My name is Peter Lloyd, and it's my pleasure, as Chair of Integrated Research, to welcome everybody to the 2025 Annual General Meeting. To start proceedings, I'd like to acknowledge the traditional owners of the land from which we are presenting today, the Gadigal people of the Eora Nation, and recognize their continued connection to land, waters, and culture. May we pay respects to their elders, past, present, and emerging. I wish to advise that today's AGM is being recorded and that the recording will be made available on our website after the meeting. It's now just past 10:00 A.M., the nominated time for the meeting, and I've been informed that a quorum is present. I note that the meeting has been validly constituted, and I am pleased to declare the meeting open.
I'd like to begin by introducing my fellow directors who are present with us today: Ian Lowe, our CEO and Managing Director; Michael Hitz, Non-Executive Director; Mark Brayan, Non-Executive Director; and Kate Greenhill, Non-Executive Director. We also have our CFO, Christian Shaw; Company Secretary, Leanne Ralph; and representatives from the company share register, Computershare. Our audit partner from EY, Simon Hannigan, is also present to respond to any comments or questions in relation to the audit. Welcome, Simon. There are four components to today's meeting. First, I'll provide you with an update on Integrated Research's business. This will be followed by a more detailed overview by our CEO and Managing Director, Mr. Ian Lowe. We will open the meeting to questions on general business after my address and Ian's presentation.
Following the general business questions, we will then move to the formal business of the meeting, where the items set out in the notice of meeting will be put to the shareholders. We'll also allocate time for questions for each of the items of business as they are considered. I'll now proceed to the Chair address. On behalf of the Board, I'd like to thank you for joining us and for your continued support and confidence in Integrated Research. FY25 marked another year of disciplined execution and continued improvement across the company. Our profit performance remains solid despite a softer renewals walk in FY25, supported by consistent customer demand and prudent cost management. We finished the year with a robust balance sheet, thanks to a strong capital base and no debt, providing flexibility to invest in innovation targeting sustainable returns to the shareholders.
Ian will cover off the financials in more detail in his presentation. You'll often hear us speak about our product-led growth strategy. This remains central to our long-term vision and is the cornerstone of our future growth trajectory. The operating environment we face today is markedly different from the one we enjoyed prior to the pandemic. Market dynamics have shifted, and we have had to adapt accordingly. In our Collaboration segment, we've seen Microsoft emerge as a dominant force, particularly in the small to mid-tier market. Their bundled offerings and simplified management tools have displaced traditional providers such as Avaya and Cisco. This shift has prompted us to recalibrate our go-to-market strategy, focusing on large enterprises with complex multi-vendor collaboration environments, a space where we have deep expertise and proven capability. However, this transition has not been without its challenges.
As simpler environments consolidate under Microsoft's ecosystem and larger enterprises reassess long-term commitments, we've experienced elevated customer churn. This is a reality that we are actively addressing. In Transact and Infrastructure, the landscape presents a different set of constraints. The HP NonStop market is approaching saturation, and the decline in new customer acquisition for our legacy products has naturally limited growth in this segment. Consequently, our revenues in recent years have been heavily weighted towards renewals, with the customer renewal cycle playing a pivotal role in our financial performance. Despite these headwinds, we have maintained disciplined capital management, and we are now in a strong position to invest in new products and enhanced functionality across our existing portfolio. This is not just a strategic imperative, it is a growth engine.
Through successful execution of our product-led strategy, we aim to unlock new revenue streams and secure medium to long-term growth for the company. As shareholders will appreciate, innovation does not happen overnight, yet our development teams have been hard at work. At last year's AGM, we announced the joint development of a high-value payments product in partnership with a major U.S. bank. I'm pleased to confirm that this initiative is progressing well and exemplifies the kind of strategic collaboration we will continue to pursue. This month, IR launched Prognosis Elevate, a new observability-as-a-service platform, and Iris, the first of an ongoing program of AI payout capabilities. Both these new products represent important milestones in our product-led growth strategy. Prognosis Elevate extends IR's long-established monitoring capability into a modern cloud-based service model, positioning the company to participate in the growing market for performance observability across complex and hybrid IT environments.
