Accordant Group (AGL) AGM 2024 summary

Opening remarks and agenda

• Welcomed shareholders, introduced new CFO, and outlined the agenda including financial review, CEO update, director elections, auditor remuneration, share incentive scheme, and general business.

Financial performance review

• Revenue for FY24 was $212.4m, down from $227.4m in FY23, with subdued hiring demand and pricing pressure.

• Net loss after tax was $10.0m, impacted by NZD 6.5m and NZD 4.5m goodwill impairments for Madison and AWF.

• Net operating cash flow was $2.3m, down from $4.7m in FY23; no final dividend declared for FY24.

• Shareholder funds decreased to $24.4m from $34.6m in FY23.

• Placed over 22,000 people in roles, worked with 1,600+ organizations, and filled 61,788 temporary/contract assignments.

Board and executive committee updates

• Introduced new CFO Rod Hyde and new director Bella Takiari-Brame, who now chairs Audit and Risk.

• CEO provided a business update, highlighting adaptation to market changes and business unit performance.

• Director elections saw 94.46% and 94.77% support for Simon Hull and Bella Takiari-Brame, respectively.

• Hobson Leavy completed a successful first year within the group, broadening capabilities.

• Jackson Stone diversified beyond central government due to decreased public sector hiring.