impressions from the AGM ...
Been this morning at the AGM, took notes and lost them (must have forgotten to depress the "save" button - maybe I should go back to paper & pencil).
However - the good news is anyway already public knowledge: NPAT predicted (if things keep going as they do in the first 16 weeks) "up 50% to last year", so from my side just some "subjective" observations.
Good atmosphere and quite full - the room took roughly 90 people (including board) and I estimate that about 75 to 80 have been there. Not many empty seats.
HLG came with its full board and most of its SMT. Initially surprised to see that many well dressed young man and woman in the AGM. My first thought (that they brought some models) was wrong. This was the senior management team! They certainly managed to implement diversity (age and gender) in their leadership team ... and yes, apparently it was all HLG apparel they were wearing ...
Never have seen in an AGM such a relaxed atmosphere - they just felt like a winning team having fun with each other.
Talked with several of the directors (and the CEO) - and there was a very optimistic outlook on both big markets (NZ and Australia). Sounds like that particularly the Australian Glassons team performed some miracles.
Asked what their key differentiator to Amazon was: They (HLG) specialise on one market segment and understand that really well. From memory the CEO said something like "Quality, offering the newest trend and first to deliver".
Interesting - they didn't really notice in their books the arrival and departure of TOP shop in Auckland (and H&M some other place) ... and some people on this thread got that excited about this competition!
Feeling after this AGM really good about my little investment into HGL - though, maybe I should have bought some more of their shares ;);