Accordant Group (AGL) AGM 2025 summary

Opening remarks and agenda

• Chair welcomed shareholders, acknowledged challenging times, and confirmed meeting quorum and agenda, including online participation and Q&A session.

• Board and executive team introduced, with roles and re-election items noted.

Financial performance review

• Revenue for FY2025 was $165.2 million, down 22% from the prior year; net loss after tax was $2.9 million, an improvement from the previous $10 million loss, but still negative operating cash flow.

• Operating expenses reduced by $6 million through property consolidation, resizing support teams, and reducing consultant headcount while retaining key capabilities.

• No dividend declared for the year ending 31 March 2025 due to financial performance and prudent approach.

• Banking facilities with ASB extended to April 2026, with ongoing discussions to further extend and improve gearing metrics.

Board and executive committee updates

• Board members up for re-election addressed shareholders, emphasizing resilience, operational discipline, and commitment to navigating the challenging environment.

• Board highlighted focus on cash flow, margin protection, talent management, and health and safety.

• Proxies showed 96.58% support for board reappointments and 96.66% for auditor fee resolution.