Australian Finance Group (AFG) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed attendees to the hybrid AGM, acknowledged traditional landowners, and outlined the agenda including addresses, formal business, and Q&A.

Financial performance review

• FY24 saw record broker channel share (74%), broker network (4,000+), and residential loan book ($200 billion).

• Total revenue grew 7% to $1.1bn, with distribution earnings up 20% and manufacturing earnings down 53% due to market cycle impacts.

• Underlying NPATA fell 25% to $36.1m, and profit before tax declined 18% to $44.0m.

• NPAT for the year was AUD 29 million, down AUD 8.3 million from last year due to competitive pressures, but the manufacturing business rebounded in the second half.

• The company remains well-capitalized with AUD 190 million in liquid assets and investments.

Board and executive committee updates

• Non-executive directors and key executives were introduced; one director was absent with apology.

• CEO and Chair delivered addresses, highlighting resilience and growth in the finance market.

• Auditors and share registry representatives were present to answer questions.

• Re-election of directors Malcolm Watkins, Craig Carter, and Greg Medcraft was proposed and supported by strong proxy votes.