Bremworth (BRW) AGM 2024 summary

Opening remarks and agenda

• Meeting held both in person and online, with administrative details, safety instructions, and board introductions provided.

• Presentations by the Chair and CEO were followed by shareholder Q&A and voting on resolutions.

Financial performance review

• FY24 operating revenue fell 10% to NZD 80.3 million, with gross margin down to 24.3% from 27.6%.

• Net profit after tax was NZD 4.6 million, supported by NZD 26.5 million in insurance income from Cyclone Gabrielle.

• Carpet and rugs revenue dropped 20% to NZD 57.1 million, while Elco Direct grew 28% to NZD 23.2 million.

• Insurance proceeds since Cyclone Gabrielle total NZD 62 million, supporting business continuity.

• After four months of FY25, carpet revenue improved by 2% and double-digit sales growth achieved in Australia.

Board and executive committee updates

• Directors and executive team introduced, including new CFO and Chief Technology Officer, a newly created role.

• Board comprises independent directors and a director emeritus, with George Adams as Independent Chairman.

• Board emphasized diversity of skills and thanked advisors and auditors.