Joyce Corporation Annual Report 2024

FY2024 Annual Report · Joyce Corporation

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Annual Report
2024
ABN: 80 009 116 269

Letter from the Chair
4
CEO’s Address
6
Who We Are
10
Unique Value Propositions
11
KWB Group Commentary
13
Bedshed Commentary
15
Board of Directors
16
Company Secretaries
18
Consolidated Financial Reports
44
Contents
3
Annual Report FY24
Joyce Group

On behalf of the Board, I am
pleased to report that 2024 has
been another year of solid
performance for Joyce Group,
demonstrating our commitment
to excellence and resilience in a
dynamic and challenging market.
We approached the year with
caution given the challenging
economic headwinds that prevailed
and continue to do so. Consumer
spending was slowing as household
budgets tightened in the face of
increasing interest rates and costs
of living. Our businesses witnessed
this through lower foot traffic and a
buyer shift to lower value items.
We therefore focused on cost control,
maintaining our strong balance sheet
and cash position, improving our
conversion, enhancing our market
share and being ready for strategic
opportunities should they arise. Our
business model of strong brands,
excellent customer service and low
capital intensity positioned us well for
this challenge. It has enabled us to
navigate a market characterised by
uncertainty and evolving consumer
behaviours, ultimately delivering
strong financial results, high levels of
customer satisfaction, and a healthy
dividend to our shareholders.
The Joyce Group delivered a
normalised net profit attributable
to Joyce shareholders of $8.4 million,
showcasing our continued financial
robustness. We ended the year
with a cash balance of $39.1 million,
maintaining our strong financial
foundation that ensures that we
are well-positioned to navigate
future challenges and capitalise
on emerging opportunities.
Our strong performance allowed
us to declare a final dividend of
17.5 cents per share, resulting in
a fully franked full-year dividend
of 28.5 cents per share, consisting
of an ordinary dividend of 23.0 cents
per share and a special dividend of
5.5 cents per share. We remain
committed to our policy of returning
60-80% of normalised NPAT to our
valued shareholders.
Our core businesses, KWB and
Bedshed, continued to perform well
and respond to evolving market
dynamics.
KWB, the market leader in “do
it for me” kitchen and wardrobe
renovations, maintained its strong
customer loyalty, demonstrating the
enduring power of its brand and
differentiated offering, and generated
orders above the prior year.
The business designed and installed
more than 4,000 kitchens and 2,100
wardrobes in FY24, showcasing its
commitment to delivering exceptional
customer experiences and delivering
a strong EBIT of $25.2 million.
KWB has shifted its focus back to
network growth and is strategically
positioned to capitalise on the
significant market opportunity in
Australia by leveraging its strong
brand, unique service offering, and
resilient business model. By selling
almost exclusively to the existing
home renovation market, KWB is well
insulated from the volatility of the new
home market.
The Bedshed network also
experienced softer foot traffic and
tougher trading conditions, as
consumers became increasingly
focused on value and sought out
promotions, leading to sales becoming
more concentrated on big events such
as stocktake sales and Black Friday.
Despite these challenges, Bedshed
delivered improved business written
sales and maintained strong gross
margins.
Bedshed’s combined operations
(franchisee and company-owned
stores) generated increased revenue
of $23.1 million compared to $21.3
million in FY23, although it delivered
reduced EBIT of $4.4 million ($4.9
million in FY23).
Bedshed’s commitment to continually
improve its omni-channel offering was
evident in the release of augmented
reality technology in FY24, further
bolstering our e-commerce platforms
to complement our physical stores.
Letter from the Chair
4
Annual Report FY24
Joyce Group

