In case it gets filtered up through so many different layers, and you get all the politics, the corporate politics going all over the air. So if you're a director in Spark, and my view is, unless you're out and about, you know, I say to directors in big companies like that, you've got to be out and about at the rock face, coal face. You've got to be listening, and you've got to be asking the right questions. Which is why I've always believed that boards of any company, but certainly one like that, has got to have at least one or two people who've had executive experience.
I mean, Fletcher Building, who we've had lots of problems with over the last 10 years, you know, for 10 years or more, we've been saying to them, you've got to get people on that board who are not accountants and not lawyers and not—you've got to get people who are in the business. And our former chairman, he's now the new Chief Executive. And one of his conditions, Andrew's, was that he gets a seat on the board, even though we don't favour that ourselves in big companies. But he's got a seat on the board, and he said he wants to be on the board for at least a couple of years so he can get it, make sure that the directors understand. And he obviously has a bit of input into who the directors are going to be.
So he gets the right mix of board, rather than having a whole bunch of accountants and a whole bunch of lawyers. As they had three chief executives who were all executing large contracts that were contrary to their own policies, and nobody was telling the board. The company secretary reported to the CEO rather than to the board. So the company secretary certainly wasn't going to come and tell the board, "Hey, did you know the CEO's executing or allowing contracts to be executed?
Gordon Fletchers.
Fletchers, yeah. Contrary to our policies, which is where they got into the.
You mind if I sit here?
Do you like it?
I've got to make notes because I've got to write a report for our members.
Yeah.
This is Spark. I always wondered what the sort of culture there is like. You know, it came from Telecom. And prior to that, Post and Telegraph or something. I always wondered what the sort of culture is there. Is it still a government culture?
No, I worked there for 11 years. It changed considerably. I think even I left there in 2011, and it's changed since. I think it's a pretty decent culture when I worked there.
Were you there when Paul Reynolds was there?
The Scotsman left a bit. Yeah.
The Scotsman.
Yeah.
Theresa Gattung .
I was there briefly when Theresa was there. But it was a different focus then. They were playing a bit of a rearguard action to protect their core, you know, telephone lines.
I assume you're going to tell your members that we're coming up to our 10th anniversary on the stock exchange in four days.
That's right. Four days, is it?
First of December is the anniversary, 10th anniversary of the NZX.
Yeah. We're actually going tomorrow to the NZX to have a little bit of a ceremony, ring the bell and all of that.
Excellent.
Yeah.
Good.
That's good.
How many more do we need?
I'll just ask Sarah to come in. We've actually got a quorum.
We've got a quorum.
We're actually okay. Mr. Chairman, you have a quorum.
Hello?
Give it a couple of minutes because I'm hoping...
Still got—
Matthew's online.
You want to introduce Matthew too?
Hello, Sarah. How are you?
Hi, Sarah.
Very muted.
Here we go.
Just the shareholders are here. Matthew's our audit senior, audit partner. Are you senior or partner now, Matthew?
Partner, yeah. Just not the engagement partner at the moment. The lead speaker. He just couldn't make it.
Hi, Matthew. Ronnie here.
Hey, Ronnie.
Ronnie, Matthew. Right, an early start?
Yeah, yeah. That's always the way with—
It's the link.
Time difference.
You send Aaron the link.
Oh, well, yes and no. But it means I have to-
Just tell him to connect to the link. It's in the notes.
So he's not coming in now.
I'll send it to him.
Don't know. Okay.
How many shares have you bought back, Kenny?
Zero. Every time I thought I was going to get some, somebody jumped in above me.
Yeah. That's good, though.
Yeah. So none. That's all for right now.
That's interesting.
Yeah. Like I said, when it was down in the 30s and 40s, I thought I was going to get some. A couple of times I put the top bid in, the next thing, somebody jumped in above me. Well, hey, look.
Yeah.
Yeah. It means we haven't used any cash, but by the same token, it's a question of whether you, as a shareholder, you think that's positive or negative in terms of the valuation. It's pushed the whole lot up. So I suppose it's a good thing. But I think we're starting to get back to some level of reality. And when it was down at NZD 0.28, it was hardly real. There was no volume anyway. It just continued to drift down because of the lack of volume. And to be fair, there was probably lots of cheesy sales going on. If you look at the volumes.
I don't understand. Why would somebody buy one Enprise share or 10 Enprise shares?
Because they have a scheme allows them to create a little portfolio, which they put a little bit of money into each month, and what they do is they just spend that little bit of money.