Early feedback has been positive, and first clients have been secured. Iris represents a window into our AI-first innovation agenda and is the foundation on which future AI-powered capabilities will be developed and commercialized. Iris represents a significant step forward for our clients, greatly advancing their discovery of critical insights deep within their data, while paving the way for future agentic capabilities that will automate their otherwise manual processes. Our focus remains on disciplined execution as we build momentum with new products, while also continuing to extend and improve our established product lines, Transact, Collaborate, and Infrastructure. Each of our established products has also benefited from product enhancements designed to prove reliability, speed, and delivery, and the depth of insight we provide customers managing mission-critical systems. These improvements support long-term customer value.
The company's dedicated AI innovation team, IR Labs, is in parallel progressing the development of a standalone new product. Having successfully developed a prototype, the work is being done to expand this into a beta version for live market trial, followed by a minimum viable product for market launch in 2026. The company looks forward to providing more information on this product prior to launch. FY25 was also the first full year for Ian Lowe as our Chief Executive Officer. Ian and his leadership team have provided clear direction and accountability across the business. They have strengthened our focus on customers, on customer outcomes, product quality, and disciplined financial management. On behalf of the Board, I'd like to thank Ian and the leadership team for their contribution throughout the year. The Board continues to maintain a disciplined approach to governance and oversight.
We have the right mix of experience across technology, finance, and operations to guide IR through its next phase of growth. I'd like to thank my fellow directors for their ongoing support, contribution, and their dedication to the company. IR remains in a strong financial position with a clear and disciplined capital management framework. Innovation investment will continue to be assessed on a basis of available sustainable returns. We will continue to maintain a prudent balance sheet while investing to build better value for shareholders. This approach ensures that we can fund innovation and growth while maintaining financial stability. Looking ahead, IR is well positioned to build on this foundation. We remain focused on execution of our product-led growth strategy, targeting profitable sustained growth over the medium term while continually strengthening long-term customer relationships.
While new initiatives will take time to materially contribute, the company's financial and operational discipline gives us confidence in our ability to meet our objectives over the medium term. On behalf of the Board, I'd like to thank our employees around the world for their commitment and professionalism. To our customers and partners, thank you for your trust and collaboration. To you, our shareholders, thank you for your continued support as we execute our strategy to create sustainable long-term value. Thank you. I'd like to pass over to Ian now, if I could. Ian has a presentation which you'll find, I hope, quite interesting and go into a little bit more detail on some of the items that I've discussed. Thank you, Ian.
Thanks, Peter. I'm going to share a little bit more today, something I've been looking forward to, a little bit more color around product-led growth.
What does that mean from an innovation perspective? How do we think about that? How are we looking to translate new products into sustainable growth over the medium term and beyond? A little bit of 101 just to kick it off. I think we would all broadly accept that IT environments are becoming more complicated, particularly at the enterprise end of the landscape. With that complexity, there is a greater dependence on technology more generally across the full spectrum of the business landscape, in particular at the enterprise end of that. As a result of that, the risk associated with that business-critical technology is elevated.
Observability is simply collecting signals in real time from deep within these IT environments and playing those signals back as synthesized metrics in real time, typically to the IT management function within that enterprise, so that that IT management function has all of the metrics and signals that they need to monitor the performance or any degradation in performance of those business-critical IT ecosystems. Now, a couple of observations here. First of all, this business, this industry called Observability is augmenting, evolving. What clients are looking for is expanding. They want to start to understand not just the real-time performance of these ecosystems. They want to understand how that correlates to business performance, good or bad. They want to understand the user experience of that technology, whether that's a customer or whether that's an employee.
