Good morning, ladies and gentlemen. My name is Graeme Billings, and I am the Chairman of Austco Healthcare Limited. Also present today are Clayton Astles, CEO and Managing Director; Brett Burns, Non-Executive Director; Anthony Glenning, Non-Executive Director; Ann Larkins, Non-Executive Director; and Brendan Maher, our Company Secretary and CFO. I would also like to welcome Mr. Michael Cunningham, a Partner of Grant Thornton, our auditors. Grant Thornton will be available to answer questions from shareholders regarding the conduct of the audit.
Before we commence with the formal business of this meeting, I would like to take you through the format of today's meeting. The first item of business will be the Chairman's address, followed by a presentation from Austco Healthcare's CEO, Clayton Astles. We will take questions. You can start submitting questions now by clicking the question icon. We will address your questions at the relevant time in the meeting. If you have any difficulties voting or submitting questions, please consult the user guide, which can be accessed within the platform.
We will then turn to the formal business of the meeting. Each item of business will be discussed in turn, and shareholder questions on those resolutions will be answered for that item of business. I will pause at each item of business to ask the Company Secretary if shareholders have lodged any questions. Voting today will be conducted by way of a poll on all items of business. In order to provide you with enough time to vote, voting for all resolutions is now open.
To cast your vote, simply select one of the options. There is no need to hit a submit or enter button as the vote is automatically recorded. You will receive a vote confirmation notification on your screen. You can vote at any time during the proceedings until I declare the voting closed. You can also change your vote at any time throughout the proceedings. I will give you a clear prompt later in the meeting to warn of the close in voting.
Ladies and gentlemen, the Company Secretary has confirmed that we have a quorum present, and accordingly, I now declare the AGM open. The notice of meeting has previously been made available to all shareholders, and unless there are any views to the contrary, I will take the notice of meetings as having been read. I appoint Peter Renda of Computershare Investor Services to act as Returning Officer for all voting procedures at this meeting. Proxy returns have been collated by Computershare Investor Services, the company registrar. Proxy results will be shown on the screen for each resolution.
The Chairman's address. Ladies and gentlemen, shareholders and guests, it is my pleasure to welcome you to Austco Healthcare's 2026 AGM. Since our last meeting, we have delivered record revenue and earnings, completed our fourth acquisition, and strengthened our position as an international leader in healthcare communication and workflow solutions.
The 2026 financial year was another record for Austco Healthcare. Revenue was AUD 94.2 million, up 15.8% on AUD 81.4 million in FY 2025. EBITDA grew 14% to AUD 14.9 million from AUD 13 million in FY 2025. Gross margin improved to 53.4% from 52%, and our EBITDA margin of 15.8% was broadly in line with last year's 16%, while we carried the full year cost of three acquired businesses and kept investing in our people. Net profit after tax was AUD 9 million, up 51.8% on FY 2025.
Growth was led by Australia and New Zealand, where revenue rose 38.1% on FY 2025, and by North America, up 11%. Together, they more than offset softer project delivery in Asia and Europe, where installation timing moved work into later periods. Demand for what we do is structural. The timing of hospital projects is therefore critical. Our order book shows it. Unfilled contracted revenue stood at AUD 51.2 million at the 17th of August 2026, up 13% from AUD 45.2 million at 30 June 2026 on new orders. About a quarter of it is software and maintenance against 12% of our revenue today, so the quality of our revenue will improve as that work is delivered.
Over the past three years, Austco has completed four strategic acquisitions: Teknocorp, Amentco, G&S Technologies in New Zealand, and in August this year, Medical Communications Systems in South Australia. MCS has been our reseller since 2011, and I am delighted to welcome its team to Austco after 15 years as our partner. These businesses have strengthened our capabilities, broadened what we offer, and given us a national coverage across Australia and a direct presence in New Zealand. Most importantly, they bring us closer to our customers. We now hold the relationship with the hospitals and aged care providers we serve for the life of their systems, not only at installation.
