Steel & Tube (STU) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum and agenda, including presentations, Q&A, and voting on resolutions.

• Online and in-person participation facilitated, with voting conducted by poll and support available for technical issues.

• Presentations by the Chair and CEO, followed by shareholder questions and discussion, then resolutions and other business.

• Chair's presentation and management presentations opened the meeting, followed by discussion, resolutions, and other business before closing.

Financial performance review

• FY24 revenue reached $479.1m, with normalised EBIT at $14.5m and NPAT at $2.6m, reflecting declines of 18.7% and 84.7% respectively from FY23.

• ROFE was 4.8% compared to 9.9% in FY23; net cash position improved to $8.7m, up 33.8%.

• FY25 four-month trading update showed continued market weakness, with revenue at $141.7m and normalised EBIT at $(5.0)m.

• Strong cash flows and no borrowings, with $100m facility in place and net cash of $16.7m at end-Oct 2024.

• Dividend payout of 6cps, gross yield 9.7%, and a new dividend reinvestment plan established.

Board and executive committee updates

• Director succession regularly reviewed using a skills matrix to align expertise with strategic needs.

• Susan Paterson (Chair) and Karen Jordan stood for re-election with unanimous board support; board includes five independent directors.

• Board and management team recognized for expertise and leadership, with ongoing focus on risk, resilience, and governance.

• Leadership team highlighted, including CEO Mark Malpass and CFO Richard Smyth.