IDP Education (IEL) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional land owners and welcome to shareholders and guests, both in person and online.

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

• Shareholders were informed about participation procedures, including voting and Q&A opportunities.

Financial performance review

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

• Adjusted EBIT was AUD 239 million, up 4%, while adjusted net profit after tax was AUD 154 million, down 1%.

• Student placement volumes grew 17%, significantly outperforming an industry decline of 13%.

• IELTS test volumes fell 18% to 1,584,100, mainly due to weakness in India, but English language teaching course volumes grew 13%.

• Revenue from other student placement services grew 21%.

Board and executive committee updates

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

• Chair announced this will 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.