Pact Group (PGH) AGM 2024 summary

Opening remarks and agenda

• The meeting was opened by the Chair, Raphael Geminder, confirming a quorum and introducing directors, senior management, auditors, and the returning officer.

• The AGM was held virtually on 14 November 2024, allowing shareholders to vote and ask questions online or verbally.

• Voting was conducted by poll on all resolutions, with results to be published on the ASX and company website.

Financial performance review

• FY24 revenue was AUD 1.857 billion, down from AUD 1.948 billion due to divestments and volume declines.

• Underlying EBIT rose to AUD 154.6 million from AUD 145.3 million, reflecting transformation program savings and margin growth.

• Underlying net profit after tax was AUD 44.9 million, slightly ahead of the prior year; reported net profit after tax was AUD 74.9 million, a turnaround from a AUD 6.6 million loss, including a gain from the crate business sale.

• Gearing improved to 2.5x from 3x, aided by debt repayment from divestment proceeds and strong working capital management.

Dividend announcements

• No final dividend was declared for FY24 in one report, while another noted dividend reinstatement compared to nil in the prior period.