AUB Group (AUB) AGM 2024 summary

Opening remarks and agenda

• Acknowledgement of First Nations and Torres Strait Islanders and overview of the meeting agenda, including business achievements and outlook for FY2025.

• Chair and CEO delivered addresses outlining the meeting's agenda and strategic focus.

• Introduction of board members, executive team, and key meeting participants.

• Outline of eight business items: remuneration report, director elections, director fee cap, performance shares, and share placement capacity.

Financial performance review

• Underlying net profit after tax increased by 32.5% to AUD 171 million in FY2024; EPS up 21.2% to 156.78 cents.

• Underlying revenue rose 19.8% to AUD 1,331.7 million, with EBIT margin up 100bps to 34.0%.

• Strong balance sheet with over AUD 470 million in cash and available debt as of 30 June 2024.

• Equity raised: AUD 225 million via institutional placement and share purchase plan to fund acquisitions.

• All divisions reported revenue and profit growth, with Agencies and New Zealand leading in margin expansion.

Dividend announcements

• Fully franked final dividend of AUD 0.59 per share; total FY2024 dividend AUD 0.79 per share, up 23.4%.

• Dividend payout ratio maintained at 52.8%, consistent with long-term target of 50-70% of underlying NPAT.

• Dividend growth reflects strong earnings and cash flow.