Alcidion Group (ALC) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional custodians and confirmation of quorum for a virtual AGM, enabling live participation, questions, and voting.

• Board members and executive team were introduced; Simon Chamberlain retired at the conclusion of the AGM.

• Meeting agenda included chair address, executive presentations, formal business, and Q&A.

Financial performance review

• FY2024 revenue was AUD 37.1 million, down 8% year-on-year, with annual recurring revenue increasing by AUD 1.5 million (6%) to $26.2 million, representing 71% of total revenue.

• Cost base was restructured in Q3, reducing operating expenses by AUD 3.7 million (19%) in H2, with $6.4 million in annualised savings.

• H2 EBITDA loss improved to $0.6 million, a $2.2 million improvement over H1; targeting EBITDA positive in FY2025.

• Cash balance of $11.8 million and no debt as of 30 June 2024.

• As of August 2024, AUD 28 million in contracted and renewal revenue is expected for FY2025, excluding the pending North Cumbria contract.

Board and executive committee updates

• Simon Chamberlain retired from the board after five years; Will Smart was welcomed and stood for election, bringing significant digital health experience.

• Board members highlighted their backgrounds and commitment to governance, risk management, and strategic growth.