Lindsay Australia (LAU) AGM 2024 summary

Opening remarks and agenda

• Welcome extended to attendees both in person and online, with introductory remarks from the Chair and CEO outlining the meeting's agenda and focus on operational and financial performance for FY24.

Financial performance review

• Revenue increased 18.9% to $804.4m, with underlying EBITDA up 2.1% to $92.1m and profit after tax at $30.4m, down 17% due to higher interest and depreciation from recent capital investments.

• Transport division sales grew by $52m, with rail revenue up $26m and now representing 27% of transport sales; rural division sales declined 6.6% to $152m, but packaging sales improved.

• WB Hunter contributed $87m in sales and $3.3m in EBITDA over 11 months, diversifying operations and reducing rural revenue concentration in Queensland.

• Record-low net leverage of 1.16x and ROIC of 20.2% achieved, with $52m in capital expenditure executed.

Dividend announcements

• Fully franked dividend of 4.9 cents per share declared, maintaining the same payout as the previous year and representing a 50% underlying payout ratio.