We have been disciplined in how we buy and in how we integrate. Each acquisition has been made on the same formula: a consistent multiple of earnings, with part of the price tied to how the business performs after it joins us. In each, we have aligned people, systems, and culture so that we scale efficiently while keeping our culture of innovation and customer service. Innovation remains at the core of Austco's strategy. We invested AUD 4.8 million in R&D in FY 2026, in line with FY 2025, to keep our solutions at the forefront of healthcare communication. Our Tacera and Pulse platforms continue to gain traction globally, and our roadmap now extends them with artificial intelligence across predictive clinical insight, workflow analytics, and system health.
That investment is showing in our results. Software and maintenance revenue grew 19% to AUD 11.4 million, from AUD 9.6 million in FY 2025, and that growth accelerated in the second half. In July, we signed a 10-year, AUD 4.2 million software and maintenance agreement in Singapore, covering Ng Teng Fong General Hospital and Jurong Community Hospital, a customer we first won in 2023. In Brazil, we were selected by Hospital Israelita Albert Einstein, ranked the number one hospital in Latin America. Each shows what our model is designed to do, win the facility, then serve it into the future. Our solutions help hospitals and aged care providers deliver safer, more efficient, and patient-centered care. That has never been more relevant or more important than it is now.
Austco ended the year with AUD 16.3 million of cash, up from AUD 14.5 million at June 2025, and no material borrowings. The business generated AUD 12.5 million of cash from operations, from which we paid AUD 6 million in earn-outs. That strength gives the board options. Our priority remains to invest in our technology and in acquisitions that meet our criteria. The board reviews the question of dividends each half and will do so again with the half-year result.
Austco's success continues to be driven by the dedication and expertise of our people. On behalf of the board, I thank our employees across Australia, New Zealand, and around the world for their commitment through another year of growth and integration. We also extend our appreciation to our customers, partners, and shareholders for their ongoing trust and collaboration.
The board remains focused on strong governance, disciplined capital allocation, and embedding environmental, social, and governance principles in our decisions, particularly in product safety, workforce wellbeing, and data security. The board has made two changes to its committees, effective 1st of October 2026. Brett Burns has succeeded me as Chair of the Audit and Risk Management Committee, and Tony Glenning has succeeded Brett as Chair of the Nomination and Remuneration Committee. I thank Brett and Tony for taking on these roles.
As we look to FY 2027, our priorities are clear. We will keep investing in our technology, grow our software and maintenance revenue, improve our margin, pursue further acquisitions only where they meet our criteria. With record revenue, AUD 51.2 million of contracted work, a growing base of recurring revenue, and a strong balance sheet, Austco is well-positioned to keep delivering value for our shareholders.
In closing, I offer my sincere thanks to all who contribute to Austco's success. Our 271 dedicated employees, our customers, our partners, and you, our valued shareholders. Your support has enabled us to deliver another record year and to look ahead with confidence. Thank you for your continued trust in Austco Healthcare. I look forward to the year ahead.
I will now ask Clayton to present his paper. Clayton.
Thank you, Mr. Chairman. Hello, everyone. Thank you for joining us today, and thank you for your continued support as an Austco Healthcare shareholder. First, just a brief look back at FY 2026. FY 2026, as our Chairman indicated, was a record year for Austco Healthcare. Revenue increased by approximately 16% to AUD 94.2 million, and EBITDA increased by 14% to AUD 14.9 million. Gross margin improved by 140 basis points to 53.4%. Net profit after tax was AUD 9 million, up approximately 52%.
What is driving that growth? First, the market. Global digital health spending is forecast to reach $1.9 trillion by 2031. Second, we have a large customer base of more than 5,000 facilities worldwide, which gives us a base to generate additional revenue when we release or acquire new products. Third, our products. We have released fantastic products that are driving growth in our sales pipeline and our order book.
