JBH
Jb Hi-fi Limited
ASX
Notice of AGM - 2024
Sentiment:
Annual General Meeting Notice
12 September 2024 6:41 PM
JB Hi-Fi Limited will hold its 2024 Annual General Meeting on October 31, 2024, where shareholders will consider financial reports, director elections, remuneration, and share allocations.
Better than expected
JB Hi-Fi's FY2024 results significantly outperformed annual analyst consensus expectations at the start of the financial year, demonstrating better-than-expected performance.
Summary
- JB Hi-Fi's 2024 Annual General Meeting (AGM) will be held on October 31, 2024, at 10:30 am AEDT.
- Shareholders can attend in person or online via webcast.
- The AGM will cover the financial report for the year ended June 30, 2024.
- Three directors, Geoff Roberts, Richard Uechtritz, and Nick Wells, are up for re-election.
- Shareholders will vote on the Remuneration Report, which includes details of executive compensation.
- Shareholder approval is sought for the allocation of restricted shares to Executive Directors Terry Smart (35,223 shares) and Nick Wells (15,598 shares).
- A resolution to increase the Non-Executive Directors’ fee pool by $175,000 to $1,675,000 will be considered.
- Proxy votes must be received by 10:30 am AEDT on October 29, 2024.
- Shareholders are encouraged to submit questions before the meeting via www.investorvote.com.au.
Sentiment
Score: 8
Explanation: The overall sentiment is positive due to the strong financial results and positive outlook for the company.
Positives
- Strong financial performance in FY2024, exceeding analyst expectations.
- Significant five-year growth in revenue and EPS.
- High achievement of VRP incentives by Executive KMP.
- Strong dividend payments to shareholders.
- Excellent total shareholder return.
- Successful implementation of strategic initiatives.
Future Outlook
The document does not provide a specific future outlook beyond the AGM and the vesting schedule for restricted shares.
Management Comments
- 'Another year of financial and strategic achievement'
- 'The 2024 financial year has been another strong year for the Group and follows the exceptional results achieved in the previous four financial years.'
Industry Context
The announcement does not provide specific details on industry trends or competitors. However, the strong financial performance in a challenging economic environment suggests JB Hi-Fi is outperforming its peers.
Next Steps
- Hold the 2024 Annual General Meeting on October 31, 2024.
- Consider and vote on the items of business outlined in the Notice of Meeting.
- Allocate restricted shares to Executive Directors Terry Smart and Nick Wells, subject to shareholder approval.
- Increase the Non-Executive Directors’ fee pool to $1,675,000, subject to shareholder approval.
Key Dates
- June 30, 2024: End of the financial year
- September 13, 2024: Date of company announcement
- October 29, 2024: Deadline for proxy votes
- October 31, 2024: Date of the Annual General Meeting
- August 2025: One third of restricted shares cease to be subject to restriction for Terry Smart and Nick Wells
- August 2026: Another third of restricted shares cease to be subject to restriction for Terry Smart and Nick Wells
- August 2027: Final third of restricted shares cease to be subject to restriction for Terry Smart and Nick Wells
Keywords
JB Hi-Fi, Annual General Meeting, AGM, Financial Report, Director Elections, Remuneration Report, Share Allocations, Executive Compensation, Shareholder Vote
JBH
Jb Hi-fi Limited
ASX
Sector: Consumer Discretionary Distribution & Retail
Filings with Classifications
Worse than expected
22 June 2025 6:24 PM
Regulatory Settlement Announcement
- The company is required to pay a significant pecuniary penalty of $13.5 million and contribute $200,000 to the ACCC's costs, which represents an unexpected financial outlay.
Better than expected
9 February 2025 4:34 PM
Half Year Results
- The company's sales, EBIT, and NPAT all exceeded the prior year's results, indicating a strong financial performance.
Better than expected
9 February 2025 4:32 PM
Half Year Results
- The company reported better than expected sales and earnings growth for HY25, driven by strong customer demand and strategic acquisitions.
Better than expected
30 October 2024 5:50 PM
Annual Results
- The strong FY24 results, exceeding expectations with significant growth in sales and EBIT, indicate better than expected performance.
- The positive Q1 FY25 sales growth across all brands further supports the better than expected results.
Better than expected
30 October 2024 5:43 PM
Sales Update
- Sales growth across all divisions exceeded expectations, indicating strong consumer demand.
Worse than expected
12 September 2024 6:52 PM
Annual Report
- The overall decrease in sales, EBIT, NPAT, and EPS compared to the previous year indicates worse-than-expected results.
Better than expected
12 September 2024 6:41 PM
Annual General Meeting Notice
- JB Hi-Fi's FY2024 results significantly outperformed annual analyst consensus expectations at the start of the financial year, demonstrating better-than-expected performance.
Worse than expected
10 July 2024 8:00 PM
Missing type for ID: 3511
- ASX:JBH announces worse than expected results.
Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.