IVE Group reaffirms FY24 guidance and performance update

IVE Group Limited (ASX: $IGL) has reaffirmed its FY24 guidance and provided an update on its year-to-date performance. The company's Brand Activations and 3PL businesses are performing strongly, while it has also expanded its content creation offering through the recent acquisition of Elastic Group, an independent creative agency.

Executive Commentary

IVE Group's Managing Director, Matt Aitken, expressed satisfaction with the company's year-to-date performance, particularly against the challenging financial targets set at the beginning of FY24. He highlighted the completion of the Ovato integration ahead of schedule and on budget, as well as the reaffirmation of the integration synergies. Aitken also emphasized the significance of the recent acquisition of Elastic Group, which adds an important element to the company's offer, supporting clients' marketing mix both offline and online, delivering a true omni-channel value proposition. He looks forward to providing a more comprehensive update on these and other initiatives when the FY24 result is reported on Monday, August 26.

Summary

IVE Group (ASX: $IGL) has reaffirmed its FY24 guidance, expecting an improvement in year-over-year material gross margin. The company's Brand Activations and 3PL businesses are performing strongly, while it has experienced softer economic conditions impacting data-driven communication and commercial printing revenues. Despite this, commercial initiatives and ongoing operating efficiencies are anticipated to contribute to a further uplift in FY24 material gross margin and EBITDA margin relative to FY23. Additionally, the recent acquisition of Elastic Group aligns with the company's strategic growth initiatives to expand its content creation offering and create a truly omni-channel value proposition. IVE Group's Managing Director, Matt Aitken, expressed satisfaction with the company's performance and looks forward to providing a more comprehensive update when the FY24 result is reported.