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Joyce Corp Limited (ASX:JYC)

Meeting with Anthony Mankarios (Managing Director).
JYC continues to see good growth across its three business units: online auctions, kitchen renovations and its Bed Shed franchise business.
Management continues to see a particularly significant opportunity in the online auction market, where Lloyds currently has market leadership positions in a number of categories including classic cars, fine arts and portable buildings. Key recent developments in the online auction business include:
Recently undertaking an online auction of 90 new and used boats. Lloyds sees the boat transaction market as a new opportunity with significant potential to consolidate and capture market share in what is currently a very unstructured market.

• Securing a multi-million agreement to sell major branded electronic equipment.
• Lloyds is also seeing significant opportunity within the yellow equipment segment (graders/diggers/ dump trucks) as roading, infrastructure and mining contracts come to an end and contractors start to offload used equipment.
• Lloyds recently purchased the Macquarie Auction group which adds another 3 sites in Bathurst, Dubbo and Orange and an expected $5m of additional auction revenue. One of the key reasons for the purchase of this regional NSW operation was to capitalise on the large infrastructure, roading and mining activity in that area. Lloyds now offer online auctions from a total of 11 sites nationally.

Lloyds is expecting a strong second half after H1 profitability was impacted by significant one-off spending on TV advertising campaign and other marketing efforts to generate revenue opportunities. Lloyds are also expecting to receive a license to sell vehicles in Victoria this half (approval expected in April), which will enable its new Essendon, Melbourne site to be more efficiently utilized.
Each of JYC’s business units are growing revenues strongly and each has their own strategic plan to expand their footprint nationally.
KWB Group has opened 3 new stores in 1H18, which will contribute to earnings in 2H18. KWB continue to rollout improvements funded by suppliers’ contributions.
Bedshed is expected to have one new franchisee open a store in H2 and 5 new franchised stores planned for FY19.