McMillan Shakespeare (MMS) AGM 2024 summary

Opening remarks and agenda

• The meeting was opened with an acknowledgment of traditional custodians and confirmation of quorum, with both in-person and online participation enabled.

• Chair Helen Kurincic and CEO Rob De Luca led the meeting, outlining the agenda, including FY24 results, shareholder returns, and a sustainability strategy update.

• Attendees were informed about procedures for submitting questions and voting, with voting conducted by poll on all resolutions.

Financial performance review

• FY24 saw an 11.5% increase in normalized revenue to AUD 525.8 million, normalized EBITDA up 34.8% to AUD 177 million, and normalized NPATA/UNPATA up 38.2% to AUD 107.6 million.

• Normalized EPS rose 42.9% to AUD 1.545, and ROCE increased to 62.1%.

• Cash conversion reached 136% of NPATA, and debt to EBITDA was 0.5x.

• All three business segments delivered organic growth, with notable increases in salary packages, novated leases, and plan management customers.

• Financials reflect continuing operations after the sale of Australian Asset Finance Aggregation and UK Asset Management Services businesses.

Board and executive committee updates

• Directors and key executives were introduced, including the presence of the audit firm representative.

• Board performance and director re-elections were discussed, with formal evaluation processes highlighted.

• Chair and CEO presented on FY24 results, shareholder returns, and sustainability strategy.