Scott Technology (SCT) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed shareholders, introduced key contributors, and outlined the hybrid meeting format with both in-person and online participation.

• Board members, auditors, and share registrar were introduced, and a quorum was confirmed with over 66% of shares represented by proxies.

• Presentations covered strategy, performance, sustainability, and voting resolutions.

• Agenda included Chairman's Address, Strategy and Performance, Core Business Highlights, Sustainability, People and Planet, General Business Questions, and formal resolutions.

Financial performance review

• FY2024 revenue reached NZD 276 million, a 3% increase year-on-year, with stable EBITDA of NZD 30.2 million.

• NPAT was NZD 7.7 million, down from the prior year due to one-off strategic review and restructuring costs, and higher depreciation from facility investments.

• Net debt closed at NZD 20.1 million, reflecting investments and higher interest, but operating cash improved in the second half.

• Core sectors (material handling, minerals, protein) accounted for 85% of revenue, with 19% CAGR since FY2022, but protein revenue declined 21% due to market pressures.

• Service and aftermarket business now 28% of revenue, providing a sustainable, recurring income stream.

Board and executive committee updates

• Mike Christman appointed CEO in October 2024, with Aaron Vanwalleghem serving as interim CEO from August to October.

• Outgoing CEO John Kippenberger acknowledged for his leadership.

• Board composition updated, with re-election and election of directors Brent Eastwood and John Foreman/Thorman.