Duratec (DUR) AGM 2024 summary

Opening remarks and agenda

• The meeting opened with a tribute to Krista Bates, a valued board member who recently passed away, and an acknowledgment of the Noongar people as traditional custodians of the land.

• The AGM was held virtually, with all directors, key executives, and the auditor present, and a quorum confirmed.

• The agenda included a business performance recap, formal resolutions, and an operational update.

Financial performance review

• FY24 revenue reached AUD 555.8 million, a record high, with normalized EBITDA up 22.6% to AUD 47.6 million.

• All business groups contributed to growth, supported by a diversified portfolio across defense, mining, energy, and infrastructure.

• Net cash at year-end was AUD 65.2 million, supporting growth objectives and consistent dividend payments.

• Earnings per share rose 9.5% to AUD 0.0866, and AUD 10 million in dividends were paid in FY24.

• The order book remains strong, with over AUD 400 million of work on hand entering FY25.

Board and executive committee updates

• Chris Oates was appointed Managing Director in December 2023, leading a strategic review and organizational restructure.

• The board discussed succession planning and the positive transition between executive roles.

• The board is considering director shareholding requirements and future board appointments to enhance governance.