AFT Pharmaceuticals Limited (AFT) AGM 2025 summary

Opening remarks and agenda

• Chair welcomed attendees, introduced directors, auditors, and senior management, and confirmed quorum for the meeting.

• Chairman David Flacks and Managing Director Dr Hartley Atkinson outlined the agenda, including presentations, addresses, discussion, resolutions, general business, and meeting close.

Financial performance review

• Achieved record revenue of NZD 208 million in FY25, up 6% over FY24, with a 5-year CAGR of 14%.

• Core Australasian business delivered NZD 181 million in sales, with strong Australian sales growth of 17%, supporting a target of NZD 300 million by FY 2027.

• Net debt reduced to NZD 14.5 million in FY25 from NZD 16.2 million in FY24, maintaining a strong financial position and steady equity growth since FY19.

• Operating profit was NZD 17.6 million, down from NZD 24.2 million, impacted by lower license income and disruptions in 1H25.

• International revenue from product sales and royalties was NZD 15.4 million, down from NZD 19.3 million due to destocking.

Board and executive committee updates

• Alison Yorston joined as Independent Director, bringing over 20 years of marketing and strategy expertise in FMCG, telecommunications, and retail.

• Board expressed gratitude for the late Dr. Doug Wilson's contributions and legacy.