The FY22 revenue result is slightly better than IVE Group flagged in June.
