Just Life Group Ltd - Preliminary Half-Yearly Result

Just Life Group (JLG) today reported their financial results for the six months to 31 December 2022, with Group revenue of $18.8 million (6% higher than the prior comparable period).

However, due to a decrease in government grants and an increase in operating expenditure, earnings before income tax, depreciation and amortisation decreased by 5%.

Interest expense had a significant effect on earnings, with a 67% increase in total interest, resulting in a 27% fall in earnings from $1.6 million to $1.1 million.

Shareholder equity increased from $26.8 million at 31 December 2021 to $27.5 million at 31 December 2022, and net debt reduced from $20.3 million at 31 December 2021 to $15.4 million at 31 December 2022, primarily as a result of the sale of 103 Hugo Johnston Drive for $7.7 million.

The Board decided to take a cautious approach and reduced the interim dividend to 0.5 cents per share (2021: 1 cent per share).

Management are focused on improving gross margin, reducing inventory, cash flow management and reducing operating expenses.