Hallenstein Glasson (HLG) AGM 2024 summary

Opening remarks and agenda

• Meeting formally opened with a quorum of 15 members, held both in person and online, with Q&A available throughout.

• Voting on all items conducted by poll, with four items of ordinary business including director elections and auditor appointment.

Board and executive committee updates

• Board and executive team introduced, including new Hallenstein CEO James McLauchlan and Group CEO Chris Kinraid, who completed his first year.

• Plans to refresh the board with new members from both Australia and New Zealand are underway.

Financial performance review

• Group sales reached a record NZD 435.6 million, up 6.3% from last year, with net profit before tax at NZD 52.1 million, a 14.7% increase.

• Net profit after tax was NZD 34.5 million, up from NZD 32 million, despite a non-cash deferred tax expense.

• Gross margin improved to 59.4% from 57.3%, driven by new suppliers, better freight costs, and well-controlled stock levels.

• Cash balance at year-end was NZD 45.9 million, up NZD 13.5 million from the prior year.

• Glassons Australia sales rose 14.1% to NZD 218.1 million, now matching the combined turnover of Glassons NZ and Hallensteins.

• Glassons NZ sales were NZD 110 million, down 2.1%, with net profit after tax at NZD 10.8 million.

• Hallensteins sales were NZD 107.5 million, up 1.3%, with net profit after tax at NZD 5.3 million, a 37.4% increase.

• Online sales accounted for 18.2% of group sales, with continued investment in digital platforms and apps.