First Impression: Invocare-IVC-Interim result

Bell Potter

Net operating cash flow down 10.7% to $22.5m. Segment Result: Australia revenue was up 3.7%, EBITDA margin lat. | NZ revenue was down -6%, but EBITDA margin improved 265 bps y/y on tight payroll and marketing cost management. | Singapore sales rose 2.7% y/y while EBITDA margin decreased by 136 bps y/y on low case volumes. | The US business continues to be loss making (-US$1.4m EBITDA in 1H16); IVC is aiming to reduce the EBITDA loss to -US$1m in 2H16.


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