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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
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Message from
the CEO

Joyce Group has delivered improved operational and financial performance for the 2023 Financial Year (FY23),

“The Group’s core businesses, KWB and Bedshed maintained their position in the market as reliable, quality suppliers of kitchens, wardrobes, mattresses and bedroom furniture, which translated into improved year-on-year financial performance.

Successive interest rate rises are impacting household discretionary spending, despite this, the Group’s overall performance throughout the year has been very satisfying.

Both KWB and Bedshed delivered increased revenue. KWB achieved a milestone, recording its highest-ever revenue and profit. These solid results were achieved against a backdrop of inflationary pressures and a fall in discretionary spend toward the second half of the year.

As a result, our FY23 Financial performance includes $144.7m in revenue, an increase of 12% over the prior corresponding period (pcp). Group EBITDA of $32.6m lead to a Group NPAT of $9.1m.

Joyce’s pilot home staging business, Crave, continued its early-stage development, building its brand position and growing volumes following the soft launch in September 2022.

With capital-light, cash flow, positive businesses and a strong balance sheet, Joyce Group has a solid platform to remain resilient through tougher market conditions and to continue to deliver both consistent earnings and future growth.

We have a strong, loyal team and great brands, an attractive offer to Australian consumers and a healthy balance sheet to take us forward into 2024.”

Dan Madden, CEO Joyce Corporation (Joyce Group)

*Results shown are normalised to adjust for significant one-off income and expenditure in the period – See ASX Announcement “Media Release Financial Year Results 2023

Group revenue
$144.7 M
NPAT ATTRIBUTABLE TO JYC SHAREHOLDERS*
$17.7 M
GROUP NET CASH IN
THE BUSINESS
$46.1 M
EARNINGS PER SHARE*
32.1 Cents

FINANCIAL YEAR 2023

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.

Revenue
FY23
$123.4 M
Operating EBIT*
FY23
$25.3 M

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.

Revenue FY23
$21.3 M
EBIT FY23
$5.0 M

Crave is Joyce Corporation’s newest brand and business offering. Launching in September 2022, as a pilot business 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.