Accordant Group – Half Year Financial Performance

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Updated as at June 2023

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Results for announcement to the market
Name of issuer Accordant Group Limited
Reporting Period 6 months to 30 September 2023
Previous Reporting Period 6 months to 30 September 2022
Currency
Amount (000s) Percentage change
Revenue from continuing
operations
$112,105 -8.85%
Total Revenue $112,105 -8.85%
Net profit/(loss) from
continuing operations
$1,164 -44.41%
Total net profit/(loss) $1,164 -44.41%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.04166667
Imputed amount per Quoted
Equity Security
$0.03000000
Record Date 17 November 2023
Dividend Payment Date 1 December 2023
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
-$0.59878870 -$0.32480235
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer Interim Financial Statements
Authority for this announcement
Name of person

authorised
to make this announcement
Tony Staub
Contact person for this
announcement
Tony Staub
Contact phone number +649 526 8797
Contact email address Tony.staub@accordant.nz
Date of release through MAP

27 October 2023

Unaudited financial statements accompany this announcement.

---

Accordant Group Limited
Level 6, 51 Shortland Street, Auckland
PO Box 105 675, Auckland 1143

Tel 09 526 8770
accordant.nz
MEDIA RELEASE
27 October 2023
Accordant Group reports revenue dip on pre-election uncertainty, alongside growth in AWF
• Revenue $112.1 million, down 8.8% on prior year
• 3% growth in Blue Collar revenue
• Net profit $1.16m
• Interim dividend 3.0cps (H2 FY23 3.0cps)
Recruitment group Accordant Group Ltd [NZX: AGL] is looking ahead to a more buoyant second half
now that election year uncertainties are resolved.
The group today reports a net profit of $1.16 million on revenue down 8.8% to $112.1 million.
Net bank debt reduced by $400,000.
CEO Jason Cherrington said the 30 September first half featured considerable publicity on the
prospect of cuts to public spending, prompting organisations to pause hiring intentions and slow
decision-making.
“The clarity in policy direction provided by the election outcome paves the way for more dependable
planning for the balance of our financial year,” Cherrington said.
Cherrington said executive search firm Hobson Leavy was tracking to expectations. Along with key
public sector interim executive and search recruiter JacksonStone, both are well-placed to participate
in what will most likely be a period of change in public and private sector leadership.
Blue-collar recruiter AWF lifted revenue by 3% and saw a close to 200% increase in the number of
employees trained and deployed in civil and infrastructure works.
Cherrington said this was expected to rise further during the spring and summer period that began in
October, while demand among the core manufacturing and engineering sectors was stable.
Absolute IT and Madison bore the largest impact of declining hiring intentions, with SEEK NZ’s
September Employment Report noting a 25% year-on-year reduction in job ads across the New
Zealand market.
Cherrington said concerns over recession and lower levels of business confidence affected the number
of support and admin roles sought during the first half.
Absolute IT underperformed against expectations and would be a key focus for the second half of the
year.
Ongoing digital skill shortages were exacerbated by fierce competition from Australia and other
countries.
“We’re simply not developing organic talent fast enough.”

Accordant Group Limited
Level 6, 51 Shortland Street, Auckland
PO Box 105 675, Auckland 1143

Tel 09 526 8770
accordant.nz

Proposed changes to immigration settings designed to address the shortage of tech talent is
encouraging, he said.
The Work Collective placed 150 candidates who had experienced some form of barrier to employment
with over 70 client partners.
The Board has declared a 3 cents per share interim dividend to be paid on 1 December to
shareholders on the register as of 17
th
November 2023.
Chair Simon Bennett said the dividend was at the more cautious end of the Board’s policy range and
reflected a prudent approach amidst economic fluctuations and the ongoing higher interest rate
environment.

