Michael Hill International (MHJ) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of First Nations people and confirmation of quorum.

• Chair Rob Fyfe welcomed attendees and outlined the meeting process, including Q&A and voting procedures.

• Board members, including a new non-executive director with digital expertise, were introduced.

• Meeting procedures for virtual participation, questions, and voting were outlined.

Financial performance review

• FY24 revenue rose 4% to AUD 645 million, but EBIT dropped to AUD 15.9 million and gross profit fell 2% due to inflation and higher costs.

• Gross margin was 60.6%, impacted by higher input costs and promotional activity; inventory was actively managed and reduced by AUD 7 million.

• No final dividend declared for FY24, with a total dividend of AUD 0.0175 per share, down from AUD 0.075 in FY23.

• Group same store sales up 4.0% in first 14 weeks of FY25, with Australia and Canada growing, but New Zealand declining.

• Digital sales returned to growth, rising 16% to AUD 48 million, and omni-channel adoption increased.

Board and executive committee updates

• Claudia Batten joined as a non-executive director, bringing technology and digital growth experience.

• Board includes Rob Fyfe (Chair), Daniel Bracken (MD & CEO), Sir Michael Hill, Emma Hill, Claudia Batten, Dave Whittle, and Gary Smith.

• Board renewal and committee roles were highlighted.