Let us look at our unfilled contracted revenue number. This is our UCR. It is the contracts we have signed that we have not delivered yet. It is not pipeline. As of the 17th of August, our UCR numbers stood at AUD 51.2 million, up 13% since June, driven by new contract awards. North America has the largest UCR in the business at AUD 24.5 million, followed by ANZ at AUD 16.7 million. Software maintenance agreements account for about 25% of the order book, compared with 12% of our FY 2026 revenue. That is AUD 12.6 million in contracted higher margin recurring revenue still to come, including our 10-year agreement with Jurong Health Complex in Singapore.
Looking at our acquisition strategy. Over the past three years, we have focused on an acquisition strategy on system integrators, including Teknocorp, Amentco, G&S Technologies, and most recently, MCS. Bringing our channel partners in-house puts Austco directly in front of our customers and gives us national coverage across Australia and New Zealand.
RTM and CareTech are a different kind of acquisition. They do not just add sales and support capability, they add products we can sell across our more than 5,000 customer facilities worldwide. CareTech provides a lower-cost clinical communication system for aged care and smaller hospitals, along with wireless solutions. RTM gives us real-time proactive system health monitoring across connected systems for hospitals and aged care facilities. Together, it is an integrated offering from the bedside to real-time monitoring of connected systems.
Let us have a deeper look at RTM. RTM is our most significant acquisition to date. RTM Cloud monitors nurse call, door access control, CCTV, and building management systems, and continuously monitors system health. The RTM platform has more than 300 system interfaces and is deployed at more than 600 sites across Australia. In FY 2026, on a normalized and unaudited basis, RTM generated approximately AUD 15.6 million in revenue and approximately AUD 2.2 million in EBITDA. Our large customers around the world have been asking for proactive health system monitoring for years, and RTM provides exactly that, and we intend to offer it to our customers worldwide.
CareTech is smaller, but it fills another gap in what we sell. CareTech Systems has operated in the care communications industry for more than 25 years. It designs clinical communication products, including call points and wireless devices used across many aged care facilities in Australia. CareTech is installed at about 200 sites, and RTM monitors those systems through its RTM Cloud platform. In FY 2026, CareTech generated AUD 3.4 million in revenue, of which AUD 1.5 million was sales to RTM. Austco's Tacera platform is built for large and acute care hospitals. CareTech gives us a cost-effective system for aged care and smaller hospitals where price often determines contract outcome.
Let us look at how all of this fits together in one platform. There are four levels. The bedside, where a call is raised, the ward, where the call reaches the right clinician, across the facility, where Tacera manages alarms and call routing, and the command center, where the whole site is monitored and reported on.
Just looking a little bit closer at each level. At the bedside, CareTech adds an IP call point that a patient, resident, or caregiver can use to trigger an alarm. In some installations, alarm data will include real-time location data, so we know not just where an alarm was activated, but also who activated it. In the ward, Austco's Pulse platform displays each room's status, caregiver's location, and alerts on large displays. Pulse Mobile, Austco's mobile application, sends alarms, messages, and workflow to each clinician's phone.
Across the facility, Tacera manages alarms, call routing, and audio communications, while Pulse dashboards display response times and alarm activity in a single view. This is where RTM's more than 300 system interfaces come into play, connecting the platform to many other clinical and low-voltage systems, including RTLS, access control, CCTV, and fire systems. At the top level is the command center. Tacera Enterprise Reporting provides operational insights across every site, and RTM Cloud adds proactive system health monitoring, and we intend to offer RTM Cloud to all of our customers worldwide. Monitoring every connected system gives us something else, data. That is where AI comes in.