Observability as an industry is needing to evolve in step with the ask from the clients that depend on it. This really is the heart of our challenge and our opportunity, which is to go on that journey with our clients. Today, we go to market with three core products built on an operating system or a platform called Prognosis. These three core products operate in the areas of unified communications, financial services, and transactions, and also in infrastructure. It is an established business, global, operates at scale, and Integrated Research is trusted by some of the world's largest organizations. We are particularly strong in a range of different verticals, including telecommunications, financial services, health, government, and retail. Some of these clients have been with Integrated Research for 10 years, in some cases much longer. We talk quite a bit about product-led growth.
I just want to touch on a couple of key points here. Throughout the course of the presentation, I'm going to dig into some of these a little bit. This really is about significant investment of available capital and future cash flow to develop and commercialize new products. Those new products are focused on capturing new clients in existing markets, new clients in new markets, and expanding our revenue foothold or position with existing clients. Our investment in product-led growth is designed to position the company for sustainable growth over the medium to long term. It is expected to reduce our profit performance over the short to medium term.
This is language that we've used several times prior to today and is hopefully understood or recognized, is that we expect to be investing over the medium term, and that will have an impact on short to medium-term profit performance. I'm just going to quickly touch on FY25 financials. I'm not going to linger on these because I do want to get to talking about the future. These metrics would be well known to most of you. We had a softer renewals book in FY25 that impacted our statutory revenue performance. That had a corresponding impact on EBITDA and NPAT. Importantly, the business still produced AUD 15.9 million of EBITDA profit, AUD 13.4 million of net profit after tax, and ended the year with a really strong cash position and a robust balance sheet with over AUD 40 million in cash.
There was a AUD 0.02 per share dividend, fully franked, to shareholders. In the full year results, we highlighted three growth metrics. I am revisiting these because they are really quite important. As we go through the execution of our product-led growth strategy, these are the metrics that we look to to help us understand our progress. We are shining a light on these metrics with investors and with the market more generally to help you understand how we look to measure our own progress against this medium-term objective: revenue from new clients, revenue from existing clients in the form of expansion revenue. As we start to get into more actively offering our capabilities as a service, and I am going to expand on that a little bit today, we start to get into subscription revenues, and this will build over time.
We have also nominated this as one of our three growth metrics. A little over a week ago, we provided a first-half trading update. I just want to revisit this to provide some color. We really said three things in this update. The first is that FY26 renewals are softer than FY25. We had said that a couple of times previously, so this is not new information. We also restated something that we have also previously disclosed about our increased investment in product and technology, which has been partially offset by ongoing cost management. Again, that increased investment is something that we had previously disclosed. A third point that we had not previously disclosed is that we had a significant increase in the impairment of receivables. I just want to be clear, this is not systemic. It is isolated.
It largely relates to one client, and it has nothing to do with the performance of our software. Okay? There is a little bit of color there that hopefully provides some useful context. The other point on this slide is that if we look at the year-on-year or the PCP movement in percentage terms on the guidance we have given for the range of the EBITDA in the first half, it is obviously a large number in percentage terms. Keep in mind there is a AUD 3.3 million other gain number in the prior corresponding period EBITDA performance at AUD 4.6 million. It is just something to keep in mind. Okay. I am going to talk a little bit more now about product-led growth. Let us start with why.
This is a little revisionist, but I think it's really important just to restate how we got to product-led growth as a critical strategy for the business moving forward. Historical revenue performance has been overly reliant on contract renewals, and the value of that renewals book shifts up and down each year. It does not provide in isolation a basis on which to deliver sustainable growth. Very important point. In addition to that, revenue from new clients and expansion of existing client revenues has been inconsistent, and more importantly, it's been insufficient to offset fluctuations in the renewals book, particularly when we factor in the effect of churn. Underinvestment over a period of time in new products has compounded this reliance on our renewals book and constrained new business growth. While observability is a growing market, it's also maturing.
