SDI (SDI) AGM 2024 summary

Opening remarks and agenda

• The AGM was opened virtually with procedural and technical instructions for online participation and voting, ensuring all shareholders could engage and vote via the platform.

• The Chairman introduced the board, executive team, and auditor, noting the release of Chairman and CEO speeches to the market.

• CEO Samantha Cheetham addressed the meeting, highlighting the company's vision and recent achievements.

Financial performance review

• Achieved record revenue of AUD 111.2 million, up 3.1% year-on-year, with record after-tax profit of AUD 10.4 million.

• Gross profit margin improved by 530 basis points to 62.1%, and EBITDA rose 35.5% to AUD 21.9 million.

• Underlying NPAT reached AUD 11.4 million, a 51.8% increase.

• Final dividend of AUD 0.09 per share (1.90 cps), up 8.6% from the prior period.

• Sales in Australia, North America, and Brazil declined, while European sales grew 6.2% in local currencies; Stela achieved over AUD 1 million in sales and positive market feedback.

Strategic initiatives and plans

• Focus on transitioning amalgam customers to Stela, building a new manufacturing plant at Montrose, and ensuring MDR compliance in FY 2025.

• Project Montrose's cost reduced by AUD 4 million, with a $56 million total cost and expected ROI of 20%; new construction to include manufacturing, R&D, and related functions.

• Over $200 million sales capacity targeted through new production facility and automation.

• Ongoing investment in R&D and automation, with 2–3 new products planned for release in the next 12 months.

• Stela product launch exceeding expectations, now registered in most European markets.