IDP Education (IEL) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed shareholders, acknowledged traditional land owners, and outlined participation procedures for both in-person and online attendees.

• Chair Peter Polson opened the meeting, highlighting the company's mission to transform lives through international education.

• Meeting agenda included financial performance review, board elections, remuneration report, and CEO rights grants.

Financial performance review

• FY24 revenue reached $1,037m, up 6% from the previous year, surpassing AUD 1 billion for the first time.

• Adjusted EBIT was AUD 239 million, up 4%, and adjusted NPAT was AUD 154 million, down 1%.

• Student placement volumes grew 17%, significantly outperforming the industry, which declined 13%.

• English language testing volumes were 1,584,100, down 18% year-on-year, mainly due to weakness in India.

• English language teaching course volumes grew 13%, exceeding 100,000 courses for the first time.

• Revenue from other student placement services increased by 21%.

Board and executive committee updates

• Three new directors appointed in the past two years, enhancing board expertise.

• Chair announced this would be his last term; Chris Leptos expects to retire before the end of his next term.

• Kate Koch joined as Chief Financial Officer, strengthening the executive team.

• Board includes Peter Polson (Chair), Tennealle O'Shannessy (CEO), and several non-executive directors.

• CEO Tennealle O'Shannessy provided an update on business performance and strategy.