The company needs to innovate to provide new products and return to growth. The corollary of all of this is that investing in new products is absolutely essential for the company to establish sustainable revenue growth over the medium term. It is a point that is in bold because it is a very important point and central to the entire product-led growth strategy. What does all of that mean? It means that we are developing new products that target sustainable growth opportunities that leverage our existing product architecture and our blue-chip client base, targeting new clients in existing or new markets and expansion of existing clients. To do that, we develop new innovative, in many cases, AI-enabled capabilities and products to create new revenue streams.
This incorporates our dedicated AI innovation lab called IR Labs, and I will refer to them further throughout the course of this presentation. We also are leveraging our DNA. This is a company that has a history of pioneering. It has a history of being innovative. We are a big data in real-time technology company. We understand data. We're global, and we operate at the enterprise end of the market. These are all enormous strengths that we're leveraging off to execute product-led growth. When we think about innovation, what does that mean? We talk about building new products. What are those new products? Importantly, this strategy has a framework for how we think about innovation.
The first area of three core areas that we're focused on for innovation is AI. AI is a powerful new technology, but it is ultimately only as good as the data that fuels it. We have great data. We harvest enormously granular and powerful data for our clients. AI is really a great application as we think about innovating and creating new products that produce new value based on the data assets that we already harvest. AI is a foundational part of our product-led growth strategy. I will dig into this a little bit more as we go.
A second area, which traditionally has not been a focus for Integrated Research, is to become part of the ecosystem in which we operate, not an island within it. Our Prognosis operating system has typically been an isolated part of the broader IT ecosystem for our clients. We recognize that we need to become embedded. We need to become an integrated part of that technology membrane that's being operated by the client. This is a really important part of our strategy to become part of that ecosystem rather than an isolated component.
And third is to really narrow our focus on helping clients avoid critical incidents. If they can't be avoided, accelerating their path to remediation. As technology fails or performance is degraded, automating elements of the journey that gets them to the point where that technology is replenished or that technology is operating in the way that it should be. These three areas in combination really move us into a space where we're much more focused on the business performance as it relates to the IT role within that business performance, which is becoming increasingly central and critical.
In summary, these three capability themes in combination actually reposition our value proposition. It is a higher-order value proposition that is very closely aligned to business-level outcomes. We are future-state focused. We are using modern, adaptable technology. We have a growth mindset. We are leveraging all of our strengths, which I previously talked about: our existing technology platform, our client base, and a group of enormously talented people that I am privileged to work with. These new products and capabilities, we are commercializing these under the existing product architecture or as standalone products. Let me expand on that. Today, we have an operating system or a platform called Prognosis. We have three core products that run off that platform. Then we have modular capabilities that we offer within each of those products.
First of all, we're building new products and capabilities that will be offered as modular components within the existing product architecture. Okay? This first point here correlates to the number one: new modules that essentially can be offered as optional extras under the existing product architecture. The second is new capabilities that sit within the Prognosis layer. In other words, these are capabilities that would be available in all of the products that sit on Prognosis. Examples of this I'm going to expand on in a few slides: Prognosis Elevate, which is offering Prognosis as a service, and also Iris, which is our AI platform, which is embedded into Prognosis, so available across the full product set. These are examples of new capabilities that translate into revenue growth potential across the full product suite. New adjacent standalone capabilities.
An example of this might be high-value payments, where we can sell that new capability as a standalone. A client does not have to bundle that in with a whole bunch of other elements inside one of the products. They can just simply say, "I want to buy that product as a standalone." That is a third way that we will bring new capabilities and products or commercialize those. The fourth is IR Labs. Peter touched on this in his address. We have built a prototype. There is a beta product that is in development. In calendar year 2026, there will be a launch of that product. We are not saying a lot about this at this point by design. It is important that that business is able to operate and build its capability without us expanding on it too much at this stage.