Bedshed remains positioned for
growth through both the recently
acquired Castle Hill and Alexandria
stores and a continued focus on
expanding the store network nationally,
where we are underrepresented
across Australia.
Our home staging start-up, Crave,
continued to operate in its pilot phase
in the Perth market. While Crave has
demonstrated a strong brand, the
business has been impacted by a
significant contraction in the Perth
housing market, leading to fewer
opportunities to showcase its home
staging capabilities. Although Crave
approached break-even EBITDA, it
remained behind initial expectations.
Given the current market conditions,
Crave will remain in pilot phase and
East Coast expansion is not currently
being considered. We will continue
to monitor Crave performance and
make disciplined decisions about
future operations.
Joyce Group has concluded the
year with a reinforced balance sheet
and an enhanced cash position and
is well-positioned for continued
success in FY25. Our focus remains
on enhancing the value of customers’
homes through our products and
services and we are confident that
our strong brands, proven business
model, and dedicated team will
enable us to drive further value
creation for our shareholders.
Both KWB and Bedshed have
a significant untapped addressable
market across Australia and our
primary focus is the pursuit of
organic footprint growth.
I express my sincere gratitude to
our employees, business partners,
and franchisees for their continued
dedication and support. Our continued
success is dependent on them.
Finally, thank you, shareholders, for
your enduring trust and support in
Joyce Group. Our commitment remains
steadfast: delivering unmatched value,
an unwavering promise of quality
and growth, and nurturing the brands
that resonate with the essence of
Australian homes. We are not only
eyeing sustainable growth but also
ensuring a consistent and rewarding
shareholder experience. Thank you
for your continued investment in
Joyce Corporation.
5
Annual Report FY24
Joyce Group

Introduction
2024 presented Joyce Group with
a challenging economic environment
characterised by high interest rates,
inflation, and cost of living pressures,
which contributed to a shift in
consumer spending towards value.
This landscape put pressure on
consumer spending and impacted
foot traffic across our retail network.
Despite this, Joyce Group delivered
a solid financial performance,
showcasing our commitment to
operational excellence and resilience.
We achieved strong results, including
record revenue, a robust profit
outcome, and a healthy dividend
for our shareholders, demonstrating
the strength and adaptability of our
business model.
We remain committed to continuous
improvement, focusing on strategic
growth within our existing ventures
and adopting a disciplined and
prudent approach to expanding into
new, adjacent markets. Our success
is a direct result of the dedication of
our valued partners, including KWB
Group, our Bedshed franchisees, and
our employees, who manage our
company-owned Bedshed stores and
uphold the Group’s strong, reputable,
and trusted brands.
Financial Highlights
The Group’s financial performance
was underpinned by steady revenue
of $145.5 million. EBITDA of $32.0
million was up 3%, delivering a Group
NPAT of $17.5 million, an increase of
7%. The reported NPAT attributable to
Joyce Shareholders was $8.9 million,
up from the $7.9 million achieved
in 2023. The normalised NPAT
attributable to Joyce Shareholders
in 2024 is $8.4 million versus the
comparative of $9.1 million in 2023
(after adjusting for the after-tax
impacts of the ramp-up of Crave
in 2023).
The Group remains debt free,
with a closing net cash balance
of $39.1 million at 30 June 2024,
compared to $46.1 million at 30
June 2023. The Operating Cashflow
for the financial year was $24.5
million (inclusive of lease payments,
excluding tax payments and interest).
KWB Group Financial Results
KWB maintained its upward growth
trajectory, achieving exceptional
results with record-breaking EBIT.
Revenue was $121.3 million compared
to $123.4 million from a reduced
network of 25 showrooms.
Whilst spending on marketing and
advertising was increased to counter
the fall in foot traffic, overall costs
were tightly controlled and similar
to those in FY23. Gross margins were
also protected, and when combined
with strong cost management,
resulted in EBIT of $25.2 million,
compared to $25.0 million in the
prior year.
KWB’s order book at the end of the
financial year stood at $37.4 million,
highlighting the continued strength
of demand for the business’s unique
product offering. After strong demand
experienced during COVID, lead
times have now normalised, bringing
orders back on track with revenue
and consistent with normal operating
conditions.
A program of renovations and
refurbishments to upgrade existing
showrooms was completed during
the year, contributing to improved
customer conversion and productivity.
While kitchen renovations are
KWB’s primary focus, the business’s
wardrobe design and installation
capability continues to expand and
is poised for further strengthening
in the coming years.
Bedshed Financial Results
The Bedshed business was resilient
in the face of a market characterised
by softer foot traffic and tougher
trading conditions as consumers
became increasingly focused on
the costs of their purchases.
The franchising business generated
revenue of $5.8 million (compared
to $5.6 million in FY23) and an
improved EBIT margin of 54%
(compared to 47% in FY23) delivering
an increased EBIT of $3.2 million
compared to $2.7 million in FY23.
Company-owned stores generated
stronger revenue of $17.3 million
(compared to $15.7 million in FY23)
and managed to maintain a strong
gross margin of 47.5% (compared
to 48.3% in FY23).
The cost base of Bedshed company-
owned store operations was higher
than FY23, driven by establishment
costs for new Sydney stores,
relocation and upgrades of existing
stores, and labour availability and
productivity. As a result, EBIT for
FY24 was $1.2 million, compared
to $2.3 million in the prior year.
CEO’s Address
6
Annual Report FY24
Joyce Group

