Codan (CDA) AGM 2024 summary

Opening remarks and agenda

• Chair opened the meeting, acknowledged traditional landowners, and welcomed attendees both in-person and online.

• Explained hybrid meeting format, voting procedures, and Q&A opportunities for both physical and virtual participants.

• Outlined agenda: CEO presentation on strategy, acquisitions, financial performance, and outlook before formal resolutions.

Financial performance review

• FY 2024 group revenues rose 21% to AUD 550 million, EBIT up 29%, and net profit after tax up 24% to AUD 81 million.

• Communications segment revenues increased 19%, order book up 21% to AUD 197 million.

• Metal detection (Minelab) revenues up 25%, with contribution margins improving from 32% to 35%.

• Fully franked dividend of AUD 0.225 per share paid, up 22% from FY 2023.

• Net debt increased to AUD 75.4 million after acquisitions, product development, and dividend payments.

Board and executive committee updates

• Chair introduced board members, noting Kathy Gramp's re-election and recent appointments of Sarah Adam-Gedge and Heith MacKay-Cruise.

• Executive remuneration structure evolving, with new superior performance incentive for CEO and key executives, subject to shareholder approval.

• CEO Alf Ianniello holds 41,000 shares, all acquired since appointment.