The time will come in calendar year 2026 where we will talk about this a lot. While we do all of that, build new products and commercialize them in these four different ways, we also want to diversify our revenue model. At the heart of this is really two things. The first is offering clients flexibility. Some clients will want to consume our capability as an on-premise solution. Other clients want to consume it as a service. Prognosis Elevate now offers the same Prognosis capability with all of its existing capabilities as a service, where it can be consumed as a service. That is the same technology hosted by us and provided as a service to our clients. It is a really important extension of the way that we take products to market.
Flexibility is really important in the way we diversify our revenue model. The other is introducing revenue models that will start to capture for us over time organic growth. Consumption-based revenue streams are an example of that: variable revenue streams based on utilization, the amount of data that's being moved. These are things that over time should start to deliver us organic growth, where the same clients using the same product are just consuming more and therefore paying more. We'll do this as a hybrid. We'll continue to use fixed license fees, and we'll introduce these new revenue models to augment that. Look, we're hugely excited about a couple of really key product releases. These product releases are foundational.
What we mean by that is they set the business up for what we believe will be revenue growth as we build on top of these foundations over that medium to long term. I want to talk about these very quickly. Two of them in particular, which I've already referenced. The first is Elevate. Prognosis Elevate is our Prognosis solution offered as a service where we host this and we manage that hosted environment for the client, and they consume Prognosis as a service. This has some very distinct benefits for clients. It significantly reduces the amount of day-to-day management that they have to do versus if they're using the on-prem version of Prognosis. It reduces the maintenance overhead.
They do not have to do version updates because we do all of that for them, and they simply have all of the benefits consumed as a service. This opens the door to building our subscription revenues, which I highlighted as one of the three growth metrics. It provides for hybrid pricing, where we have a license fee and bundle into that as a consumption-based fee as well. Prognosis Elevate offers huge flexibility to clients that we were not able to previously if they want to consume Prognosis as a service instead of as an on-prem solution. It is really foundational. The second of these new product launches is Iris. This is the entire foundation for our future around AI.
As I mentioned, we harvest highly granular data in real time, and the full extent or the full value of that data can be leveraged through the application of AI. We have been busy building out version one of Iris. It's a natural language query interface, which means it allows a user to speak everyday English and simply ask Prognosis questions. Prognosis will curate from deep within the raw data very specific responses to very specific questions. If we think about the dynamic that this drives, we start to move away from a small number of individuals within the client organization who know how to drive Prognosis and know how to use all of the dashboarding and all the reporting. We start to democratize the value of that data by making it accessible through everyday language interface.
If we just think about the application of Iris over time, it does a couple of really important things for us in the future. The first is that it takes the value of Prognosis outside of the IT function, and we can start to deliver that value to all of the users of all of the technology we're monitoring across that organisation. Okay? That is a really structural change in the way that the value of Prognosis is experienced. The second is that we can start to correlate the data within Prognosis to other systems and other datasets and stitch all that together and provide a broader context around performance issues, but provide all of that within Iris so that we start to become representative of an ecosystem rather than just representative of Prognosis. That is a really fundamental change that greatly extends our value proposition.
We have developed all of these plans in close consultation with a number of our really large clients. The thinking here is the byproduct of a collaborative process. I am just going to play a short promotional video that gives you a quick insight into the Iris AI tool. We believe this is the beginning of a big step change in what Prognosis is capable of. Looking into the future, Iris will also be always-on, not just a query-based experience. It will become an always-on capability that is simply feeding information to a user base proactively based on all of the things that it is seeing underneath. This is a really significant advancement in the capability of Prognosis. Just quickly on capital management.
I think it's important we understand that there's a framework for how we go about capital allocation, and this captures that framework in simple terms. Our innovation investment, our investment in product-led growth, building new products, research and development, and commercialization, there's a 30%-35% allocation of available capital, which is dedicated to this part of the business. We have a further 20%-35% around flexibility. This is the need to accelerate based on progress that might be made based on a changing market opportunity, being opportunistic potentially around a right-sized M&A or some other strategic acquisition. There's a flexibility reserve specifically allocated to that. We have a contingency reserve of 30%-35%, which is just to make sure that all of the ongoing capital requirements, including a prudential buffer, are in place.