Crave
During the financial year,
Crave generated $1.1 million
of revenue from what has become
an established network of real
estate agents.
Crave approached break-even
on an EBITDA (cashflow) basis
in FY24, although it remains behind
initial expectations due to a
contraction in the housing market,
which entered FY23 at historic
lows in terms of houses sold, and
trended lower during the year1.
For Crave, this has meant significantly
fewer opportunities to display its
home staging capabilities, and
while the operating cost base of
the business has approximated
initial forecasts, and the brand has
performed well, the profitability
of the business has been impacted
by reduced revenue.
We continue to take a disciplined
and prudent approach to the
operation of Crave. At this stage,
while current market conditions
persist, we have no near term plans
for expansion either in Western
Australia or to the East Coast.
As such, Crave will remain in pilot
status.
Outlook
Looking ahead, we are confident
in our ability to navigate the evolving
macroeconomic landscape. The
Group ended the year with a strong
balance sheet, providing us with
the flexibility to manage a volatile
environment and consider strategic
growth options where appropriate.
KWB and Bedshed continue to
demonstrate their resilience and
value to shareholders. Our business
model is based on low capital
intensity, strong cash flow, and great
brands that help our customers
maximise the value of their homes.
This foundation will continue to serve
us well as we anticipate subsiding
inflationary pressures but some
continued tightness in consumer
spending to continue.
Despite these challenges, Joyce
Group is well positioned for
continued success. We will continue
to prioritise operational efficiency,
cost management, and customer
satisfaction, while leveraging our
strong brands and agile approach
to navigate evolving market
conditions.
We are excited about the
continued expansion of our KWB
network. In July 2024, a new Kitchen
Connection store was opened
in Alexandria, recommencing our
footprint growth. A new flagship
showroom at Bundall in Gold Coast,
Queensland is scheduled for
opening later in the 2024 calendar
year, which will replace the existing
Ashmore showroom. Plans are
in place for further Sydney store
openings, demonstrating our
commitment to strategic expansion
at tier one locations in key markets.
Bedshed has a strong brand and
a highly regarded franchisee model
that continues to attract high profile
partners to the brand. With the new
Sydney company-owned stores
becoming established and their new
teams in place, Bedshed remains
positioned for growth through both
its company-owned store network
and a continued focus on expanding
the store network nationally to fill
what we see as significant gaps
in the Australian market.
In conclusion, Joyce Group has
delivered another consistent
result driven by strong operational
performance and sound financial
management. I am extremely grateful
to all of the Company’s employees
and business partners for their
contribution to our business and am
confident that by working together,
we will continue to deliver sustainable
and profitable growth for Joyce
Corporation.
1 According to CoreLogic® data, FY24 listings were down 22.6% on the FY23 comparative, which was down 32.1% on the FY22 comparative.
(Source: CoreLogic® Monthly Housing Chart Pack)
7
Annual Report FY24
Joyce Group

FY24
FY23
Variance
Variance
Joyce Corporation Consolidated Results
$’000
$’000
($)
(%)
Revenue
145,509
145,179
330
0%
Gross Profit
78,179
77,563
616
1%
Total Group Expenses
38,432
37,279
1,153
3%
Expenses (% of revenue)
26%
26%
n/a
EBITDA
31,975
31,141
834
3%
EBITDA Margin
22%
21%
n/a
Net Profit After Tax
17,531
16,377
1,154
7%
NPAT Attributable to Joyce Members
8,863
7,934
929
12%
Normalised NPAT Attributable to Joyce Members
8,442
9,129
-687
-8%
EPS – cents
31.12
28.00
3.12
11%
Normalised EPS – cents
29.64
32.14
-2.50
-8%
FY24
FY23
Variance
Variance
Joyce Corporation Consolidated Results
$’000
$’000
($)
(%)
Closing group cash
39,148
46,079
-6,931
-15%
Debt
-
-
-
-
Net cash
39,148
46,079
-6,931
-15%
8
Annual Report FY24
Joyce Group

