FINEOS (FCL) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum and agenda overview, focusing on financial performance, operational progress, and strategic direction.

• Board members, company secretaries, CFO, head of investor relations, auditors, and legal counsel were present.

• Meeting covered a six-month period to 31 December 2023, aligning the financial year with the calendar year.

• Chairman Anne O'Driscoll and CEO Michael Kelly led the AGM on 4th September 2024.

Financial performance review

• Subscription revenue reached €34.5m in 1H24, up 6.1% year-on-year, now 53.5% of total revenue.

• Gross profit for 1H24 was €47.4m with a margin of 73.6%, up from 70.1% in the prior period.

• ARR increased to €68.7m at 30 June 2024, up 5.2% from December 2023.

• EBITDA margin improved to 11.3% in 1H24, up from 7.2% in the prior period.

• Cash balance increased to €34.2m at 30 June 2024, with free cash flow rising to €5.1m.

Board and executive committee updates

• Board members and committee chairs introduced, with specific roles in remuneration, nominations, and audit/risk.

• Anne O'Driscoll stood for re-election as director, with Bill Mullaney chairing that section.

• CEO Michael Kelly reaffirmed the company's mission to be the global leader in group, voluntary, and absence management.