Straker (STG) AGM 2024 summary

Opening remarks and agenda

• Virtual meeting and voting procedures were explained, with guidance for online participation and question submission.

• Directors, executives, and legal representatives were introduced, including the new independent non-executive chair.

• The agenda included four resolutions, a business update, Q&A, and formal business proceedings.

Financial performance review

• FY 2024 sales reached NZD 50 million, reflecting strong cost control amid constrained market conditions.

• Managed services business contributed significantly, despite a year-on-year revenue decline.

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

• Adjusted EBITDA was NZD 4.5 million, tripling last year's result, driven by operational efficiency.

• Free cash flow exceeded NZD 2 million, supporting a share buyback and maintaining a robust balance sheet.

• Cash balance at year-end was NZD 12.2 million, with no debt and positive operating cash flow of NZD 5 million.

Board and executive committee updates

• Linda Jenkinson was introduced and elected as the new independent non-executive chair.

• Stephen Donovan was re-elected as a non-independent, non-executive director.

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