To drive revenue growth and deliver above average returns.
Primary Objective
“With the KWB Group and Bedshed, Joyce has established brands that are
synonymous with helping Australians add value to their greatest asset
– the family home – this is the sector we are concentrating on”.
J. KIRKWOOD - CHAIR
Strategic Direction
We seek to make a meaningful positive difference to the lives of our
shareholders, partners, franchisees, employees and customers.
Our Vision
Who we are
Fast growing ASX-
listed company
operating and invested
in quality Australian
businesses
Well established
and consistently
performing businesses
and partnerships with
strong organic growth
potential
Committed to
delivering increased
earnings while
establishing a solid
platform for future
growth
10
Annual Report FY24
Joyce Group

Track record of Total
Shareholder Returns.
Shareholders
Track record of growth and
long-term mindset.
Partners
Deep sector and operational
knowledge and supportive
growth-focused approach.
Franchises
Ability to make an
impact growing national
brands in a supportive
team environment.
Quality products
and services, deep
product knowledge
and convenience.
Employees
Customers
Working together
is key to success
Unique Value Propositions
11
Annual Report FY24
Joyce Group

FY24 Business
Unit Performance

John Bourke
Managing Director – KWB Group
KWB Group’s trading brands, Kitchen Connection and Wallspan, operate a network of 26
showrooms across Queensland, NSW and South Australia, establishing the group as a clear
leader in the Kitchen & Wardrobe renovation market. KWB Group is dedicated to delivering
an exceptional consumer experience, a commitment reflected in its achievement of over
4,000 5-star customer reviews1 on Australia’s largest independent consumer review website.
I am pleased to provide an overview
of the performance of KWB for
the 2024 financial year, which has
highlighted our continued growth
and solid financial results despite
challenging trading conditions.
The past year presented a challenging
landscape for the renovation industry,
with consumers increasingly focused
on discretionary spending. However,
KWB remained resilient, demonstrating
its strong customer loyalty and the
strength of its brand. Customers
continued to invest in upgrading their
kitchens and adding value to their
homes, demonstrating the ongoing
demand for “do it for me” kitchen
and wardrobe renovations.
KWB generated $114.2 million in
orders for FY24, a slight increase
compared to $110.7 million in the
previous year. This strong order
performance was driven by improved
customer conversion rates, a direct
result of KWB’s unwavering focus
on delivering the best possible
customer experience.
While revenue reached $121.3 million,
marginally lower than FY23, KWB
achieved a comparable EBIT of $25.2
million due to improved margins driven
by effective price management and
strong cost control.
We are proud of the EBIT margin of
21%, achieved through a combination
of meticulous cost management and
protected gross margins, resulting in
a strong EBIT of $25.2 million, slightly
exceeding the FY23 result of $25.0
million.
While reduced showroom traffic
led to an increase in marketing and
advertising expenditures, overall
costs remained tightly controlled
and comparable to FY23.
KWB’s cash on hand at 30 June 2024
was $23.8 million (including customer
deposits of $11.2 million) compared
to $30.4 million at 30 June 2023
(including customer deposits of
$12.2 million). This shift reflects the
clearing of orders from FY23 in the
first half of FY24, leading to a more
steady-state order book of $37 million
as at 30 June 2024, compared to
$45 million in June 2023.
During the year, KWB successfully
transitioned to safer alternative
benchtop materials ahead of the ban
on engineered crystalline silica stone
benchtops, which became effective
on 1 July 2024. This transition was
implemented with minimal disruption
to showrooms and sales, expanding
our benchtop range to provide
customers with more options at a
range of price points. KWB remains
committed to monitoring all suppliers
to ensure they comply with relevant
health and safety standards.
Looking ahead, we are excited about
the continued expansion of our KWB
network and the recommencement
of our growth strategy. The Sydney
Metro expansion is back on track,
with costs stabilising and the
availability of skilled labour improving.
In July 2024, KWB opened a new
Kitchen Connection store in Alexandria,
Sydney, re-establishing our footprint
growth and positioning the business
for increased future orders.
Furthermore, a new flagship
showroom at Bundall in Gold Coast,
Queensland is scheduled for opening
later in the 2024 calendar year, which
will replace the existing Ashmore
showroom. Plans are also in place
for further Sydney store openings
and other tier one locations.
We are confident that KWB is well-
positioned for continued success in
the future. We will continue to focus
on delivering exceptional customer
experiences, maintaining our
commitment to quality and innovation,
and expanding our reach to new
markets.
I would like to express my sincere
gratitude to the entire KWB team
for their dedication and hard work,
which have been instrumental in
our success. We are committed
to delivering excellence and growth
for the benefit of our customers, our
employees and our stakeholders.
1 https://www.productreview.com.au/listings/kitchen-connection
KWB Group Commentary
EBIT ($000s)
FY20 – FY24 CAGR 17.5%
*Excluding income and expenses relating to sale of
investment property
EBIT
FY20
11,269
16,320
19,211*
25,320*
25,221
FY21
FY22
FY23
FY24
13
Annual Report FY24
Joyce Group