In terms of shareholder returns, I think we've previously stated our dividend policy, which is targeting a minimum 25% of free cash flow, and that has board discretion. Obviously, in FY25, the Board declared a AUD 0.02 per share dividend fully franked, which was consistent with the prior corresponding period. This is a framework that we have in place that guides decisions around how capital is allocated. It's done carefully. Certainly, there's no suggestion that product-led growth means undisciplined investment in creating new capabilities. That's absolutely not the case. We have a framework in place. You'll be pleased to know I'm just going to summarize. Observability is a growing but also a maturing market. We need to innovate to evolve our offering so that we can return to growth.
In order to do that, investment is absolutely essential to achieving product-led growth or to executing that strategy successfully and establishing sustainable revenue growth over the medium term and beyond. Targeting revenue growth from new clients, expanding revenue from existing clients, and building out subscription revenues. I have highlighted today the three growth metrics that will help us understand our progress against that strategy. The strategy requires investment over the medium term, and we are being very clear about that. It will have a dampening effect on our profit performance, particularly in the short term. We have a plan. Product-led growth is not a punchline. It is a strategy, and we have a plan. We are executing that plan. We have an innovation framework. I have talked about the three central areas for how we think about evolving our product capabilities, delivering new products, diversifying our revenue model.
We have a capital allocation framework. We've shared today the quantum of available capital and how we think about the allocation of that. We've also highlighted again today the growth metrics that we will be using ourselves to understand our progress in the execution of this strategy. I'm so excited about our foundational product releases, which are happening right now in the form of Elevate, which really provides our clients with a level of flexibility on how they actually benefit from our Prognosis technology in a way that previously they haven't been able to. Also a very big step into the future with our first foundational AI product, Iris. We really do think that that introduces a much broader value proposition for our clients and extends the user base in a way that is extremely valuable for the company.
Just in conclusion, the company has a strong foundation from which to execute product-led growth. We have a robust balance sheet. We have a blue-chip client base. Our brand is trusted by some of the world's largest organizations, and we have pioneering in our DNA. These are all qualities and attributes that we will leverage as we execute product-led growth. Thank you.
The green button switching over for. Yep.
Thank you, Ian.
Sorry, Pete. That needs to go to Ian. Sorry.
Yeah. You won't need those. Next one. Okay. What I'd like to do now is open the meeting to general business questions based around my presentation and Ian's presentation. If you have any questions, you'll have the opportunity to ask questions pertaining to each resolution when we get to the formal business end of the meeting.
Before we begin, visitors are reminded that this is a shareholder meeting and therefore only shareholders, proxy holders, body corporate representatives, or attorneys are able to question or make comments at this meeting. Question procedures. I'll briefly outline the three ways you can ask a question or make a comment via our attendance in person, people in this room, by submitting a question in an online platform or via the web phone. If you wish to ask a question in the room, each of the shareholders present will have a green or a yellow voting card. If you need assistance, please ask one of the registry staff in the auditorium here with the foyer. To ask a question, just please raise your card and, when indicated by myself, identify yourself and ask your question. One of the young ladies will bring a mic over for you.
To our online participants, you can submit questions at any time. To ask a question, you select the Q&A icon, type in your question in the text box, and once you've finished typing, just hit the send button. Online questions relevant to our business will be read aloud by our Company Secretary during the relevant item of business. You can also ask questions via the web phone for those people that have dialed in. To ask a verbal question, please follow the instructions written below the broadcast. When it is time to ask your question or make your comment, the moderator will introduce you to the meeting. Your line will be unmuted, and you'll be prompted to speak. The order in which we will address questions for each item of the business of the day: first, questions from the shareholders in the room, and then questions received online.
I now invite questions or comments from shareholders or proxy holders present in the room. I ask that you please state your name and then ask your question. Any questions? I think we've confused them with science there. Oh, no, we have one.
