Winton Land (WTN) AGM 2024 summary

Opening remarks and agenda

• Meeting opened virtually with instructions for online participation and Q&A process.

• Chair and CEO addressed shareholders, outlining the agenda and key business highlights for FY24.

• Board members, senior management, auditors, legal counsel, and share registrar representatives introduced.

• Quorum confirmed and proxies appointed for over 81% of shares.

• Agenda included a presentation, two resolutions, and Q&A.

Financial performance review

• FY24 revenue was NZD 173.6 million, down 21.5% from FY23 due to market conditions.

• Net profit after tax was NZD 15.7 million, a 75.6% decrease from the prior year.

• Gross profit margin declined to 40.5% due to a higher proportion of lower-margin built products.

• Cash holdings at NZD 41.7 million; presale book at NZD 411.7 million as of August 2024.

• Administrative expenses rose by NZD 11.3 million, mainly from increased headcount, pre-opening costs for Ayrburn, and new business units.

Board and executive committee updates

• Guy Fergusson appointed as independent director, bringing 28 years of corporate finance and capital markets experience.

• Board and management team introduced, including new and existing members.

• Board unanimously recommended his election at the AGM.