Vita Group reports record revenues

Written on the 23 August 2019 by Business News Australia

Vita Group reports record revenues

The latest financial year has been kind to Vita Group, with the company posting record revenues of $753.7 million, up ten per cent on FY18.

Earnings were $45.8 million, up 12 per cent, and net profit after tax grew by ten per cent to $24.3 million.

Vita Group says the results reflect continued momentum in the group's ICT division. This was partially offset by a net investment in the group's skin-health and wellness (SHAW) division, including the establishment of the Artisan Aesthetic Clinics brand.

The board declared a fully franked dividend of 4.0 cents per share, resulting in a full-year dividend of 9.2 cents per share.

Breaking down the group's results by division, the ICT division delivered record revenues in FY19 of $739.3 million, a nine per cent increase on FY18.

Revenues grew 17 per cent in the Retail ICT channel, whilst Business ICT revenues reduced 42 per cent following structural changes.

Looking forward, Vita says performance in the ICT division will continue to be underpinned by a long-standing successful partnership with Telstra.

The company's SHAW division is described as "a significant opportunity for value creation in the future" by Vita. The company plans to expand the clinic network to at least 25 clinics by the end of FY20, through acquisitions and greenfield development.

Shares in Vita Group are down 3.23 per cent to $1.20 per share at 11.15am AEST.

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