Marketing, communications and printing group IVE is confident of emerging from COVID-19 in a strong market position.
In the year to June, the company posted an underlying net profit after tax from continuing operations of $32.6 million, down 8% from 2019.
Underlying EBITDA (earnings before interest, tax, depreciation and amortisation) was $76.6 million, down 6.6%.
Revenue in 2020 fell 4% to $691.54 million in a period of " unprecedented volatility and uncertainty" from the global pandemic.
“IVE entered the COVID-19 crisis in a position of strength, with the company responding very well on all fronts," says CEO Matt Aitken.
"The company remains well capitalised, highly liquid, and confident that we are ideally placed to maintain our strong market position as we emerge from this period of uncertainty and disruption.”
IVE has been getting the federal government's JobKeeper subsidy -- $15.1 million to the end of June -- but doesn't expect to qualify after September.
The company decided against a final dividend. In March the company withdrew the half year interim dividend of 8.6 cents a share.
IVE expects 2021 underlying EBITDA to be consistent with 2020.
The numbers for the year to June:
IVE's revenue by sector:
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