IVE praises strong year

IVE praises strong year
Blue Star parent commends profitable year and looks to growth at AGM, with more acquisitions likely.

Diversified print group IVE has congratulated itself on a strong year after it held its Annual General Meeting (AGM) which discussed the printer’s first public results since listing on the ASX.

During the meeting IVE managing director Warwick Hay told investors the group’s disciplined acquisition path and major contract wins were key in shaping a profitable first year after its IPO. Pro-forma revenue jumped by 13.2 per cent to $382m over last year’s $337.4m.

“The period saw the successful integration of four acquisitions into existing businesses building on their strong operational foot print and market position. Oxygen8, Laser Computer Services, Fineline and Frost Promotions,” says Hay.

“Strong new business performance across a broad cross section of customers also built a solid half year result. Major new contracts wins of note were Westpac, Vodafone Australia and McDonald’s Australia managed solution contracts in our IVEO division., and we successfully rolled over a number of key contracts across the Group including Tabcorp. American Express, TAL, Foxtel, RACV, Bupa, QBE Insurance, AMP, Beyond Blue, Bauer Media, Next Media.”

Hay says IVE will persist with a number of potential complementary and strategic acquisitions in the next financial year.

IVE also gave investors an update on its status of its 2017 financial position, stating contract wins for L’Oreal and BP for IVEO and Coca-Cola and Nestle for Blue Star are set to bolster upcoming results.

The company says its 2016 investments totalling $13.2m, including modern sheetfed kit for Blue Star Print, its new manroland heatset press for the Web division and another investment in automated finishing equipment in Display will realise major synergies and financial success in next year.

“It has been a seminal year for the business as we successfully transitioned from private to public ownership, delivering a financial result with all performance metrics above our prospectus forecasts and well up on the previous year,” says IVE executive chairman Geoff Selig.

“I am particularly proud of the product and service offering IVE takes to market and the reputation we have for operating a values-based business. We are most fortunate to have supportive customers and supply partners that we have worked with over many years.”

The AGM also saw the reappointment of directors Gavin Bell, Sandra Hook and Andrew Harrison to the IVE Board.

Source:

Copyright © 2017 Haymarket Media. All rights reserved. This material may not be published, broadcast, rewritten or redistributed in any form without prior authorisation.
Your use of this website constitutes acceptance of Haymarket Media's Privacy Policy and Terms & Conditions.