Freightways Group (FRW) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed shareholders, directors, and online participants, outlined meeting structure, and confirmed quorum for formal business.

• Introduced board members standing for re-election and key executives present, including CEO, CFO, and General Counsel.

• Provided instructions for participation, voting, and Q&A, including online procedures and poll-based voting.

• Housekeeping matters addressed, including emergency procedures and meeting recording.

Financial performance review

• FY24 revenue grew 8% to NZD 1.2 billion, with 35% from Australia; EBITA up 2.5% to NZD 149 million, NPAT down 5.8% to NZD 70.9 million due to higher labor and interest costs.

• Labor costs rose over 9% in FY24 but stabilized by year-end; investments in sortation, medical waste, and 3PL facilities impacted short-term profit.

• Q1 FY25 unaudited: revenue up 7.2%, EBITDA up 11%, EBITA up 8.5%, NPAT up 4.1%, with margin improvements despite subdued NZ economy.

• Express Package & Business Mail revenue up 9.7% in FY24; Information Management revenue stable, Med-X VIC plant contributed positively.

• Margin expansion achieved through efficiency, pricing, and market share gains despite flat item count.

Board and executive committee updates

• Mark Rushworth retired after nine years, recognized for contributions to company growth.

• Directors Mark Cairns, Abby Foote, and Fiona Oliver stood for re-election, each addressing their qualifications and commitment.

• Devon Buckingham, a long-serving executive, was acknowledged for his service as he retires at year-end.

• Acknowledgement of long-serving executives and board members for their contributions.