Peoplein (PPE) AGM 2024 summary

Opening remarks and agenda

• AGM opened with confirmation of quorum and introductions of board members and key executives.

• Shareholders welcomed both in person and via webcast, with procedures for questions and voting explained.

Financial performance review

• FY24 revenue was AUD 1.17 billion, a 1% decline from the previous year.

• Normalized EBITDA fell 39.5% to AUD 37 million, mainly due to lower permanent recruitment revenue and sector shifts.

• Achieved AUD 7.8 million in cost reductions, including a 10% headcount cut.

• Cash conversion in H2 FY24 was 105% of EBITDA; net debt to EBITDA ratio improved to 2.15x.

• Q1 FY25 normalized EBITDA was AUD 9.2 million, with net debt to EBITDA reduced to 1.7x.

Board and executive committee updates

• Elizabeth Mannes and Tony Peake appointed to the board, bringing extensive experience.

• Ross Thompson confirmed as Managing Director, assuming full director responsibilities.