Breville Group (BRG) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional custodians and introduction of board members and key attendees.

• AGM agenda included review of financials, 1HFY25 update, and closing remarks.

• Six formal business items were outlined: annual report, remuneration report, re-election of a director, grant of rights to CEO, approval of potential termination benefits, and grant of net rights to non-executive directors.

Financial performance review

• FY24 revenue reached AUD 1.53 billion, up 3.5% from FY23, with a 15% five-year CAGR.

• EBIT was AUD 185.7 million, up 8% from FY23 and 13.8% five-year CAGR.

• Net profit after tax rose 7.5% to AUD 118.5 million; basic EPS up 7.1% to AUD 0.827.

• Gross profit increased 7.7% to AUD 556.9 million, with gross margin at 36.4%.

• Global product segment grew 16.9% per annum over five years; 84% of sales were outside Australia in FY24.

Board and executive committee updates

• CEO and executive team recognized for record results amid global disruptions.

• Peter Cowan, board member and inaugural chair of the Sustainability Committee, retired at the conclusion of the AGM.

• Re-election of Lawrence Myers as Director and grant of rights to Managing Director, CEO, and Non-Executive Directors were on the agenda.