Briscoe Group (BGP) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum and acknowledgment of apologies from directors.

• Agenda included reviews by Chair and Group Managing Director, executive presentations, financial statement consideration, director re-election, auditor remuneration, board size increase, and general business.

• Voting on all resolutions conducted by poll, with proxies and online participation noted.

Financial performance review

• Sales for the year reached NZD 791.5 million, a slight decrease from NZD 792 million in the previous year, marking the first decline in 16 years.

• Net profit after tax was NZD 60.6 million, impacted by a one-off non-cash tax adjustment; underlying profit was NZD 68 million, down from NZD 84.2 million.

• Gross profit margin declined by 203 basis points year-on-year to 40.37%; cost control limited store and overhead cost increases to 1.1%.

• Cash and bank balances stood at NZD 142.4 million, down from NZD 175.4 million; inventories reduced to NZD 91.5 million.

• Economic downturn described as deeper and more pronounced than the GFC, with ongoing pressure on retail sector profitability.

Board and executive committee updates

• Board seeking to increase maximum directors from five to six to ensure smooth transition as two directors plan to retire by 2027.

• Rod Duke offered himself for re-election as director, emphasizing leadership continuity and company culture.

• Board and executive team cohesion and effectiveness highlighted as key to performance.