Super Retail Group (SUL) AGM 2024 summary

Opening remarks and agenda

• The meeting opened with acknowledgment of Indigenous connections and the launch of the first Reconciliation Action Plan, highlighting partnerships with the Clontarf and Stars Foundations.

• CEO Anthony Heraghty presented the AGM, outlining the Group's vision and strategic direction for FY25.

• Emergency procedures and hybrid meeting format were outlined, with introductions of directors, executive team, and external auditor.

• The agenda included financial highlights, detailed results, Q&A, and formal voting items.

Financial performance review

• Group sales reached AUD 3.9 billion (up 2%), with record sales and 9% online sales growth to AUD 485 million, now 13% of total sales.

• Segment profit before tax was AUD 343 million (down 12%), statutory net profit after tax was AUD 240 million (down 9%), and normalized net profit after tax was AUD 242 million (down 11%).

• Fully franked dividends per share for FY24 totaled AUD 1.19, with normalised EPS at AUD 1.07.

• Segment results: Supercheap Auto AUD 1.5 billion sales (+3%), rebel AUD 1.29 billion (-1%), BCF AUD 879 million (+5%), Macpac AUD 222 million (+3%).

• Net cash position was AUD 280 million with no drawn bank debt.

Board and executive committee updates

• Judith Swales was announced as incoming chair, succeeding Sally Pitkin, who retires after 14 years.

• Penny Winn and Colin Storrie joined as non-executive directors, with Storrie to chair the Audit Committee.

• Kate Burley, an experienced technology leader, will join the board next month.

• Howard Mowlem retired from the board after seven years.