Integrated Research (IRI) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional land owners and confirmation of quorum, welcoming shareholders, brokers, analysts, and auditors both in person and online.

• Chair Peter Lloyd and CEO Ian Lowe delivered addresses outlining the meeting's focus on financial performance, strategy, and governance.

• Voting procedures and Q&A protocols explained, with all resolutions to be decided by poll for transparency.

Financial performance review

• Total contract value (TCV) signed reached AUD 83.9 million, up 22% year-on-year, driven by strong growth in the Americas, while Europe saw a 25% decline.

• Group revenues rose 19% to AUD 83.3 million, with statutory NPAT up 963% year-on-year, reversing a prior year loss.

• Expenses reduced by 44% to AUD 58 million, leading to a net profit after tax of AUD 27.1 million.

• Cash reserves increased 72% to AUD 31.9 million as of June 30, 2024, supporting future growth initiatives.

• Proforma revenue was stable at AUD 74.8 million, with EBITDA margin at 22% and cash conversion rate at 97%.

• Infrastructure and Transact products grew by 71% and 52% respectively, while Collaborate revenue declined by 11%.

• Americas revenue grew 39%, Asia-Pacific declined 8%, and Europe dropped 28%.

Board and executive committee updates

• Ian Lowe appointed as CEO and Managing Director effective October 1, 2024.

• Board composition reduced from five to four non-executive directors, with new appointments including Mark Brayan, Michael Hitz, and Kate Greenhill.

• Board underwent a refresh, appointing growth-oriented members to align with the new strategy.

• Kate Greenhill's appointment as non-executive director to be ratified at the AGM.

• Board and executive changes align with product-led growth strategy.