Good morning, John here. The global that's been mentioned is that there's a lot of time doubles in the face of one year or perhaps do we see any global table months? Just an idea of what period of time we're hoping for.
I think our growth is going to be, as Ian was saying, tied to our innovation and our new products. It does take time to develop new product functionality and new products. We expect to see—we've already released Innovate, Iris, and Elevate, of course—but we expect to see more new products come out in calendar 2026.
It takes a while for the market to pick up those products. We are looking at medium-term growth. We are not looking at short-term growth at all, I think. Without—I cannot give any future guidance at all, but I do not expect to see too much growth in the next fiscal year, to be honest. Any other comments? Ian.
No. We have said targeting sustainable growth over the medium term. As we build new products, we will get better at that. The cadence will lift. We have a bunch of new products that we are going to deliver in calendar year 2026, and it has to wash through a sales cycle, which can be anything from 6-12 months. It is a bit shorter if it is an existing client and we are upselling. It is a bit longer if it is a new client and they are getting across us for the first time.
If we sort of play that out, that's really where we land in terms of reaching our objective of sustainable revenue growth over the medium term.
Any other questions? None? Okay. I'll now take general business questions received through the online platform. Leanne, are there any questions?
We have no questions received on the online.
Okay. Do we have any shareholders on the call line? We don't. Okay.
Chair, there's no verbal questions on the phone. Thank you.
Okay. Are there any other general business questions before I close this section off? Yes, we have one up here.
Are you able to provide any more information on this?
Could you state your name, please?
I'm Kristen Cool. I'm just inquiring about this new arrangement or this new—in relation to the payments program that you've got at one of the U.S. top 10 banks involved. Can you give us any more color on that? Any more how long the arrangement is?
That's our high-value payments product that you're talking about?
Yes.
Yes. I might hand that over to Ian because he's closer to that than I am.
I think it's hopefully you can hear me. We made a disclosure a little bit some time ago now, getting a little bit more color on that. It's a five-year contract term. We said it was a top 10 U.S. bank. I don't believe we disclosed the name of the bank, and that's because that was at their request. It's a commercial and confidence arrangement. We continue to honor that. We'd certainly be hopeful that at some point in the near future, we can tell you who it is.
What I can say is the program of rolling that product out across the bank, there's a degree of complexity because we're deep within sort of the really sensitive areas of the IT that they run to manage high-value payments. That has progressed well. By and large, and we'd always like things to happen faster, by and large, we're very much on track with our client and starting now to talk to other major banks about working with us on the same basis. Hopefully that gives you, at least in parts, an answer to your question.
It's a bank that you haven't dealt with before. Is it a new one or?
I think at the time we said it's a new client. Yeah.
Any more questions? Okay. Moving right along. Thank you for those questions.
I'll now progress to the formal business of the meeting. The notice of meeting was sent to all registered shareholders within the notice period required, and I will take that notice of meeting as being read. Turning now to voting procedures. I've been advised that all proxies received for the meeting have been checked, and we declare them as valid for voting. Voting on all resolutions will be decided via a poll, which I now declare open. The poll will be taken at the end of the meeting, and the final results of voting will be released to the market as soon as they're available. There are a number of voting exclusions that apply to the resolutions being presented at today's meeting, and these were outlined in the notice of meeting.
We will display on the screen the number of direct and proxy votes received prior to the meeting when each resolution is put to the meeting and prior to asking for questions or comments. The figures shown are recorded at the closing time for the receipt of proxies, which was 10:00 A.M. on Saturday, the 22nd of November. Where undirected proxies have been given to me as Chair of the meeting, I confirm that as set out in the notice of meeting, I will vote the undirected proxies in favor of all resolutions. I will vote all directed proxies given to me as Chair of the meeting in accordance with the directions provided. If you are eligible to vote, there are two ways you can cast your vote: in person for those in the room or via the online platform.
