Slate
2026

Board Report

Date 12 March 2026
Profileboard-report
Board Report
Executive Summary
Meridian Group Q1 2026 board summary. Revenue of $4.2M represents 11% growth year-on-year. EBITDA margin held at 21% despite two new hires and a platform migration. Three strategic items require board resolution: acquisition term sheet, revised risk appetite statement, and revised remuneration framework.
Board Report
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Table of Contents

Board Report — Q1 2026

Meridian Group | Quarter ending 31 March 2026 | Prepared for the Board of Directors

This report covers financial performance, operational highlights, risk position, and strategic items requiring board resolution for the quarter ended 31 March 2026.

$4.2MQ1 Revenue
+11%YoY Growth
21%EBITDA Margin
3Items for Resolution

Items for Board Resolution

Three items require board decision at this meeting.

  1. Acquisition term sheet — Proposed acquisition of Thornfield Analytics. Term sheet attached at Appendix A. Indicative valuation $1.8M. Recommendation: approve entry into exclusivity period.
  2. Risk appetite statement — Annual review of enterprise risk appetite. Updated statement reflects expanded digital operations. Recommendation: adopt revised statement.
  3. Remuneration framework — Proposed changes to executive short-term incentive structure. Recommendation: approve revised KPI weightings effective FY2027.

Financial Performance

Revenue by Business Unit

Enterprise Services
$1.9M
Managed Solutions
$1.4M
Advisory
$0.6M
Other
$0.3M

Enterprise Services growth driven by two new enterprise contracts commencing February. Advisory decline reflects the planned wind-down of the legacy consulting practice. New advisory model launches Q3.


Cost Structure

Operating Costs — Q1 2026

Category Amount vs Budget
Personnel $2.1M +2%
Platform & Infrastructure $340K -8%
Sales & Marketing $280K +12%
Professional Services $190K +5%
Facilities $110K On budget
Total $3.02M +1.4%

Key Cost Movements

  • Personnel increase reflects 2 new hires (Enterprise Sales, Data Engineering)
  • Platform costs below budget — migration to new cloud provider completed under cost
  • Sales overspend driven by attendance at industry conference (pre-approved)
  • Professional Services: external legal costs for acquisition due diligence

Operational Highlights

Success
Platform migration completed

Cloud infrastructure migration finalised 14 March. $47K under budget. No customer-facing downtime.

Success
Enterprise contract wins

Two new enterprise contracts signed: Halcyon Industries (3-year, $1.1M TCV) and Westfield Group (2-year, $640K TCV).

Success
NPS improvement

Net Promoter Score increased from 42 to 61 following new client success programme launch.

Warning
Advisory pipeline

Advisory pipeline is thin for Q2. Three proposals outstanding, win rate historically 40%. Revenue risk if none convert.

Warning
Key person dependency

Lead Data Engineer sole owner of three critical system integrations. Succession plan not yet documented.


People

94Total Headcount
2New Hires Q1
0Departures Q1
61NPS Score

Staff retention remains strong. No departures this quarter. Two new hires onboarded and productive. Annual engagement survey scheduled for May — results to be presented at Q2 board meeting.


Risk Register — Top Items

Critical
Key person dependency

Lead Data Engineer holds critical system knowledge. Document integrations and identify backup by end of Q2.

Critical
Advisory revenue concentration

Advisory unit revenue declining. Single large client represents 60% of advisory revenue. Diversification required.

Warning
Acquisition execution risk

If Thornfield acquisition proceeds, integration will require management bandwidth. Capacity plan needed.

Warning
Cyber security posture

Annual penetration test scheduled for April. Previous test (2024) found 2 medium findings — both remediated.

Success
Regulatory change

New data handling requirements effective July 2026. Compliance gap assessment underway. Low impact expected.


Strategic Priorities — Status

Priority Owner Status On Track
Enterprise segment expansion CEO Two contracts won Q1. Pipeline strong.
Advisory practice transformation CCO New model defined. Launch Q3 2026.
Platform modernisation CTO Migration complete. Optimisation continues.
Thornfield acquisition CEO / CFO Due diligence in progress. Term sheet this meeting.
Engagement & retention programme COO Survey scheduled May. Framework approved.

VerdictSummary
Rating Label
strong Quarter Summary

A solid quarter. Revenue growth of 11% is ahead of the 8% full-year target, EBITDA margin has held despite planned investment in headcount and the platform migration. The advisory decline is managed and expected. Three items require board resolution — the Thornfield term sheet is the most time-sensitive, with exclusivity expiring 15 April. Recommend the board approve entry into exclusivity to preserve the opportunity while due diligence concludes.

Slate
Document
SubtitleQ1 2026 — Executive Summary
Profileboard-report
OrganisationMeridian Group
PeriodQ1 2026
Revenue$4.2M
Revenue Change+11%
Ebitda$890K
Ebitda Margin21%
Headcount94
Tagsboard, executive, quarterly-report, governance