Straker (STG) AGM 2024 summary

Opening remarks and agenda

• Virtual meeting and voting procedures explained, with guidance for technical issues and voting changes.

• Introduction of directors, executives, legal advisors, and auditors in attendance.

• Agenda included four resolutions, business update, Q&A, and formal business proceedings.

Financial performance review

• FY 2024 sales reached NZD 50 million amid constrained market conditions and cost control.

• Managed services business contributed NZD 4.2 million, becoming a key revenue driver.

• Gross margin improved by 950 basis points over two years, with record gross profit of NZD 32 million.

• Adjusted EBITDA tripled to NZD 4.5 million, reflecting operational efficiency and cost reductions.

• Free cash flow of NZD 2.3 million achieved, with a healthy cash balance of NZD 12.2 million and no debt.

Board and executive committee updates

• Linda Jenkinson introduced as new independent non-executive chair, with extensive leadership experience.

• Steven Donovan submitted for re-election as director, expressing confidence in company direction.

• Board unanimously supported the election and re-election of directors, with abstentions from the candidates.