IVE approaches $1 billion in revenue after solid results in fiscal year 2024

IVE Group has reported business growth after releasing financial results for the full year ending June 30, 2024, with revenue approaching the $1 billion mark.

According to Matt Aitken, CEO of IVE, the result was in line with forecasts and was underpinned by an improvement in margins and a strong recovery in cash flow.

Revenue of $969.9 million was up 0.3 percent from the previous year, while EBITDA of $127.8 million was up 7.5 percent from the previous year’s $119 million.

Key milestones during the year included the successful completion of the Ovato integration, entry into the folding carton packaging sector through the acquisition of JacPak and expansion of the Group’s creative and content offering through the acquisition of Elastic. The Group’s e-commerce marketplace, Lasoo, delivered strong growth across all key financial metrics, with ongoing investments expected to result in significant scale.

Non-operating items totaled $23 million, including $13.1 million to complete the Ovato integration, $5.8 million of operating loss in line with guidance for the new Lasoo business and $2 million of acquisition costs for the JacPak acquisitions.

“Given an increasingly difficult economic environment, I am very pleased with the results for fiscal year 2024. It is in line with the objectives we set at the beginning of fiscal year 2024,” said Aitken.

“In addition to the early completion of the Ovato acquisition and confirmation of integration synergies, we also completed the acquisition of JacPak, which is performing in line with expectations and whose cost and revenue synergy expectations remain unchanged. Lasoo’s continued strong outperformance of its original business model is particularly encouraging and justifies ongoing investments that are expected to result in significant increases in platform size and value.”

“Despite macroeconomic headwinds, trading has started strongly in fiscal 2025. I would like to thank all of our 2,000 employees for their contributions, which led to a solid result in fiscal 2024 and met all of the key guidance presented to the market during the year.”

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