Grand Banks Yachts (G50) AGM 2024 presentation summary

Financial performance review

• FY2024 revenue reached a record S$133.7m, up 17.1% YoY; gross profit rose 37.9% to S$50.7m and gross margin increased to 38.0% from 32.2%.

• Net profit after tax more than doubled to S$21.4m from S$10.1m; EPS rose to 11.58 Singapore cents from 5.47 cents.

• At 30 June 2024, total assets were S$144.4m, total equity S$87.2m and cash and fixed deposits S$42.1m; net asset value per share was 47.27 cents.

• Net order book was S$120.0m at 30 June 2024, down from S$159.4m a year earlier.

Board and executive committee updates

• Chairman Heine Askaer-Jensen and Gary James Weisman retired from the board; Basil Chan was redesignated as non-executive and non-independent Chairman.

• Kay Pang was appointed an independent director; her experience spans legal, corporate governance and technology roles, including senior positions at Aveva Software and VMware.

• Philip William Forrest was proposed as a director, bringing accounting and corporate expertise and nine years on the Singapore Institute of Directors Council.

• Jeffrey Edward Fisher was proposed as a director, with retail operations and M&A experience; his knowledge of the Australian boat market is intended to support market-share growth there.

• Brian Marshall Storms was proposed as a director; his financial-services and infrastructure experience is expected to support sales growth in the USA, a core market.

Dividend announcements

• Proposed final dividend of 1.0 Singapore cent per ordinary share, subject to shareholder approval; with the 0.5-cent interim dividend, FY2024 total dividends would be 1.5 cents per share, up 50% YoY.