Matrix Composites & Engineering (MCE) AGM 2024 summary

Opening remarks and agenda

• Chairperson welcomed shareholders attending in person and via webcast, confirmed quorum, and introduced directors and auditors present.

• Outlined procedures for questions and voting, and tabled minutes and shareholder register for inspection.

• Focus on advanced materials and growth in subsea, corrosion, and emerging technologies.

Financial performance review

• FY24 revenue grew 80% to AUD 85 million, with strong second-half performance and net profit after tax of AUD 3.6 million, impacted by prior year asset impairment reversal.

• Underlying EBITDA reached AUD 11 million with a 12.9% margin; NPAT slightly lower due to prior year asset write-back.

• Subsea work in oil and gas, especially SURF, comprised over 70% of revenue; recurring revenue streams from corrosion technologies and advanced materials increased.

• Net cash position improved to AUD 10.9 million from a negative AUD 9.1 million.

Board and executive committee updates

• Craig Duncan retired from the board; Alison Terry and Brendan Cocks joined as directors, bringing governance and operational expertise.