We are embedding intelligence across Tacera, Pulse, and now RTM Solutions. There are four areas, including predictive clinical intelligence, such as fall risk and early warnings of resident deterioration. Intelligent workflow will route staff based on acuity, workload, and proximity to reduce response times and provide the best possible care. Operational analytics, where the foundations are already live in Pulse Insights, and predictive maintenance and system health. This is where RTM comes in, flags issues before they create any downtime. We are not bolting on AI as a separate product. We are building it into the platforms our customers already use. That makes the platform stickier and increases recurring revenue opportunities.
Looking at all of the businesses we have acquired to date, four are complete. Teknocorp, Amentco, G&S Technologies, and MCS. RTM and CareTech are expected to complete on or around the 1st of December, subject to conditions. CareTech's multiple is 3.5x, the same as in the four previous acquisitions. RTM is at a 6x multiple, reflecting a software business with the opportunity to take the RTM Cloud to our large global customer base.
How do we fund these acquisitions? We are funding both acquisitions with cash and a new bank facility without issuing new shares. We finished FY 2026 with AUD 16.3 million in cash and no material borrowings, and the business generated AUD 12.5 million in operating cash flow. At completion, we will pay about AUD 12.4 million up front for RTM and CareTech, including a AUD 3 million escrow amount. To support that, we have established a new AUD 12 million bank facility. The earn-out ahead of the AUD 2.5 million for G&S Technologies in March 2027, and another estimated AUD 600,000 for MCS after the FY 2027 accounts, and an estimated AUD 6.9 million for RTM and CareTech after the FY 2028 accounts. We expect to fund them from operating cash flow and the undrawn facility.
Now let us look at some of the most important strategic initiatives for the business. Continuous innovation. We invested AUD 4.8 million in research and development in FY 2026, and the AI roadmap extends our platforms into predictive care, workflow, and system health. Expand recurring revenue. Software maintenance grew 19% to AUD 11.4 million, anchored by the 10-year, AUD 4.2 million Jurong agreement. Enhance our margin profile. Gross margin was up 140 basis points to 53.4%, driven by supply chain efficiencies from integration. Integrate our acquisitions. Complete RTM and CareTech and integrate them along with the other four businesses we have acquired. Deepen our market presence. Flagship reference sites in every region. Hospital Israelita Albert Einstein in Latin America, Jurong in Singapore, and national coverage in Australia and New Zealand. Cross-sell into our installed base by offering RTM Cloud to our international customers, and CareTech in selected markets through Austco's own sales force.
With that, thank you for joining us today, and I will hand it back to our Chairman, Mr. Billings.
Thanks, Clayton. We now move to the formal business of the meeting, as set out in your notice of meeting. I advise that today's voting will be carried out by way of a poll. I have been advised by our share registry that all proxies received have been checked and I declare them valid for voting at this AGM. The first item of business relates to the Directors' Report, financial statements, and independent audit report for the financial year ended 30 June 2026, which are contained in the annual report.
Brendan, are there any questions in relation to my Chairman's address or Clayton's CEO presentation, the Directors' Report, financial statements, or the independent audit report?
Yes, Graeme, we have quite a few questions coming through. I will go through them one at a time so that we can answer them. The first one is from Andrew Tan from MST. The question relates to the CareTech acquisition. The question is, "Will CareTech replace the current Medicom product?
Okay. Clayton, if you can take that.
That is a good question, Andrew, and absolutely, it will eventually replace the Medicom product. The CareTech product is a fully IP system, subject to regulatory approvals in some markets. The long-term plan is for us to replace Medicom with the CareTech product.
Okay. Next question is also from Andrew Tan from MST Financial. "What is the composition of the revenue of RTM Solutions? What is the software style of the licensed revenue of the implementation and the hardware, and how does the mix drive RTM's EBITDA margin?
Clayton.
Software is sold as a subscription, so it is annuity revenue. The software does require a technician to install it on-site, given the large number of touch points. System issues are identified by the monitoring software, RTM Solutions, and gives rise to service calls, which generates both hardware and labor revenues.
