Codan (CDA) AGM 2024 summary

Opening remarks and agenda

• Chair opened the meeting, acknowledged traditional landowners, and welcomed attendees both in-person and virtually, outlining participation and voting procedures.

• The agenda included CEO and board presentations, financial performance review, strategy update, and formal resolutions.

Financial performance review

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

• Communications segment revenues increased 19%, with a 21% growth in the order book to AUD 197 million.

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

• Net debt increased to AUD 75.4 million after acquisitions, product development, and dividend payments; banking facilities expanded to AUD 200 million.

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

Board and executive committee updates

• Board introduced, with Kathy Gramp standing for re-election and other directors' backgrounds highlighted.

• Executive remuneration structure evolving, with a new superior performance incentive proposed for FY 2025, focused on long-term, equity-based outcomes.