JYC

[galumay]

Joyce Corporation has come into my area of interest recently, thinking about taking a position. My initial thoughts are in the decision journal,

H1 19, a solid H1, growth a litttle slower than i expected, but the core business is strong and resiliant.

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Why will this business be around in 10 years? -Because people will still want new kitchens and bathrooms. Lindy effect - been around for 130 years

[galumay]

FY2020 Solid result for JYC, divested the auction business and built the balance sheet.

[galumay]

H1 2021, fantastic result, driven by JK & JS spending no doubt, but still very impressive numbers. Expect it to flatten off for H2. Great to see they did the right thing & returned JK payments.

[galumay]

H1 2022, a reasonable half especially once adjusted for JK in PRP. Revenue up slightly, NPAT also up once Jobkeeper backed out for PCP.

[galumay]

An outstanding year for $JYC, somehow they seem to have fared better than many other businesses this year in terms of margins.

[galumay]

Another pretty good result for JYC H1 2023, something a bit funny with the earnings but I think thats a function of the sale of the KWB property and the 51% ownership.