Austal (ASB) AGM 2024 summary

Opening remarks and agenda

• Founder John Rothwell and CEO Paddy Gregg welcomed attendees, reflecting on company history and setting the context for the FY2024 AGM, which marked a leadership transition and a renewed focus on execution and growth.

• Richard Spencer outlined meeting formalities, including webcast participation and voting procedures.

Board and executive committee updates

• Richard Spencer, former US Secretary of the Navy, succeeded John Rothwell as chair, with board members Sarah Adam-Gedge, Chris Indermaur (retiring), Lee Goddard, Kath Toohey, Brent Cubis, and CEO Paddy Gregg introduced.

• Chris Indermaur was thanked for six years of service as he steps down.

Financial performance review

• FY24 EBIT improved from a $4.8m loss in FY23 to a $56.5m profit, with NPAT rising to $14.9m and EBITDA at $123.7m.

• Revenue for FY24 was $1,469m, down 7.3% from FY23, but the order book reached $12.7bn, up $1.1bn from last year.

• Cash position strengthened to $396m, aided by a front-end loaded contract for a submarine module facility, though impacted by capex and investment in growth.

• No dividend declared for FY24 to preserve cash for capex, penalties, and contract obligations.

• FY25 EBIT guidance set at $80m, reflecting continued growth.