Hallenstein Glasson (HLG) AGM 2024 summary

Opening remarks and agenda

• Meeting formally opened with a quorum of 15 members, held both in person and online, with Q&A available throughout.

• Voting on all resolutions conducted by poll, with four items of ordinary business including director elections and auditor appointment.

Board and executive committee updates

• Board and executive team introduced, including new Hallenstein CEO James McLauchlan and Group CEO Chris Kinraid, both recently appointed.

• Plans to refresh the board with new members from both Australia and New Zealand are underway.

Financial performance review

• Group sales reached NZD 435.6 million, a record and up 6.3% from last year.

• Net profit before tax was NZD 52.1 million, surpassing NZD 50 million for the first time, up 14.7% year-on-year.

• Net profit after tax was NZD 34.5 million, with a strong balance sheet and cash position of NZD 45.9 million.

• Gross margin improved to 59.4% from 57.3%, driven by new suppliers, better freight costs, and controlled stock levels.

• Glassons Australia sales rose 14.1% to NZD 218.1 million, now matching the combined turnover of Glassons NZ and Hallensteins.

• Hallenstein Brothers sales were NZD 107.5 million, up 1.3%, with net profit after tax up 37.4%.