Alliance Aviation Services (AQZ) AGM 2024 summary

Opening remarks and agenda

• Chairman welcomed attendees, outlined housekeeping, and confirmed quorum for the thirteenth AGM.

• Agenda included addresses from the chairman, managing director, and CEO, followed by formal business and resolutions.

Financial performance review

• Achieved record revenue of AUD 646.8 million and statutory profit before tax of AUD 86.3 million, a 65% increase year-on-year.

• Net cash inflows from operations rose 167% to AUD 109.3 million; capital expenditure reached AUD 226.9 million.

• Debt increased by AUD 101.8 million to fund aircraft acquisitions; 14 E190 aircraft settled in FY24.

• Record 104,544 total flight hours, 73,116 lease hours, 72 aircraft in service, and 1,413 employees.

Board and executive committee updates

• Two long-serving directors, David Crombie and Peter Housden, retired; shareholder approval sought for new directors James Jackson and Mark Stanton.

• CEO and CFO roles transitioned to Stuart Tully and Andrew Evans, respectively.

• Board renewal process used external firm and gap analysis to select new directors.