Macmahon (MAH) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed attendees, acknowledged traditional custodians, and outlined the hybrid meeting format for both in-person and online participation.

• Introduced non-executive directors, explained the meeting structure, and confirmed presence of executive leadership, auditors, and company secretary; quorum established and meeting declared open.

• Agenda included Chair and CEO addresses, financial statements, proxy voting, and resolutions.

Financial performance review

• Achieved record revenue of $2.0bn, up 7% from previous year, with record underlying EBITDA of $351.7m and EBIT of $140.3m; met guidance for the eighth consecutive year.

• Free cash flow reached $74.5m, net debt reduced by 27% to $146.6m, and gearing lowered to 18.8%.

• Full year dividend increased by 40% to 1.05cps, payout ratio just over 24%.

• Order book at $4.6bn, with $2.0bn secured for FY25 and $300m in new work post-year end; ROACE improved to 17.2%.

• Revenue for FY25 guided at $2.4–2.5bn, underlying EBITDA at $160–175m.

Board and executive committee updates

• Welcomed new independent non-executive directors Graham White and Dharma Chandran; Denise McComish stepping down post-AGM.

• Announced upcoming appointments of Marie Inkster and Greg Evans as independent non-executive directors starting November 1.

• Board composition updated, with Michael Finnegan continuing as Managing Director and CEO.