Prosper in business together
Joyce Corporation is a fast growing ASX-listed company operating and invested in well established and consistently performing Australian businesses with strong organic growth potential.
Message from the CEO
“In 2022 our business displayed its true colours. Against a backdrop of supply chain challenges, labour constraints, COVID interruptions and rising costs, Joyce Corporation delivered increased revenue, a strong profit result and our highest ever dividend for shareholders.
It is a result I am very proud of, but one on which I am sure we can improve. That improvement can be found by focusing on strategically growing our existing businesses in the right locations and by applying a disciplined and sensible approach to evolving to operate in new, adjacent areas, which we are doing with our home staging business, Crave, launching in a pilot phase.
Our financial performance was built on $129m in revenue, a 16% increase over the previous year. Both KWB Group and Bedshed capitalised on strong demand as the trend of homeowners seeking to add value to their homes continued. EBITDA of $32.2m was also up 33% on 2021, which led to a Group NPAT of $17.6m.
The Company is in a very sound financial position. As of June 30, Joyce Corporation was debt free, with cash on hand of $31.9m, having generated an Operating Cashflow for the financial year of $25.7m (inclusive of lease payments, excluding tax payments).”
Dan Madden, CEO Joyce Corporation
Our Businesses
KWB Group’s trading brands, Kitchen Connection and Wallspan, operate a network of 26 showrooms across Queensland, NSW, and South Australia. KWB Group is a clear leader in the Kitchen & Wardrobe renovation market, delivering an exceptional consumer experience, for our customers. It is proudly the only Kitchen and Wardrobe renovation company to achieve over 3,000 Five Star reviews on Australia’s largest independent consumer review site (Productreview.com.au).
*Operating EBIT excludes $6.4M gain on Queensland investment property revaluation
Bedshed supplies quality bedding and home furnishings across Australia and is one of the industry’s most recognisable brands. This year Bedshed continued to grow its franchise network along with its e-commerce offering that supports our Company-owned and franchise stores.
Crave is Joyce Corporation’s newest brand and business offering. Launching in September 2022, into the Perth market, Crave – Irresistible home staging supports property sellers and real estate agents by transforming houses for sale into homes to love. This start up business is in-line with Joyce’s portfolio of home-focussed services and retailing.
