CEO QUARTERLY UPDATE
DIRECTOR UPDATE
In early August Shaun McInerney stepped down from his position as a Director on the SML Board.
He served SML for more than 12 years including a year as Deputy Chairman from August 2016 to August 2017.
The Management team and I wish to thank him for his years of commitment and dedicated service and wish him well.
We welcomed Robyn Scott onto the Board of SML Directors in August. Robyn is a property and infrastructure advisor with over thirty years’ experience working with ASX listed entities, financial services groups, consulting partnerships and the NSW government. I look forward to her expertise and insight.
The past 3 months have been a hive of activity at Sydney Markets Limited (SML) with a number of new initiatives implemented successfully.
HIGHLIGHTS
• The Doltone Hospitality Group Precinct at Paddy’s Haymarket is well under way. Works on the precinct commenced in July 2024. It is anticipated the Doltone Hospitality Group precinct will be open early in the New Year 2025.
• NEW QR Coded Access to the GTA - The automated entry system project at Flemington has moved into its second phase. Work has commenced on upgrading the turnstile access points to read QR Codes from smart devices. The change project has started with new QR code reader being added to turnstiles surrounding the GTA. The operations team is working on a transition plan which will be communicated to stakeholders over the coming months.
GOVERNANCE UPDATE
The Sydney Markets Limited (SML) Annual General Meeting (AGM) will be held on Tuesday 26 November 2024 on Level 2 of Z Warehouse at Sydney Markets Flemington. Doors open at 9am and the meeting commences at 10.00am.
The Notice of AGM and proxy voting opportunity were distributed to all shareholders on Monday 4 November 2024 either electronically or via post by Automic Group, our electronic share registry service provider.
Minutes to the 26th AGM 28 November 2023 and the 2024 Annual Report links are available on the Notice of AGM. Shareholders also can send questions prior to the meeting using a link provided on the Notice.
Please note, for those unable to attend in person on the day, a link to stream the meeting is on the Notice of AGM.
There is one special resolution this year regarding the Memorandum and Articles of Association and proposed amendments.
Being a special resolution, 75% of the votes cast are required to be in favour of the resolution for it to pass. The proposed changes and Explanatory Notes are included with the Notice of AGM.
Proxy votes close on Sunday 24 November 2024 at 10am.
Should you have any questions regarding voting electronically or on a proxy form please contact either Automic on 1300 288 664, or SML at
ShareholdersEnquiry@sydneymarkets.com
SAFETY UPDATE
I draw your attention to the ongoing initiatives SML is driving to raise awareness and enhance safety.
WHS WORKSHOP UPDATES
Thankyou to the tenants in A, B & C buildings who have actively engaged with the SML Operations team during the past month to undertake site induction refresher training. Whilst engagement numbers were high SML reminds all stakeholders working at the Markets to understand your obligations which can be found on the SML WHS Portal.
https://www.sydneymarkets.com.au/markets/whs
CEO QUARTERLY UPDATE
SAFETY CULTURE REVIEW
SML have engaged dss+ to assist SML in evaluating health and safety maturity at the Flemington site during November and we encourage you to take the time to share your comments with the dss+ team when they are on site. As we look to improve our safety culture onsite we will commence trialling a AI forklift speed camera during November capturing forklift speeds. Please remind your staff of their responsibility to drive to the conditions and obey the speed limits. Below is a snapshot focus on Forklift warnings and breaches. SML highlight forklift governor warnings have already reached 6 in 3 months compared to last year full year a total of 6 with seatbelt breaches still a concern in the market (again please communicate with your staff on the law regarding wearing a seat belt whilst driving a forklift.
PRIMEPARK UPDATE
SML have been tracking vehicle numbers and performance from both an operational and financial perspective. As an example, the graph below highlights the consistency of vehicle only traffic flow (paying $2.00) into Flemington Paddy’s for the July through the October period. Overall, a consistent result.
In order to improve operational efficiency and improve the labour utilization SML will be introducing a further 5 coin machines over the next 2 months.
The coin machines will be installed at the following locations:
• Austin Avenue (Gate 1): 3 Coin Machines
• Kerruish Avenue (Gate 2): 1 Coin Machine
• Potts Street (Gate 4): 2 Coin Machines
Southwest Truck Entry (Gate 3) and Plaza Road Entry will remain card only.
SUSTAINABILITY UPDATE
SML’s focus with our Sustainability Partners ERM over the next few months is assessing our current sustainability status and mapping what the future state of SML should be to meet obligations. Once we have this work completed SML will be engaging specific Shareholder and strategic business partner/s support in formalising the SML sustainability strategy to meet reporting requirements in 2027.
