Ann: Media Release - Half-Year Results 31 December 2023, page-2

Revenues : + 6 %
EBITDA : + 19 %.

In the furniture/renovation sector.
Without any acquisition.

Once again driven by KWB (kitchen and wardrobe renovation chain) which grew its sales and EBIT by respectively 8 % (despite closing 1 showroom) and 32 % (21.7 % margin). This comes after FY 23 when KWB increased its sales and EBIT by respectively 14 % and 32 %.

We just need to keep in mind that KWB is only owned at 51 % by Joyce, when looking at the valuation ratios.
If we annualise H1 24 EBITDA (excluding minority interests), Joyce is valued with an EV/EBITDA of 3.7 x, while there is still a real potential of expansion for KWB, which has only 25 showrooms throughout Australia