Next question is again from Andrew Tan from MST Financial, and the question is, "Can you provide an update on the year-to-date trading? Are hospitals and customers still deferring decisions on construction timeframes and contracts?
Clayton?
As far as year-to-date trading, we have not updated the market on year-to-date trading. However, we are seeing a lot of positive activity for most of the regions. Sales activity is up. We are seeing growth in the sales pipeline. Some decisions, particularly with larger hospitals, have been deferred. While there is some instability in the supply chain as far as pricing and lead times, we are hoping that that stabilizes in the short term and some of those decisions that we were expecting will be made and those contracts will be signed. We are very optimistic about where the pipeline sits and the opportunities for us to close those deals.
Okay, thank you. The next question is again from Andrew Tan of MST Financial. It relates to the acquisitions. Regarding the key customers of RTM and CareTech, which are Bupa, Opal, and Arcare. Can you advise how many and what proportion of these sites use the RTM and CareTech solutions?
The largest customer has deployment of 133 sites, but given the transaction is subject to conditions precedent, it would be inappropriate to discuss further pre-completion.
Thank you. We are still on acquisitions. Again, Andrew, in relation to both acquisitions, can you provide some color on the last three years of revenue EBITDA growth of RTM and CareTech?
I think the response to that question is, again, given that we are still subject to condition precedents, it would be inappropriate for us to go any further beyond what we have disclosed on Friday in both those announcements in relation to those two acquisitions.
Next question is from Steen Weir from Gliocas Investments. Could you provide some general commentary or update about the pipeline? Also, please provide an update about the project delays and how this is impacting the pipeline.
It is a similar question to Andrew Tan's, but, as I mentioned, the pipeline is growing. Our salespeople are measured on pipeline growth. Many receive variable pay compensation for pipeline growth, so they are incentivized to do that. It is one of the key metrics that we track in the business. The pipeline growth is solid and, like I mentioned, some of the larger hospital decisions and contracts have been delayed, but we are hoping that that is a short-term issue.
Next question in relation to the financial statements from Stephen Mayne. According to the annual report, we have two substantial shareholders holding stakes above 14% where neither of them are represented on the board. This is unusual. What is our history with Australian Ethical Investment and Asia Pac Holdings Pty Ltd, and who owns Asia Pac Holdings Pty Ltd? Please summarize our current practices in terms of how we engage with both of those major shareholders when we release our half-yearly results twice a year. How many shareholders are granted a private meeting with company representatives to discuss results? Also, do we take meetings with potential institutional shareholders who are not yet on the register?
Thanks, Brendan. Firstly, our major shareholders are companies that are always part of our investor briefings, so engagement with those companies is relatively high. There are no specific one-on-one type meetings, and they have never been asked to join our board. We feel that there is enough information flows both ways, between those key shareholders. Thanks, Brendan.
Excellent. Next question is back to Steen Weir of Gliocas. How much is RTM investing in annual R&D, and what will be the main areas of synergy?
I am happy to take that one. We are not disclosing at this stage the investment in R&D. Again, pointing out the announcements made on Friday were for two contracts, which are subject to conditions precedent, so that would be more appropriate to talk to post 1 December, which is our target completion date.
In relation to the main areas of synergies, though, I think Clayton's presentation before highlighted this is a revenue synergy play. This is about taking the RTM product specifically globally, but also helping them with our own distribution capability here locally. The same could be said about CareTech, save for the fact that in some markets, a small number of markets, although they are large markets, there will be some regulatory hurdles that we will need to jump before we look to take some of the CareTech stack to those markets.
Next question is from another shareholder, Alexandra Maroth. A general question in relation to Pulse Mobile. Can management provide an update on Pulse Mobile's commercial rollout, customer adoption, and expected revenue contribution during FY 2027?