Oh, okay. So you might, I mean, people are putting, as you say, small amounts of money in. They've got a portfolio, so it's just getting allocated out. So a bit goes to here and a bit goes to...
And they're only charged, if they buy one share, NZD 0.30, they're only charged something like NZD 0.01-NZD 0.02 brokerage. Whereas my broker is NZD 30 a minute. If I buy one share, I'm up GBP 30. So Nick, are we going to get going?
Yeah, I'm just waiting for Aaron. Okay, he's waiting to be let in. So you might want to...
I don't want to meet with him. Is he connected to the—
I sent him this link of the meeting.
I think it's Vikas's joint. Morning, Vikas.
Morning, everyone. Hi, Paul. How are you?
Hey, vikas.
Hello, Vikas. All right. I'll let you deal with that while I'll kick off. Ronnie, if that's all right?
Yeah, I'll just send it to him again.
Yeah. It'll be him calling you, probably.
yeah. Hi, Aaron.
We're just waiting for one of our directors to join us. He's obviously having some challenges, so we'll get him away as soon as he's with us, if you can. Have you considering moving to the Unlisted Market? Have you discussed it or thought about it?
I certainly think about the benefits versus the downside of being a listed entity for a company of our size. There's so many considerations. I think the thing about being listed is the ability to raise capital when you need it. I don't know about the unlisted, yeah, the unlisted, being a public company, but being unlisted here. Yeah, it is something that we sort of look at because of the costs. The costs, NZX costs, are pretty high.
You know, Just Life has moved from the NZX to the unlisted market. And they're talking about saving NZD 400,000 a year.
Yeah, that's a consideration.
I thought that might be quite nice. The downside is, a couple of years ago, your share price shot through to about NZD 4. That's never going to happen on that market, unless you can come up with NZD 0.40 of earnings.
Yeah. The thing with Just Life, of course, is that Tony Falkenstein, he holds through his various entities over 80%. So there's only 20% free float. And it's not that traded. And he's in a position where, obviously, he doesn't need to raise a lot of capital a lot of the time. Whereas I agree with a company like yours, you've got a lot more liquidity and a lot more profile, and you get coverage from the market. Whereas if you go to USX, you don't get the coverage from.
You look after USX companies as well?
Yeah, we do. Yeah. And Catalyst too. We cover all of them as well. Yeah. But certainly for a company, my thoughts are that you're wanting to raise capital. You've got a much better chance and a much easier chance of raising capital because there's more liquidity out there and also comfort.
Emailed it to you in a few minutes. Two emails there.
All right, let's get underway. We'll have to sort himself out if he can. All right. So let's get underway. So firstly, welcome to the annual general meeting today. Thank you for attending in person and online. There's a number of you who have done so. Thank you. Let me just like to introduce you to the members of the Enprise Board. We have Lindsay Phillips, who's based in South Australia. He's online. Elliot Cooper, Ronnie Baskind. And somewhere in the ether is Aaron Ridgway, who we believe is joining us either in person or online very soon. So let's get underway with the formal part of the proceedings, which is the ordinary part, is to re-elect the members of the board. And the resolution is to consider, and if thought fit, to pass the following as an ordinary resolution of the company.
That Lindsay Phillips, who retires in accordance with the NZX listing rules, and having offered himself for re-election and being eligible, is re-elected as a director of the company, and the votes we've received are 4,500,360. We have 6,375 open and 165,416 against, so on the basis of that, if there's any other questions, I'll take them from the audience. Otherwise, we'll pass that resolution as approved. Okay. That is approved. Thank you. Welcome back, Lindsay.
Thank you.
The second resolution is to consider, and if thought fit, to pass the following as an ordinary resolution of the company. That Ronnie Baskind, who retires in accordance with the NZX listing rules, and having offered himself for re-election and being eligible, is re-elected as a director of the company. The votes we've received for Ronnie's re-election is 4,175,360 votes for, 316,375 open, 180,416 against. On the basis of that, we pass that resolution as well and would like to welcome Ronnie back as a director of the board.
Thank you.
