Service Stream (SSM) AGM 2024 summary

Opening remarks and agenda

• Chairman welcomed attendees, acknowledged traditional land owners, and confirmed quorum for the meeting.

• Outlined the agenda, including financial review, board introductions, and voting procedures.

• Introduced directors, executive team, and auditors present at the meeting.

• Voting conducted by poll on all items; questions addressed at the end of formal business.

Financial performance review

• FY24 group revenue reached $2.4 billion, up 11.2% year-on-year, with telecommunications up 23% and utilities up 9.5%.

• Underlying EBITDA rose 13.2% to $129.2 million; NPATA increased 36.4% to $50.1 million.

• Net cash position improved by $43.6 million to $7.9 million.

• Cashflow conversion at 101.6%, reflecting strong client relationships and internal processes.

• Revenue profile now 70% annuity-style, lower-risk maintenance agreements.

Board and executive committee updates

• Board includes Chairman Brett Gallagher, Managing Director Leigh Mackender, and three independent non-executive directors.

• Liz Ward, Chair of Health, Safety and Environment Committee, stood for re-election and highlighted her experience and contributions.

• Board expressed strong support for Liz Ward's re-election.

• Managing Director Leigh Mackender and executive team recognized for their leadership and performance.