We announced in one of our investor presentations that one of our largest customers had made the decision to roll out Pulse Mobile to all of their hospitals. It's a large corporate client in the U.S. That rollout is well underway. Approximately 40 of 200 hospitals have this system installed, and they're actively using it. Adoption is quite strong across many of our customers globally. We're still rolling it out for some customers in Canada, Asia, and other markets. Adoption is quite strong, and we're pleased with how that's going.
I have a few more questions, but a couple of them relate to specific resolutions. We'll leave those to those, and a couple relate to just general governance and business, which we'll leave to the end of the meeting.
Okay. Thanks, Brendan. I advise that Mr. Michael Cunningham of Grant Thornton is present today. Brendan, are there any questions for our auditors?
No questions of the auditors.
Thanks, Brendan. The next item of business relates to the Remuneration Report, which is also contained in the annual report. The Corporations Act requires that shareholders vote on the adoption of the Remuneration Report. The 2026 Remuneration Report explains the board's policies in respect of the nature and level of remuneration paid to directors and senior management of the company, discusses the relationship between the board's remuneration policies and the company's performance, explains why the performance conditions were chosen and how performance is measured against them, sets out the remuneration details for each director and each member of the company's senior management team, and finally, makes clear that the basis for remunerating non-executive directors is distinct from the basis for remunerating executives and executive directors. Brendan, are there any questions in relation to this item?
No, Graeme.
Thanks, Brendan. I also note that each director has a personal interest in their own remuneration from the company, as described in the Remuneration Report. The directors unanimously recommend that shareholders vote in favor of this resolution. A summary of the votes received before the meeting appears on the screen. I advise that open proxies in favor of the Chairman of the Meeting will be voted in favor of this resolution. As previously explained, this resolution will be put to a poll at the end of the meeting, but you can vote now.
Resolution number two. The next item relates to the re-election of Anthony Glenning as a director. Biographical details of Mr. Glenning have been set out in the notice of meeting. Brendan, are there any questions in relation to this item?
No questions, Graeme.
Thanks, Brendan. A summary of the votes received before the meeting appears on the screen. I advise that open proxies in favor of the Chairman of the meeting will be voted in favor of this resolution. This resolution will be put to a poll at the end of the meeting, but you can vote now.
Resolution number three is the next item, which relates to the approval of issue of performance rights to Mr. Clayton Astles under the Austco incentive plan. The details of this resolution have been outlined in the notice of meeting. Brendan, are there any questions in relation to this item?
No, Graeme.
Thanks, Brendan. A summary of the votes received before the meeting appears on the screen. I advise that open proxies in favor of the Chairman of the meeting will be voted in favor of this resolution. This resolution will be put to a poll at the end of the meeting, but you can vote now.
Resolution number four. This relates to the approval of additional placement capacity. This is a special resolution requiring 75%. The details of this resolution have been outlined in the notice of meeting. Brendan, are there any questions in relation to this item?
Yes. One question from Stephen Mayne. "I'm puzzled why our two largest shareholders, Asia Pac Holdings Pty Limited with 14.6% and Australian Ethical with 14%, would support a proposal to give the Board discretion to place 25% of the company's shares to whoever they like, potentially diluting their combined voting power in the company from 28.6% to 22.9% and introducing a new larger shareholder with 20%, with no on-market trading, no shareholder vote, no limit on the discount, and no requirement for compensation to be paid for dilution. Why are you asking for this additional 10% placement capacity, and why are they approving it? Will you undertake to not put this resolution up next year? Why are you asking for this?" Sorry, that's the end of the question. Will you undertake not to put this resolution up next year?
Okay. Thanks, Brendan. I will take this. Fair to say, Stephen, I cannot speak on behalf of our two largest shareholders, both Asia Pac Holdings and Australian Ethical. That is the first comment I would make. Will I undertake to not put this resolution up for next year? Like every year, we will consider what resolutions go before the AGM, before our shareholders, and that will be part of that consideration at that point in time. Why are we asking for this additional 10% placement? We feel it will give us flexibility going forward. We actually do not have anything concrete in terms of use of capital, any M&A type projects. But we feel it just will allow us the flexibility to think a little more laterally, as the year goes forward. I think I have answered all parts to that question. Thank you.
