Skellerup Holdings (SKL) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum and hybrid format, with both in-person and online participation.

• Chair John Strowger and CEO Graham Leaming delivered addresses outlining the meeting's focus and company direction.

• Introduction of board members, new CEO Graham Leaming, new CFO Tim Reynolds, and other directors.

• Outlined agenda: chairman's address, CEO presentation, Q&A, and voting on resolutions, including director re-elections, fee pool increase, and auditor remuneration.

Financial performance review

• FY2024 delivered record EBIT of NZD 72.7 million and record operating cash flow of NZD 70.8 million, with underlying NPAT of NZD 50 million.

• Underlying NPAT showed a 12% CAGR since FY18, with strong incremental growth.

• Net debt reduced by 43% to NZD 15.4 million, supporting investment and dividend growth.

• Full-year dividend payout reached 24.0 cents per share, up 9% on the previous period.

• FY2025 has started strongly, with revenue and EBIT ahead of prior period; NPAT forecasted at NZD 52–57 million.

Board and executive committee updates

• David Mair stepped down as CEO after 14 years, remaining as a non-executive director.

• Graham Leaming appointed CEO in March 2024, with a seamless leadership transition and new, younger leaders emerging.

• Tim Reynolds promoted to CFO; several business unit leaders introduced, highlighting depth of management.

• Board includes independent directors and committee chairs for health & safety, sustainability, and audit.