Vita Group Limited (ASX: VTG) - Vita Group Rises on FY18 results that are within guidance

  • Aug 17, 2018 AEST
  • Team Kalkine
Vita Group Limited (ASX: VTG) - Vita Group Rises on FY18 results that are within guidance

Australian retailer, Vita Group today announced actual well within guidance results for past one year ending 30 June 2018. The group delivered 3% increase on revenue from continuing operation to $684.5 million during the year. Despite challenging industry conditions emerging from shift in consumer preferences and increasing online competition, Vita Group achieved earnings before interest tax, depreciation and amortisation (EBITDA) of $41.0 million, strikingly down by 37% on FY17 but well within guidance of the company. This decline of $24 million reflects remuneration reduction and adverse product mix, however, ICT channel of the business bagged higher revenue driven by strong device sales in second half of FY18. Net profit after tax was $22.0 million, down 44%, while there has been four percent cut in operating expenses. EPS stood at 14.13 cents, representing considerable decline of 45.46% on FY17 EPS.

The group delivered slow pace growth than its retail peers with operating cash flows of $36.6 million and cash balance of $31.6 million at 30 June 2018, which is in excess of total borrowings, providing flexibility for investment in growth opportunity ahead. Expert consulting group operating through networks of brands invested $26.8 million in acquisitions, refits and technology across both the Information and Communication Technology (ICT) and Non-Invasive Medical Aesthetics (NIMA) business. Vita’s physical portfolio, as at 30 June 2018, included 105 Telstra Licensed Stores, 23 Telstra Business Centres, one Fone Zone store, one SQDAthletica store, six Clear Complexions clinics procured in November 2017 and one newly acquired Artisan Cosmetic & Rejuvenation clinic.

In line with the strategy to establish a national network of aesthetics clinics, the group is expected to launch new customer-facing brand in early FY19. The Board declared a fully-franked final dividend of 4.4 cents per share, resulting in a fully-franked full year dividend of 9.1 cents per share, 45% down on FY17. The final dividend is payable in September 2018 to shareholders on record as at 14 September 2018.

VTG share price jumped up on ASX by 7.62% to $1.13, as at August 17, 2018, before market close.

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