Excellent. That is the last question for that resolution.
That is the last question? Okay.
For that resolution. I have still got three more questions.
Right. A summary of the votes received before the meeting appears on the screen. I advise that open proxies in favor of the Chairman of the meeting will be voted in favor of this resolution. I think we should probably go to those other questions now-
Okay.
before I talk about the polls and voting.
The next question is a general business question from Stephen Mayne. "Graeme Billings has been our Chair since 2015 and was reelected last year with support from 99.7% of voted stock. However, Austco is his last public company board seat after he retired as Amotiv chair in 2025 and retired from Clover Corporation board last year as well. AI tells me that Graeme is approximately 70 years old. Could Graeme comment on whether he's likely to serve out his latest three-year term in full and also confirm that he won't be seeking another term in 2028?
Thanks, Brendan. Firstly, AI is correct. I'm not approximately 70 years old. I am 70. So well done, AI. I am 100% dedicated to serve out the latest three-year term in full. To answer that question, I won't confirm what my decision will be in seeking another term in 2028. At the right time, I'll give that due consideration, just as I would for any other term that is approaching. Back to you, Brendan.
Okay. Next question, again from Stephen Mayne. A lot of ASX-listed company constitutions prohibit virtual AGMs. What is the history of our constitution allowing for virtual AGMs? Best practice is actually to hold a hybrid AGM with both a physical location online participation. Will you offer a hybrid AGM next year so that your circa 1,700 shareholders can engage in person with the directors if they so desire? Whatever you do, please don't revert to an in-person meeting with no online participation, as that is much worse than a virtual AGM.
Right. Thanks, Brendan. Look, a couple of comments there. We will consider operationally how the AGM is run next year. Each year, we look at the pros and cons. I do understand that there is a relatively common practice out there now for running hybrid meetings. So we'll take that into account and consider that for next year. That's a fair enough question. I think I've answered that. Our constitution, my understanding is that it allows a virtual meeting as it does hybrid. So once again, we'll consider the approach as we keep moving next year. Thanks, Brendan.
So one last question. It goes back to the acquisitions that Clayton referred to in his presentation, from Nick Maxwell. What does the recurring revenue profile look like for RTM? What percentage of its revenue?
We haven't disclosed that number at this stage, but our strategic plan includes growing that proportion of recurring revenue across our group globally. That's one of the strategic priorities for acquiring this business. So there's tremendous upside to grow that part of the business.
Thanks, Clayton. Brendan, are there any more questions?
No questions. A couple of comments, but no question being asked, so we can proceed.
Okay. Thank you. Ladies and gentlemen, that concludes our discussion on the items of business. In three minutes, I will close the voting system. If you have not already voted, please ensure that you have cast your vote on all resolutions now. To cast your vote, simply select one of the options. There is no need to hit a submit or enter button as the vote is automatically recorded. You will receive a vote confirmation notification on your screen. I will now pause to allow you the time to finalize those votes.
Tell us when you're back on. Brendan, I understand there is one more question which I'm happy to address before voting closes. Brendan.
Yes, a question from Anthony Lewis, when do you think you might consider dividend reinstatement?
Thanks, Anthony. Dividend reinstatement. Every year we consider whether or not a dividend will be paid. Dividends are part of our capital management policy, and it really does depend upon what other needs there are in the business. Fair to say, the last year or two, we've expanded our capital on M&A, which is another part of capital management. I cannot say for sure when dividends will be reinstated. What I can say is it is certainly under consideration every year. Thanks, Anthony.
If there's no further questions, the voting is now closed. The results of these votes will be released to the stock exchange later today. As no other business has been notified to the company in accordance with its constitution or the Corporations Act, I hereby declare the meeting closed. Thank you all for your attendance.