If you are present in the room, you will have a yellow voting card, which you will be asked to complete and hand to the registry staff at the appropriate time. I will advise you when it is time to complete your voting card. If you need assistance, please ask one of the registry staff in the room or in the foyer. If you have a yellow voting card and need to leave early, you may, if you wish, hand your completed voting card to the staff at the registration desk as you leave. To cast your vote using the online platform, press the vote icon, and all resolutions will be activated with voting options. To cast your vote, simply select one of the options. There's no need to hit the submit button or the enter button as the vote is automatically recorded.
You'll receive a vote confirmation notification on your screen, and you can change your vote up until the time that I declare voting closed. Item one, the first item of notified business, is to receive and consider the financial report and Director's report and the auditor's report for the year ending 30th of June 2025. There is no formal resolution required for this item, but I invite shareholders to ask questions or make comment on the financial report or the reports of the Directors and auditors, to ask a question or make comment on the management of the company, ask any questions of the auditor relevant to the conduct of the audit, the preparation and content of the auditor's report, the accounting policies adopted by the company in relation to preparation of the financial statements, or the independence of the auditor in relation to the conduct of the audit.
I'll now take questions on this item of business. I invite questions or comments from shareholders or proxy holders present in the room. Any questions regarding the audit report? Nope. I'll now take questions on this item received through the online platform. Leanne, are there any online questions?
We have no questions on this item.
Okay. Are there any other questions on this item? No. Okay. Now to the voting. I'll now move on to the next item of business, the remuneration report. I'll put the resolution to the meeting as displayed on the screen. The votes for this item received prior to the meeting are also shown on the screen. Here they are. I now open this item for discussion. Are there any questions or comments from shareholders or proxy holders present in the room regarding the ramp report? Nope. Leanne, are there any online questions?
There are no online questions.
Thank you, Leanne. Are there any other questions on this item? Nope. Item three, the reelection of Michael Hitz as a director. The next item of business is for the election of Mr. Michael Hitz. I'll put the resolution to the meeting as displayed on the screen. Before opening this item for discussion, I'll ask Michael to say a few words about his reelection, if you could. Thank you, Michael.
I'm grateful, clearly, to be considered for reelection. This board set out to reinstate a dividend and to re-energize and refocus IR on its pursuit of growth through new products. We've done the first. We're in the middle of the second. It'll take a few years yet. Together, we have the board and management team, the right mix of long-term planning, fiscal, and operational experience to pull this off, we think, successfully.
Thank you to our shareholders for the opportunity. Thank you.
Thank you, Michael. The votes for this item received prior to the meeting are also shown on the screen. Okay. I now open this item for discussion. Are there any questions from shareholders or proxy holders present in the room? Leanne, are there any online questions?
No online questions. Thanks.
Are there any other questions on this item? None. Thank you. Item four on the agenda concerns the approval of the issue of performance rights for Mr. Ian Lowe. I'll put the resolution to the meeting as shown on the screen. The votes for this item received prior to the meeting are also shown on the screen. I now open this item for discussion. Are there any questions from shareholders or proxy holders present in the room? None.
Leanne, are there any online questions?
No, no questions online.
Are there any other questions on that item? None. Thank you. Ladies and gentlemen, this concludes the formalities of the meeting. I ask that you now complete your voting card if you have not already done so, and Computershare will collect these cards. For those attending online, you should now submit your votes. The poll will remain open for a further few minutes to allow you to complete your voting on your electronic voting card, and the poll will close after that time. As I mentioned earlier, the results of this meeting will be announced to the ASX as soon as they have been counted and verified. Has everybody now completed their voting papers? I'll give the online voters just a few more seconds. Just wait for Brian. One more down here. Has everyone completed their voting papers? Just waiting for one up there. Yep.
I now declare the poll closed, and I also declare the meeting closed. I'd like to take this chance to thank my fellow directors and Ian and his management team for their commitment to the business. I'd also like to thank shareholders for your continued support and for your participation today. I look forward to meeting you again at next year's annual general meeting. Thank you.