Sanford (SAN) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum, introductions of board, executive team, auditors, and legal advisors.

• Chair and Managing Director delivered opening addresses, outlining the agenda and key resolutions including re-election of the Managing Director and auditor remuneration.

• Agenda included chairman's address, managing director's presentation, Q&A, and voting on resolutions.

• Hybrid format allowed both in-person and online participation, with clear instructions for questions and voting.

Financial performance review

• Record Net Profit After Tax (NPAT) of NZD 63.7 million, a 223.4% increase over the prior year.

• Adjusted EBIT reached NZD 105.2 million, up 41.8% year-on-year, marking a second consecutive record.

• Revenue was NZD 584.1 million, up 0.2% year-on-year; operating cash flow rose 85.3% to NZD 135.3 million.

• Net debt reduced by NZD 92.1 million to NZD 93.4 million, with finance costs down 28.4%.

• Capital expenditure was NZD 21.6 million, down 52.6%, reflecting disciplined investment.

Board and executive committee updates

• David Mair appointed Managing Director in May 2024 and is up for re-election.

• Several new board appointments in 2024, including new independent and non-executive directors.

• Board consists of six directors, evenly split between independent and non-independent.

• Chairman Rob McLeod plans to retire in 2026, with a new chair to be appointed.