Joyce Corp reports small profit rise

Bedding franchiser Joyce Corporation Ltd has reported a small increase in net profit after tax to $1.428 million, and outlined plans for further growth of its retail operations.

The net profit was up slighty from $1.408 million previously.

The company said its operating profit was up 54 per cent, but this was largely offset by a smaller increase in property revaluations.

Its franchising business, which has 39 bedding stores across Australia, achieved like-for-like sales growth of 15 per cent.

The company built two retail stores, acquired a third store from a franchise holder, and plans to open a further four company owned stores in the current half year.

It announced an unfranked dividend of three cents per share.