Solution Dynamics (SDL) AGM 2024 summary

Opening remarks and agenda

• Meeting held both in person and online, with directors and key executives present; quorum confirmed and agenda outlined, including voting and Q&A procedures.

• Overview of FY2024, business strategy, and formal resolutions including director re-elections and auditor remuneration.

Financial performance review

• Achieved second-highest net profit of NZD 2.8 million despite global macroeconomic and postal market challenges; revenue declined 4.6% to NZD 38.7 million.

• New Zealand operations gained market share in a declining print and mail market; international operations saw modest new business and a 12% reduction in software and technology revenue.

• Cost control measures, system upgrades, and restructuring improved efficiency; year-end net cash was NZD 7.95 million.

• Dividends per share for FY2024 were 11.5 cents, fully imputed.

• Conservative balance sheet with $8.0 million cash and intention to review capital structure in 2025.

Board and executive committee updates

• Directors expressed ongoing focus on acquisitions for product or geographic expansion, emphasizing value and risk management.

• Board declined a conditional NBIO takeover proposal due to lack of detail and shareholder exit certainty.

• Directors and executives discussed the company's evolution from a print-focused to a digital-led business, highlighting leadership's role in this transformation.

• Resolutions proposed for re-election of Andy Preece and Julian Beavis as directors.

• Board to be authorized to fix auditor's remuneration for FY2025.