Lynch Group Holdings Limited (ASX:LGL) AGM Outcomes and Financial Performance
Financial Performance Highlights
Lynch Group Holdings Limited (ASX:LGL) reported FY24 revenue increased 2% to $330 million, compared to FY23. The underlying revenue from Australia rose by 3%, supported by stable demand amid cautious consumer spending. However, China faced a 12% revenue decline influenced by low domestic pricing.
Group EBITDA decreased by 7% to $39.6 million, with the Australian margin recovering to 9.4%, reflecting a 50% improvement compared to the previous year. In contrast, the China EBITDA declined significantly, attributed to weaker pricing dynamics.
Current Trading Conditions
The group anticipates a 5% revenue growth for the first half of FY25, with underlying EBITDA projected between $16-17 million. Australian revenue growth is expected to stabilize, while China’s domestic pricing remains a concern.
Sustainability Initiatives
The company continues to engage in various environmental, social, and governance (ESG) initiatives. Recently launched projects include partnerships with ecological organisations and strategic frameworks to manage waste and carbon emissions. CEO Hugh Toll emphasised the importance of sustainability in driving the company’s core values.
AGM Resolutions
During the AGM, several resolutions were presented, including the adoption of the remuneration report and the re-election of Patrick Elliott as a director. Additionally, approval was sought for the issuance of options to Hugh Toll under the long-term incentive scheme, reinforcing the company’s commitment to aligning executive remuneration with performance goals.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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