Turners Automotive Group (TRA) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum, introduction of directors, CEO, CFO, senior managers, auditors, and advisors, with Chair Grant Baker and CEO Todd Hunter addressing the meeting.

• Agenda included presentations on business direction, opportunities, progress, Q&A, giveaways, shareholder discussion, auditor appointment, director re-elections, and general business.

Financial performance review

• Achieved record after-tax profits of NZD 97 million over three years, up 37% from prior period, and record FY24 earnings with NPBT up 8% to $49.1M and NPAT up 1.5% to $33.0M.

• Revenue increased 7% to $417.0M; EBIT rose 12% to $58.6M; shareholders' equity at $278M as of 31 March 2024.

• Auto Retail profits grew 27%, Insurance 15%, Credit 9%, while Finance segment profit fell 18% due to interest rate headwinds.

• Dividends paid per share increased 40% over three years, with a 10-year track record of growing dividends (except 2020).

• Compounded annual growth rate of 11% over seven years.

Board and executive committee updates

• Board includes directors with expertise in finance, insurance, debt management, governance, and entrepreneurial skills, including Grant Baker (Chair), Matthew Harrison, Alistair Petrie, John Roberts, Lauren Quaintance, and Antony Vriens.

• CEO Todd Hunter awarded CEO of the Year at INFINZ Awards and provided a business update highlighting resilience and growth.