The third resolution is to elect and if thought fit to pass the following as an ordinary resolution of the company. That Aaron Ridgway be elected as a director of the company. And the votes for Aaron is 4,338,729 for, 316,375 open, 14,212 against. On the basis of that voting, I also pass that resolution that Aaron is now elected as a member of the board. The fourth resolution I would like to table is that to consider and if thought fit to pass the following as an ordinary resolution of the company. That for the purposes of Section 207S of the Companies Act 1993, the directors be authorized to fix the auditor's remuneration. We have 4,343,607 for, 316,375 open, and 14,490 against. On the basis of that voting, I also pass that resolution that we are good to go with the directors being authorized to fix the auditor's remuneration.
Thank you for the voting. And unless there's any other questions, we will conclude that as the ordinary part of the meeting. Okay. Thank you. So let me just cover off a few points. And certainly, those of you that were here last, the last AGM will recall the situation that the business was in. And I'd like to provide some commentary to our shareholders on that financial year and to give an outline of the focus for the remainder of FY 2025 and beyond. So 12 months ago, we were, of course, battling some major challenges that required our business to take a very myopic and clear focus. And we advised that we were committed to focusing on continuing to grow Kilimanjaro and returning the business to profitability.
And amongst that, we considered essential that we actively grew the Acumatica, which was formerly Advanced, part of our business, which was critical to getting right back in the business. We also were committed to getting our iSell software stable and as a platform to use that to grow and to get that business to a break-even position. The third commitment we gave was to strengthen our corporate governance and compliance and address some of the areas we felt that needed to be addressed significantly. So I'm very happy to advise that thanks to some incredible work throughout all of the business units and the teams across all the business units, we've made some extremely strong progress with all of those initiatives. And as you would have seen, it's resulted in a much improved position from where we were at the last AGM.
Certainly, a much more pleasurable place to be today than it was 12 months ago, so some of the highlights I thought I'd share with you. And firstly, this all being very modest, but we have returned to profitability with a total comprehensive income for the year ended 30th of June to NZD 19,000, which is modest, as I mentioned, but compared to the previous year's loss of NZD 10.967 million is a vast change. Our group revenue grew by 5.4% to NZD 21.865 million.
Kilimanjaro unit grew its revenue by 4.9%, and its contracted revenue by nearly 7%, so 6.9%, which is an excellent result. So operating profit grew 244% on the back of an outstanding second half of the year, which importantly, the trajectory of that business continues into this year. I'll touch a little bit more on that soon. We grew our Acumatica business to over 300 sites.
I think last count was 306, something like that. And our Acumatica recurring revenue is now equal to that of the Exo recurring revenue in the business, which is excellent. And I think partly enabled us to be appointed by MYOB as their reseller partner of the year in Australasia, which is amazing considering where we were the previous 12 months. We've continued to enhance the ISOL product and seen that stabilize across a number of the different modules. And that's helped us to deliver an improved result with a 14.5% revenue growth across that business. Our Datagate business has also succeeded in a capital raise to help them fuel their growth in new markets. And they've enjoyed a near 25% growth on their recurring revenue for the year.
You may be aware also that we restructured the executive team with the appointment of Ronnie Baskind as our Group Managing Director and Elliot Cooper to the Group Financial Director role, both of which have made significant improvements in the governance and compliance of the group, which were some areas we needed certainly to address. And I'd just like to personally thank, or the board would like to thank both Ronnie and Elliot for their amazing help in making this transition seamless for the members of the team across the businesses.
we now have a much improved balance sheet, which is reflected in an over 30% lift in our share price from the same time last year and gives us a great position to springboard into the rest of this financial year and beyond. So of course, we have lots to do.
And the board remains committed to continuing to build on this. So our focus remains on maintaining and growing group profitability. Certainly, the first four and a half months of this financial year are showing some very encouraging results in what is generally in the Kilimanjaro side of the business, a leanish year, but we're starting to see that we're ahead of our revenue and profit budget at this stage, which is excellent news. We're continuing to strengthen our corporate governance and compliance with some of the work that Elliot is doing in that field.
we're supporting growth within our subsidiary companies. So Datagate growth in its existing and new markets and assisting the ISOL business to get to a break-even position. At the previous board meeting, the board was discussing kind of how we'd ended up in this position and talking about Kilimanjaro in particular.
One thing that we think is important to mention as we enter the 10th anniversary of our listing on the stock exchange. One of the points we'd like to make you aware of as a group of shareholders is the position that Kilimanjaro in particular holds in the MYOB world. Many of you will be aware that MYOB has a lengthy agreement to market the Acumatica product in this part of the world. I think it's a multi-decade agreement. The Acumatica is highly regarded, widely regarded as the leading cloud ERP system in the market. We are MYOB's leading channel partner in Australasia, which is excellent. We believe there's enormous opportunity for us to grow in that market.