FY24 Business
Unit Performance

I am pleased to present an overview
of Bedshed’s operational performance
of the 2024 financial year. Bedshed
continues to demonstrate resilience
and strength in a challenging retail
environment marked by softer foot
traffic and tougher trading conditions.
While consumers have become
increasingly focused on value for
money, leading to volatile trading
patterns and a shift towards “shopping
for value,” our commitment to quality
and customer satisfaction has seen
Bedshed continue to grow.
The network delivered business
written sales exceeding $150 million,
representing a 6% increase on FY23.
This growth is a testament to the
unwavering loyalty of our customers
and the strength of the Bedshed
brand. While sales were concentrated
during major events like the stocktake
sales and Black Friday, demonstrating
consumer sensitivity to pricing, we
were pleased to have maintained our
gross margins throughout the year.
Combined operations, encompassing
both franchisee and company-owned
stores, generated a revenue increase
to $23.1 million compared to $21.3
million in FY23. However, EBIT for the
year stood at $4.4 million, a slight
decrease from $4.9 million in FY23.
The franchising business
demonstrated its continued strength
with a modest improvement in
revenue to $5.8 million compared to
$5.6million in FY23. The EBIT margin
improved to 54% (compared to 47%
in FY23), resulting in an increased
EBIT of $3.2 million compared to
$2.7 million in FY23. This positive
performance was underpinned
by the establishment of two new
Queensland franchises in Jindalee
and Toowoomba, bringing the total
network to 43 stores.
During the year, Bedshed strategically
acquired two franchisee stores
in Castle Hill and Alexandria, Sydney,
expanding the company-owned
store network to 6. This strategic
move strengthens our presence in
the important Sydney market and
positions us for significant future
growth.
The Castle Hill and Alexandria
stores have demonstrated improved
business written sales since
acquisition compared to prior
year results, and further growth
is expected as operational teams
become embedded and operational
efficiencies are realised.
The company-owned Joondalup
store was also upgraded and
relocated late in the financial year,
and upgrades were completed at
the Mackay store and warehouse
during the first half of the year.
Company-owned stores generated
strong revenue of $17.3 million
(compared to $15.7 million in FY23),
demonstrating a resilient performance
in a challenging trading environment.
They also managed to maintain
a strong gross margin of 47.5%
(compared to 48.3% in FY23).
The cost base of Bedshed company
store operations was higher than
FY23 due to the establishment costs
for the new Sydney stores, relocation
and upgrades of existing stores and
labour availability. As a result, EBIT
for FY24 was 1.2 million, compared
to 2.3 million in prior year. With the
initial establishment costs of the new
stores expended and measures in
place to manage labour costs, we are
confident that we will see improved
performance from the company-
owned stores network in FY25.
Strong sales from the new
Queensland franchisees continue
to demonstrate the potential for
market share gains in a competitive
environment. The ongoing success
of our franchise network reinforces
our belief that Bedshed remains
fundamentally a franchise business,
a position we expect to maintain.
The Bedshed network continues to
demonstrate resilience, with promising
prospects and new store openings
solidifying its position in the Australian
market. We remain focused on
expanding the store network nationally
where we are also underrepresented.
This, combined with our unwavering
commitment to quality, customer
service, and value, positions Bedshed
for continued growth and success in
the years to come.
I extend my sincere gratitude to
our dedicated teams and franchise
partners whose commitment and
efforts have been instrumental in
navigating the challenges of the past
year and achieving these positive
outcomes. Together, we look forward
to building upon this success and
driving Bedshed’s growth in the
dynamic market landscape ahead.
1 https://www.thefranchiseregistry.com.au/section/Home/Franchise_Search?s=bedshed
Gavin Culmsee
Managing Director – Bedshed
EBIT
3,593
5,886
4,769
4,998
4,419
EBIT ($000s)
FY20 – FY24 CAGR 4.2%
FY20
FY21
FY22
FY23
FY24
Bedshed supplies quality bedding and bedroom furnishings across Australia and is
one of the industry’s most recognisable brands. Bedshed currently operates a 43 store
network, including 37 franchise stores, all of which are supported by a sophisticated
e-commerce offering. The Bedshed brand was the first in the Homewares and Furniture
category of the Australian Franchise Rating ScaleTM to be awarded a 5-star rating1.
Bedshed Commentary
15
Annual Report FY24
Joyce Group

