Monadelphous Group (MND) AGM 2024 summary

Opening remarks and agenda

• Meeting opened at 10:00 A.M. with acknowledgment of country and introduction of board and executive team.

• Hybrid format enabled both in-person and online participation, with safety and technical protocols outlined.

• Chair's and Managing Director's addresses opened the meeting, followed by items of business and other business discussions.

• Agenda included strategic and financial reviews, divisional highlights, formal business, Q&A, and voting.

Financial performance review

• Revenue reached AUD 2.03 billion, up 11% year-on-year, with record Maintenance & Industrial Services revenue at AUD 1.32 billion and Engineering Construction revenue up 31.5% to AUD 712.7 million.

• EBITDA rose 16.8% to AUD 127.4 million, with margin improvement to 6.28%.

• Net profit after tax was AUD 62.2 million, up over 16%, and cash balance ended just under AUD 226 million, improving by 18.4%.

• Cash flow conversion rate was 169%, with significant advance payments from contract awards.

• $1.9 billion in new contracts/extensions awarded in FY24, plus $1.5 billion secured post-year-end.

Board and executive committee updates

• Board and executive team introduced, including Chair Rob Velletri, Managing Director Zoran Bebic, new and long-serving directors, and four independent non-executive directors.

• Executive General Managers for Engineering Construction and Maintenance & Industrial Services presented divisional highlights.

• Strategic acquisition of Melchor Contracting expanded civil construction capabilities.

• Recognition for leadership and safety, including industry awards and improved retention rates.