Truworths International (TRU) AGM 2024 summary

Opening remarks and agenda

• The AGM was opened by the chair, with board members present both in person and online, and shareholders invited to participate and ask questions via electronic means.

• Quorum was confirmed with 79.91% of voting rights represented, and the meeting was duly constituted.

• The agenda included adoption of financial statements, board elections, auditor appointment, remuneration, committee appointments, and shareholder resolutions.

Financial performance review

• Group retail sales grew by 2.8% for the first 18 weeks to 3 November; Truworths Africa saw 0.2% growth, while Office UK achieved nearly 10%.

• Online sales in Truworths Africa grew by 38%; Office UK online sales comprised 43% of total sales but grew by 3.2%.

• Consumer sentiment in South Africa has improved, but disposable incomes have not yet shown meaningful improvement.

• Office UK expects a 10% increase in trading space for the financial period.

• Interim results for the half-year ending 29 December 2024 will be released on 27 February 2025.

Board and executive committee updates

• Several directors retired by rotation and offered themselves for re-election; a new non-executive director was appointed and confirmed.

• Audit, Social and Ethics Committee appointments were confirmed, with some changes noted due to director decisions.

• Succession planning for the CEO and all senior executives is regularly reviewed and plans are in place.