Vital (VTL) AGM 2024 summary

Opening remarks and agenda

• Meeting commenced with a welcome, introductions, forward-looking statement disclaimer, and instructions for hybrid participation and voting.

• Notice of meeting was confirmed, quorum established, and proxies representing 16.6% of shares were appointed.

• Chair's address highlighted FY24 as another solid year and outlined the agenda, including CEO review, financial snapshot, performance summary, asset improvements, FY25 outlook, Q&A, and a single resolution for auditor remuneration.

Financial performance review

• FY24 revenue declined 4.5% to NZD 26.9 million, mainly due to non-renewal of a low-margin contract and fiber circuit reductions.

• Adjusted EBITDA was flat at NZD 6.4 million, up 0.4% from FY23.

• Adjusted net profit after tax was NZD 0.25 million, down 45.2% from the previous year.

• Operating costs fell 6% to NZD 20.5 million, with reductions in staff, lease, and admin expenses.

• FY25 guidance: revenue NZD 26–27 million, adjusted EBITDA NZD 5.8–6.2 million, adjusted profit after tax break-even to NZD 0.2 million.

Board and executive committee updates

• Board continues to seek additional governance skills to support the turnaround strategy and remains committed to long-term shareholder interests.

• No governance changes were made during the year.

• Directors and CEO present, with auditors KPMG in attendance.