Board of Directors
Jeremy Kirkwood
Chair
Bachelor of Commerce ANU
Jeremy was appointed a Non-Executive Director in January 2020. He has extensive
experience in corporate strategy, investment banking and global capital markets
and provides invaluable strategic input and guidance to the Company’s board and
management team. Jeremy is a principal of Pilot Advisory Group and was previously
a Managing Director at Credit Suisse, Morgan Stanley and Austock. He has primarily
worked in public markets, undertaking merger and acquisitions and capital raisings
for companies principally in the metals and mining, energy and infrastructure
sectors. Jeremy is a Director of Talisman Mining Limited (Chair until July 2020),
Hawsons Iron Ltd (Chair from October 2023), Trustee of the Ross Trust, a Director of
Hillview Quarries Pty Ltd and a Director of Gravitas Technologies Pty Ltd.
Other current directorships
of listed entities
Talisman Mining Ltd
Hawsons Iron Ltd
Former directorships of listed
companies in last 3 years
None
Special responsibilities
Member of the Audit and
Risk Committee
Member of the Remuneration
Committee
Chair of the Nomination Committee
Member KWB Board
Interests in shares and
options held directly, indirectly,
or beneficially
147,371 ordinary shares
Other current directorships
of listed entities
None
Former directorships of listed
companies in last 3 years
Talisman Mining Ltd
(retired 4 November 2020)
Special responsibilities
Chair of the Audit and
Risk Committee
Member of the
Remuneration Committee
Member of the Nomination
Committee
Interests in shares and
options held directly, indirectly,
or beneficially
87,500 ordinary shares
Karen has over 20 years’ Chair/Non-Executive Director experience and has held
directorships across the publicly-listed, private, government and not-for-profit
sectors in Western Australia, New South Wales and Victoria. Karen is a Director of
SOSCY Pty Ltd. Karen has a finance background and was a Chartered Accountant
with Coopers and Lybrand and then worked as a senior executive with North Limited
for 13 years, in various executive roles.
Karen Gadsby
Deputy Chair
Bachelor of Commerce, FCA, MAICD
Other current directorships
of listed entities
None
Former directorships of listed
companies in last 3 years
None
Special responsibilities
Member of the Audit and Risk
Committee
Member of the Remuneration
Committee
Member of the Nomination
Committee
Interests in shares and
options held directly, indirectly,
or beneficially
11,063,654 ordinary shares
Dan is a Non-Executive Director and former Chairman of Joyce Corporation Ltd
and Bedshed Franchising Pty Ltd. He has had 50 years’ Chair/Non-Executive
Director experience and has held directorships across various sectors including
Defence Reserves Support Council – WA, Youth Focus, Western Power, WASO,
Edge Employment, IFAP, WA Federation of PCYC and Korab Resources Limited.
Dan is a visionary leader who has been deeply involved with Joyce Corporation in
executive, Chair or NED roles since 1984. Dan is a recipient of the Centenary Medal.
Daniel Smetana
Non-Executive Director, former Chair
(January 1985 to November 2018)
Diploma of Commerce, FCPA, FAIM, FAICD
16
Annual Report FY24
Joyce Group

