Peter Warren Automotive Holdings (PWR) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional land owners and confirmation of quorum.

• Introduction of board members, executive team, and auditors; prepared addresses released to the stock exchange.

• Chair, Executive Director, and CEO delivered addresses outlining the meeting's focus and key topics.

Financial performance review

• Underlying profit before tax for FY 2024 was AUD 56.8 million, within guidance of AUD 52 million–AUD 57 million.

• Record total revenue of AUD 2.5 billion, up 19.4% from FY 2023, with 13.1% from acquisitions and 6.3% from organic growth.

• Cost savings of over AUD 9 million per annum achieved, reducing operating expenses from 12.2% to 11.5% of revenue and representing 3% of total opex.

• Operating cash flow was AUD 112.6 million, with 85.6% cash conversion.

• Balance sheet remains strong with AUD 61 million in debt and property valued at AUD 226 million.

Board and executive committee updates

• John Eisman joined the board, bringing over 30 years of industry experience.

• Andrew Doyle appointed as CEO, commencing October 1, with extensive global automotive experience.

• Paul Warren served as interim CEO prior to Andrew Doyle's appointment.