Accent Group (AX1) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional custodians, a welcome to attendees, confirmation of quorum, and outline of hybrid meeting procedures and agenda, including reports and trading update.

• Voting conducted by poll for all resolutions except the first item, with clear instructions for both in-person and virtual participants.

Financial performance review

• FY 2024 total sales reached AUD 1.61 billion, with owned sales at AUD 1.43 billion, up 3% year-on-year; net profit after tax was AUD 59.5 million, down 32.9%.

• Gross margin improved by 58 basis points to 55.8%, with gross profit at AUD 800.1 million.

• EBITDA declined by 1.5% to AUD 293.7 million; EBIT was AUD 110.4 million, down 20.5%.

• Retail sales grew 6.3% to AUD 1.27 billion, while wholesale sales dropped 16.9% to AUD 164 million.

• Trading update for first 20 weeks of FY 2025: group-owned sales up 6.8%, like-for-like sales up 3.5%, but gross margin down 0.7%.

Board and executive committee updates

• Resignations of Brett Blundy and Tim Dodd from the board, and Alethea Lee as General Counsel and Co-Company Secretary.

• Appointment of Dave Forsey from Frasers Group to the board, effective after the AGM.

• Board members include David Gordon (Chairman), Daniel Agostinelli (Group CEO), Michael Hapgood, Donna Player, Lawrence Myers, and Anne Loveridge AM.

• Matthew Durbin (Group CFOO & Joint Company Secretary) and Nikki Nuttall (Group General Counsel & Joint Company Secretary) were present.