Joyce Corporation Increases Stake In The Lloyd’s Group

Joyce Corporation Increases Stake In The Lloyd’s Group

Joyce Corporation Limited (ASX: JYC) produces and distributes polyurethane and polystyrene foam products. The Company’s products include foams for industrial applications and health-related applications.

The company has via the latest release on ASX disclosed that Joyce International Pty Ltd, which is a wholly owned subsidiary of Joyce Corporation Ltd, has increased its stakes in the Lloyd’s Group from the erstwhile 51% to now 56% post an internal review of the hidden potential in the Group.

Any further details regarding the same will be made available in the investor presentation, which will be released by the company in the period of February 2019.

For the financial year ended 30 June 2018, the company’s net cash from operating activities came in at $9.10 Mn, this was a growth 70% on a YoY basis. Over the four year’s period, i.e., from the year FY14 to FY18, the total revenue grew at a Compounded Annual Growth Rate of above 66% on an annual basis. In the FY 2018, the statutory revenue increased by ~22% & hence reported at $96.40 Mn for the year. The kitchen division was an absolute outperformer for the mentioned fiscal, whose revenue grew by the stellar 26% on a YoY basis. The total number of showroom sites rose to 18 locations. This increased showroom numbers along with the coat management initiatives taken led to the delivery of a 40% rise in the Earnings Before Interest & Tax (EBIT) on a YoY basis.

The highlights of the Company’s results for the financial year 2018 were:

There was a 22% increase seen in the net profit after tax, & the same came in at $3.38m. Along with this, there was a 22% increase in revenue growth from continuing operations, which was recorded at $96m. There was a 21% increase in total network sales including auction turnover and commissions to $255m. The company’s net assets per share increased to $0.93 fully diluted, and there was a steady dividend pay-out, with the directors declaring a final 6 cent dividend payable in November 2018; bringing the total full-year dividend payment fully franked to 11 cents per share.

The Consolidated Entity had its long?term debt funding facility with St George Bank approved to 31 January 2021. The bank bill facility was fully drawn at 30 June 2018, with the total reducing $434.8k per year. An annually approved multi-option facility of $900k, including $150k overdraft, was approved on 30 January 2018. The overdraft was undrawn at 30 June 2018.

Now let us quickly look at the company’s stock performance over the last few months. The stock was last traded at $ 1.50, with a market capitalization of circa $41.95 Mn as on 25 Jan. 2019. The stock has delivered a YTD return of -0.66%.  The company has posted returns of 6.01%, and -1.32% over the last six months & three months period respectively, as on 25 January 2019. It has a 52-week high price of $1.72 and a 52-week low of 1.40, with an average volume of 7,302 approximately.


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