IPD Group (IPG) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with introductions of board members, company secretary, and auditors, confirming quorum and outlining the agenda: Chair's address, formal business, Q&A, and CEO update.

• CEO Michael Sainsbury addressed the meeting, outlining the agenda: strategy and market overview, financial review, FY25 update, and Q&A session.

• Voting procedures and registration explained, with resolutions to be decided by poll and proxy votes disclosed prior to each item.

Financial performance review

• FY24 revenue reached $290.4m, up 28% from the previous year, with a 35% CAGR over five years.

• Underlying EBITDA rose 44.8% to $40.1m, and underlying NPAT increased 44.7% to $23.3m.

• Strong free cash flow conversion (88%) led to a modest net debt of AUD 8.8 million and cash balance of AUD 22.3 million.

• Net assets increased to AUD 150.7 million, more than doubling, with cumulative annual revenue growth of 35% and EBITDA growth of 44.8% from 2020-2024.

• Acquisitions of EX Engineering and CMI Operations contributed to strong growth in revenue and margins.

Board and executive committee updates

• Smooth CFO transition from Mohamed Yoosuff to Jason Boschetti, with Yoosuff now Director of Strategic Development.

• CEO Michael Sainsbury led the meeting and presented the strategic and financial updates.

• Board focused on M&A due diligence, succession planning, cybersecurity, and climate reporting preparation.