Cash Converters International (CCV) AGM 2024 summary

Opening remarks and agenda

• AGM held on 7 November 2024 with confirmation of quorum, virtual meeting procedures, and attendance from the full Board, executive team, and auditors, with introductions provided.

Financial performance review

• FY24 revenue increased by 26% to AUD 382.6 million, with operating EBITDA up 21% to AUD 69.1 million and profit after tax at AUD 20.8 million.

• Loan book grew 6% to AUD 288 million, with a strategic shift away from small amount credit contracts and vehicle loans.

• Net loss rates improved, with H2 FY24 at 8% versus 11% in H2 FY23, and Q1 FY25 at 3.7% versus 4.8% pcp, reflecting prudent credit risk management.

• U.K. store acquisitions added AUD 3.4 million in profit before tax, making the U.K. a material contributor and now over 20% of revenue.

• Store operations contributed significantly, with Australian corporate store retail revenue up 11% and over 600,000 transactions.

Board and executive committee updates

• Julie Elliott retired from the board, recognized for her governance and remuneration contributions.

• Andrew Spicer joined as a non-executive director, bringing extensive corporate and strategic experience.

• Board re-elections included Henry Shiner and Peter Cumins.