Scales (SCL) AGM 2025 summary

Opening remarks and agenda

• Chair welcomed attendees, highlighting record financial performance and confirming quorum for the 113th annual meeting held in a hybrid format.

• Agenda included financial highlights, management review, resolutions, Q&A, and informal discussions.

• Voting and question procedures for both in-person and online participants were explained.

Financial performance review

• Revenue reached $584.6m in 2024, up 3% from 2023, with record underlying NPAT of $34.3m, up 81%, and EBITDA of $91.7m.

• Dividends of 15.0 cents per share declared, representing 63% of FY24 underlying NPAT.

• Record logistics results driven by higher ocean and air freight volumes.

• Net cash position strong at $12.5m, with ROCE at 14.5%, exceeding the 12.5% target.

• Updated 2025 earnings guidance to $40m–$45m NPAT after a strong first half.

Board and executive committee updates

• Introduction of directors, with Andy Borland and Alan Isaac re-elected; Alan Isaac to retire before the next AGM.

• Director Qi Xin resigned after China Resources' sale of its 14.83% stake in October 2024.

• Nadine Tunley transitioned to Chief Risk Officer, prioritizing health, safety, and wellbeing.

• Board succession planning and emerging leaders group established.