Travis McKenzie
Non-Executive Director
Bachelor of Law, Bachelor of Commerce, GAICD
Travis has had extensive experience on private boards since 2009. These
organisations operate in multiple industries including marketing, education
and property development. This experience, particularly in the marketing and
property space, is particularly relevant to the Joyce Board. His work in derivatives
and foreign exchange trading has allowed Travis to experience business and
operating in Europe and the Americas, as well as here in Australia. This exposure
to international thinking allows Travis to bring fresh perspectives and approaches
to the Group. His early career as a lawyer adds complementary skills to the
Board and provides thought leadership for management in issue resolution.
Other current directorships
of listed entities
None
Former directorships of listed
companies in last 3 years
None
Special responsibilities
Director Bedshed Franchising
Pty Ltd
Member of the Audit and Risk
Committee
Chair of the Remuneration
Committee
Member of the Nomination
Committee
Interests in shares and
options held directly, indirectly,
or beneficially
17,785 ordinary shares
Nicholas Palmer
Non-Executive Director
Bachelor of Business, MBA
Nick is an experienced chief executive officer, director and strategic advisor with
extensive retail, consumer and financial services experience having held the roles of
Group Managing Director of Spotlight Group Holdings and CEO and Managing Director
of Radio Rentals Group. Nick also has an extensive background as a management
consultant, serving in the senior roles of Partner at Bain & Company and Principal at
The Boston Consulting Group, where he advised boards and senior executives on
matters such as corporate and business unit strategy, performance improvement and
merger integration. Nick has a proven track record of delivering strategic change,
transformation and growth across a broad range of situations and industries.
Other current directorships
of listed companies
None
Former directorships of listed
companies in last 3 years
None
Special responsibilities
Chair KWB Board (effective
1 September 2023)
Member of the Audit and Risk
Committee
Member of the Remuneration
Committee
Member of the Nomination
Committee
Interests in shares and
options held directly, indirectly,
or beneficially
20,000 ordinary shares
17
Annual Report FY24
Joyce Group

Company Secretaries
Daniel Madden
CEO and Group Company Secretary
Bachelor of Commerce, ACC, ACA,
Governance Institute of Australia
Dan was appointed as CEO of Joyce Corporation Ltd on 1 December 2020 and
has a reputation as a values driven, people oriented executive with a collaborative
approach. Dan was previously the Managing Director and CEO of Talisman Mining
Ltd, an ASX listed mineral exploration and development company with a track record
of creating shareholder value. Dan was appointed as Managing Director of Talisman
in 2016, having been Chief Financial Officer and Company Secretary since 2009.
Dan’s prior background was in finance as CFO/General Manager Finance in ASX
listed and large international organisations, including more than 17 years’ experience
in the resource sector, including Xstrata Nickel Australasia, Jubilee Mines NL and
Perilya Ltd. Dan is an Associate Member of the Institute of Chartered Accountants
of England and Wales and a member of the Governance Institute of Australia and
Australian Institute of Company Directors. He graduated from the University of
Birmingham with a degree in Commerce and Accounting.
Other current directorships
of listed entities
None
Former directorships of listed
companies in last 3 years
Talisman Mining Ltd
(resigned 4 November 2020)
Special responsibilities
Member KWB Board
Interests in shares and
options held directly, indirectly,
or beneficially
130,847 ordinary shares
409,060 performance rights
Other current directorships
of listed entities
None
Former directorships of listed
companies in last 3 years
None
Interests in shares and
options held directly, indirectly,
or beneficially
2,447 ordinary shares
185,310 performance rights
Tim was appointed as CFO and Company Secretary of Joyce on 1 April 2021.
His career spans more than 10 years across multiple industries with a focus on
finance, including roles as CFO, General Manager of Finance and in CFO Advisory
consulting. Tim is a Chartered Accountant, having qualified at BDO Audit in Perth, WA.
Tim is a member of the Australian Institute of Company Directors, a member of the
Governance Institute of Australia and has a Graduate Diploma in Applied Finance from
Kaplan. Tim brings to Joyce a diverse skill set including process automation; big data
analysis; enhancement of strategic reporting and enhancing governance standards.
Tim Allison
CFO and Group Company Secretary
Bachelor of Commerce, GAICD, CAANZ, AGIA ACG (CS)
CGP, GradDip Applied Finance
18
Annual Report FY24
Joyce Group

24
.

41
.

49
’
’
’
’
’
’
’
’
’
’

54
≤
’
’
’
’
≤
’
’
’
’

56
–
–
–
’
’
’
’

57
–
–
–
’
’
’
’

60
’
’
’
’
’
’

’
’
’
’
’

-
-
-
-
-
-

66
-
-
-
-

’
’
’
’

-
-
-

81
-
-

-
-
-
-

-
-

Prosper
in business
together.
ABN: 80 009 116 269
investors@joycegroup.com.au
joycegroup.com.au
+61 8 9445 1055
30-32 Guthrie Street
Osborne Park, WA 6017 Australia