Steel & Tube (STU) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum, Chair and CEO presentations, and an overview of agenda including Q&A and voting procedures.

• The meeting was held later in the year to provide a more comprehensive trading update and improve shareholder attendance.

Financial performance review

• FY24 revenue reached $479.1m, with normalised EBIT at $14.5m and NPAT at $2.6m, reflecting declines of 18.7% and 84.7% from FY23.

• At October end, there were no borrowings, NZD 16.7 million in cash, and a NZD 100 million facility for growth.

• Dividend payout of NZD 0.06 per share for FY24, with a gross yield of 9.7%, and a new dividend reinvestment plan introduced.

• FY25 four-month trading update showed continued market weakness, with revenue at $141.7m and normalised EBIT at $(5.0)m.

• Operating cash flows remained strong due to inventory management and good collections.

Board and executive committee updates

• Director succession is regularly reviewed using a skills matrix to align expertise with strategic needs.

• Susan Paterson (Chair) and Karen Jordan stood for re-election with unanimous board support; board includes five independent directors.

• Board subcommittee attendance and responsibilities were clarified in response to shareholder questions.

• Leadership team highlighted, including CEO Mark Malpass and CFO Richard Smyth.