PEXA Group (PXA) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed shareholders, acknowledged traditional custodians, and confirmed quorum for the meeting.

• Board members, executive team, auditor, and share registry representatives were introduced.

• Chairperson and CEO delivered addresses outlining the year in review and governance priorities.

• Meeting procedures, including Q&A and voting processes, were outlined for both in-person and virtual attendees.

Financial performance review

• Group revenue reached AUD 340.1 million in FY24, up 21% year-on-year, with operating EBITDA up 16% to AUD 114.9 million.

• Operating margin (excluding Smoove) was 36.5%, exceeding guidance and up 1.7 percentage points from the prior year.

• Exchange business margin improved to 54.5%, with NPATA rising 22% to AUD 21.1 million.

• Free cash flow increased by AUD 3.8 million, and net debt to operating EBITDA improved to 2.4x.

• International digital solutions revenue grew to 15% of total, with digital solutions achieving break-even EBITDA in June.

Board and executive committee updates

• Four new directors joined across Australia and the UK, bringing relevant experience.

• CEO Glenn King announced intention to retire upon appointment of a successor, with the board expressing gratitude for his leadership.

• Board succession and director credentials were presented, with directors standing for re-election and new appointments.

• Board comprises an independent chairperson, CEO, and a mix of independent and non-executive directors, including a nominee from Commonwealth Bank of Australia.