One thing we reflected on is that as a resilient business, Kilimanjaro has also become, as we've developed a world-class business in Kilimanjaro, and we're exceptionally good at what we do. You stop and think about the component parts, which is effectively delivering productivity improvement tools to mid-size Kiwi and Australian businesses. We are continuing to invest in this capability through the people we hire and retain the products that we bring to market and the technology that we deploy in our businesses. We see an extremely strong future for the Kilimanjaro brand in this market. We're excited about it. Finally, I'd just like to thank the team across all of our business units for their outstanding work during what has been a very challenging year.
I'd like to thank our key suppliers, in particular our key partner MYOB, our bankers, and our auditors from UHY, Vikas, and Matthew are online today for their continued confidence and their support in helping Enterprise Group grow. So with that, I'd like to thank you for attending and invite any questions you have about me or any other members of the board from the audience.
Can I just ask a question about your governance work? Obviously, you'll have seen the report that we wrote around, which we do for every listed company. I'm just wondering if you want to give us some flavor about what the work in the governance area and disclosures that you're looking at going ahead. What sort of any particular?
Yeah. I think some of the stuff you may have noticed or not noticed yet, but our group website, we've created a new page which has got the policies on it. Now, we're in the process of reviewing a number of policies that are going to be posted up there, and I noticed you guys raised the whistleblower one, which will be one of those that go up in that area. Okay?
Good. Excellent. Yeah. I noticed you.
That's the next step we're currently working on.
Yeah. That's good. I noticed you'd created a page and put your policies up there, which is good. Yeah. No, I'll encourage you to do that because, again, as part of your looking ahead for capital raising, I mean, as you know, that's what new investors are often looking for, looking to see the information that you've got there. And as I say, if you look at the code, the other thing is the NZX code. I mean, if you're not going to comply, it's a comply or explain thing. So I mean, our view is that if you say why you're not going to comply with a particular recommendation, hey, that's fine.
Because often companies, especially outside of the top 50, have very good reasons and reasonable reasons why they might not comply with a particular code requirement. So if you explain that, then this helps.
That was a big, our accounts had a big step forward this year from last year. As you might notice, we had to do a supplementary last year for that exact reason because we hadn't said why we weren't going to do those things.
Yes. Yeah, so that's good if you do that.
Yeah, so we made a commitment last year to focus on it, and we will.
You have done it. Thanks. Thanks for the question. Happy to take any more if they're ready. Otherwise, Elliot's put on a wonderful spread of pastries for those in the room.
Overdo it again.
But you guys enjoy those.
I'd rather overdo it than underdo it. You never know who's going to show up.
All right. Ronnie, should you just mention Recipe Marketing just since it's a new thing that's in the business?
Yes. Yes. Yes. So look, the logic for acquiring the majority share in Recipe Marketing was that we realized that we didn't realize. We always knew that we had made a commitment to MYOB to be monogamous in the ERP space. So we didn't want to take on board another ERP piece of software. We felt that we had a huge competitive advantage in being specialists in MYOB Enterprise Solutions. However, because we've been through some rough territory with MYOB, we knew we needed to not put all our eggs in one basket. And HubSpot, as a CRM system, is in a very similar space to Acumatica. It's regarded as the world's best CRM system, very fast-growing in the mid-market. And the markets that we operate in are very, very similar.
We've had, I mean, even though this is only a relationship that's been, I think we're in our third month. Is that right? We're in our third month.
September, basically.
Yeah. I just came from a function which is a Recipe Marketing function sponsored by HubSpot to try and generate some interest. And the room was packed, a standing room only. I mean, this is the first time this has happened to us that we underestimated the number of people. There must have been 60 prospects in the room. So it bodes really well for the future. There's also integration that we've built between the EXO product and the HubSpot product and building integration or building out the integration between HubSpot and Acumatica.
Good.
There's already elements of cross-selling or lead generation on both sides, isn't there?
A lot. Yeah. Yeah. Certainly, certainly looks as if there's a lot of attraction from both sides.
Very good. So if there are no other questions, I think we'll call the meeting to a close. And everybody get on with the day.
Okay. When are we recommencing? How long will it take you to eat all the goodies?
Can you give us until quarter to 9:00 your time?
Okay. All right. See you guys then.
Yep. Thanks. Thanks. See you later, all. Thanks for joining.
Thank you.