Big River Industries (BRI) AGM 2024 summary

Board and executive committee updates

• John Lorente (CEO & Managing Director), John O'Connor (CFO), and Damien O'Loughlin (EGM - Business Transformation & Technology) lead the executive team, with recent appointments in 2023 and 2024.

• Stephanie Basset (Head of People & Culture), Ray Ferretti (EGM - Construction), Scott Barclay (EGM Panels), and Gareth Watson (EGM - Supply Chain) round out the leadership.

Financial performance review

• FY24 revenue was $414.7m, down 7.7% from FY23, mainly due to a soft residential market.

• EBITDA fell 36% to $32.6m, with a margin of 7.9%, reflecting lower revenue and margin pressure.

• Operating expenses rose 4.1%, but strong cost management was noted amid inflation.

• Cash conversion remained high at 98.2% for FY24.

• Over five years, EPS grew at a 6.1% CAGR, revenue at 10.7% CAGR, and EBITDA at 13.5% CAGR.

Strategic initiatives and plans

• Focus on safety, talent development, and upskilling to deliver industry-leading expertise.

• Growth targeted above the addressable market, with continued M&A and expansion in panels and construction.

• Operational efficiencies pursued through IT harmonisation, SKU rationalisation, and process improvements.

• Strategic rebrand to unify all business units under "Big River" over FY25 & FY26, aiming for synergy and a cohesive identity.

• Long-term ambitions include sustainable revenue growth, improved gross margins, 10% average EBITDA margin, and a strong balance sheet.