Step One Clothing (STP) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with a welcome from the Chair, confirmation of quorum, and introduction of board members and key executives.

• Chair and CEO delivered addresses outlining the meeting's agenda and company direction.

• Acknowledgement of First Peoples and commitment to sustainability and ethical practice.

• Agenda included strategic highlights, CEO address, formal business, and Q&A.

Financial performance review

• Revenue increased by 29.7% to AUD 84.5 million; EBITDA rose 50.8% to AUD 18.1 million; gross margin reached 80.8%.

• Customer base grew 23% to 1.67 million; average order value up 7.1% to AUD 96.

• Women's line revenue surged 54%, now 14% of total revenue and 30% of all orders.

• International growth: UK up 33%, US up 260%; cash position at AUD 39 million, zero debt.

Board and executive committee updates

• Board remains focused on long-term sustainability, risk management, and ESG priorities.

• Board supports strategy of channel and product expansion while maintaining core underwear focus.

• David Gallop re-elected as Director with 99.94% approval.

• Remuneration Report adopted with 95.41% support.

• Proportional takeover provisions renewed for three years with 97.75% approval.