ANALYSIS OF WARNINGS AND BREACHES ISSUED
STRATEGIC PLANNING UPDATE
SML’s Board and Management Team met for a full-day Strategic Plan Review on 7 August 2024 to review the current strategy and reprioritise projects where necessary. Thank you to all those members of the Council of Market Representatives that participated in the survey as these insights contributed to the strategic direction.
The completed plan is available on the Sydney Markets website. The revised plan has been distributed to all market tenants and can be viewed <<here>>.
DOLTONE HOUSE UPDATE
Paddy’s Haymarket is being transformed as you read this update, the building works are approximately 65% complete which will see 45 unique food service offerings opening in the new year.
Paddy's $2 Revenue
PADDY’S VEHICLE VOLUME OF TRAFFIC
CEO QUARTERLY UPDATE
GTA ACCESS TIMES SURVEY UPDATE
Sydney Markets would like to thank everyone who participated in our recent GTA Access Times survey.
We are pleased to report that 54% of shareholders surveyed responded, with 88% of wholesalers at Sydney Markets Limited contributing their insights. This is a fantastic outcome, and we appreciate your time and input.
The next phase of the survey is currently being developed, and we are targeting a release by the end of November 2024.
This upcoming survey will focus on all registered SML Buyers and will be conducted via email. We will be in touch once the survey is ready for release.
Once again, thank you for your participation and continued support.
RISK & RESILIENCE UPDATE
Work continues in the delivery of key risk and resilience activities, with key achievements over the last quarter including:
• Facilitation of training to all SML staff on SML’s new Procurement Policy, which sets out SML’s guidelines and procedures for the procurement of goods and services
• Finalisation of the proposed SML Constitution (Memorandum and Articles of Association) which has been revised to focus on governance and regulatory changes which bring a contemporary lens, and ensure it is fit for purpose in the delivery of SML’s strategy, with a particular focus on shareholder engagement and trust. A special Council of Market Representatives meeting was held on 23 October to take members and guests through the proposed changes and address any questions
• Development of SML’s FY24 Annual Report, which included significant uplift and our first governance section, which details SML’s governance structure and framework
• Development of key policies including Fraud, Bribery and Corruption, Confidentiality, Conflicts of Interest, Gifts, Benefits & Entertainment and Travel, Expenses and Credit Cards, and will be finalised before the end of the year.
MARKETING UPDATE
PADDY’S MARKETS
Spookfest at Paddy’s Markets
Halloween is celebrated at Paddy’s Markets Flemington and Haymarket with activations
across Friday, Saturday and Sunday of 2 weekends.
1. A pirate and witch were roaming throughout the Markets with buckets full of candy being handed out to kids who could take selfies with the characters.
2. Kids could get their face painted for Halloween with bats, spiderwebs, pumpkins and spooky designs at both Markets.
3. A spooky musician was playing Halloween music at Paddy’s Haymarket dressed in a spooky character design.
Regular Cooking Demos at Paddy’s Markets
Paddy’s Markets cooking demos are regularly hosted in Building D every Friday from 11am-1pm.
All cooking demonstrators range in cuisine specialties and talent. With regular customers returning weekly to collect a recipe card and purchase their produce for that menu.
FRESH FOR KIDS
Jamie Oliver’s Learn Your Fruit & Veg Cooking Classes
The cooking classes have reached 4,560 students across 75 schools, delivering 180 lessons. The classes have reached Southern NSW, Western NSW, Lower & Upper North Shore, and the South East of NSW covering most of the NSW metropolitan area.
UPCOMING EVENTS
Christmas at Paddy’s Markets
At Paddy’s Flemington and Haymarket, Santa and Elf will be handing out candy canes and taking selfies with kids. Another roaming Elf will be doing balloon twisting, stick-on tattoos and glitter stations. With the addition of a Christmas band also playing throughout the Markets, will lift the spirit of Christmas at Paddy’s
Lunar New Year at Paddy’s Markets
The Year of the Snake will be celebrated at Paddy’s Markets Flemington and Haymarket with a roaming lion dance across Friday, Saturday and Sunday of the Markets trade.
2025 FRESH AWARDS
The 2025 Fresh Awards will be held on the 18th of July.
All submissions and nominations have closed with the judging process beginning soon. The top 4 finalists of each category will be announced and winners crowned on the night of the Fresh Awards.
I wish you and your families a safe and happy festive season and hope you enjoy the summer
Best regards,
Brad Latham, CEO