Ends



Jason Cherrington For the Board:
Accordant Group Chief Executive Simon Bennett, Chairman

For further information, contact Jason Cherrington, Chief Executive:
021 781 389

---

for the six month period
ended 30 September 2023
Report
Interim

We need to remain
agile to ensure
we can flex with
changing market
conditions, whilst
playing to our
experience, scale,
and broad market
presence that is
unrivalled across
New Zealand.
Jason Cherrington,
Group CEO
CEO’S INSIGHTS 3
FINANCIAL STATEMENTS 8
DIRECTORY 21

Of course, it is not unusual for organisations
to characterise the financial year as one of two
halves, with seasonality impacting trends and
areas of focus, alongside significant events
disrupting best-laid plans and necessitating
both agility and adaptability.
It is perhaps a sign of the current times that
the last six months has in itself felt like a tale
of two halves, with a positive start to the year
across the group providing cautious optimism,
and then as the general election grew closer
and uncertainty over the outcome intensified,
there was a noticeable market shift in
confidence across both the public and private
sectors. This materialised as more of a “pause”
in hiring intentions and a slowdown in decision
making, rather than a permanent contraction.
I describe this as a “pause” because once clear
of the general election stagnation evident
across many markets, clarity in policy direction
paves the way for more dependable planning.
Whilst we are no different to any organisation
in that regard, the breadth of our services,
scale and broad client base means we have the
opportunity to make an impact regardless of the
government of the day across all the markets
we service, and that is where confidence in our
own purpose and relevancy remains high.
Whilst market trading conditions have
been notably inconsistent so far this financial
year, some of the sentiment conveyed at
our most recent shareholder meeting is now
starting to materialise.
The rebalancing of demand
and supply has begun in
many areas of the labour
market, following extensive
reporting of chronic candidate
shortages over the last three
years. Whilst the catalyst
for this began some time
ago, it is only in the last few
months that we have seen
more significant indicators
confirming the same.
Jason Cherrington,
Group CEO
CEO’s Insights
3
ACCORDANT GROUP INTERIM REPORT FY24

Group Revenue for the trading period was
down 9% against the prior year, with most of
the impact felt from a foreshadowed easing in
temporary and contracting placements across
the white-collar segment. Whilst the extent of
any public sector contraction remains to be
seen, we are certain the relevancy of a flexible
and contingent workforce at such times can
play a much bigger part in ensuring work gets
done. Also key in supporting the ongoing
delivery of key projects, initiatives and
services is the need to secure the best talent
in what will most likely be a period of change
in public sector leadership.
Despite some revenue contraction and an
increase in interest charges following the
acquisition of Hobson Leavy in January 2023,
net cash generated from operational activities
has remained strong, enabling a reduction in
Net Bank Debt of $400k over the period after
paying the FY23 Final Dividend of $1.07m and
Income tax of $1.33m.
Strong cost management and appropriate
operational changes have helped reduce our
administrative costs compared to last year,
and whilst the six months’ NPAT is a much
improved $1.2m against the prior six months’
run rate, it is below last year’s outturn of
$2.0m on the same period.
JacksonStone has demonstrated some
resilience in comparison to other suppliers
into the public sector market and are expected
to successfully navigate through the next
six months despite any short-term pre-
election softening in demand. The quality and
consistent flow of new roles remains high and
they are well placed to capitalise on senior
government appointments alongside their
strong private sector work. Our Maori practice
continues to perform extremely well.
It is a similar story at Hobson Leavy where
a fully retained model has helped deliver
a pleasing 33% increase on retained fees
so far this year across the private and
public sector. Hobson Leavy are tracking to
expectation at this stage of the year and with
suggested business confidence across the
private sector increasing, look to maximise
on that opportunity across key leadership
appointments. Their well established and
deep relationships across the private
sector has become even more evident
post-acquisition, which has helped create
opportunities for further collaboration across
our wider group of businesses and in turn
for the benefit of our clients.
I am equally encouraged by the growth
indicators in AWF and as mentioned at our
shareholder meeting, we have started to see
the hard work and directional change provide
a renewed confidence in the business. This
has translated into a 3% increase in revenues
like for like across our blue-collar segment.
Our growth focus on civil and infrastructure
works, as well as weather event recoveries,
have seen a close to 200% increase in the
Whilst market trading conditions
have been notably inconsistent so
far this financial year, some of the
sentiment conveyed at our most
recent shareholder meeting is now
starting to materialise.
4
ACCORDANT GROUP INTERIM REPORT FY24

number of employees we have trained and
deployed into these areas. The spring and
summer season that builds up from early
October is likely to accelerate these numbers.
Our core manufacturing and engineering
clients, particularly in the metropolitan centres,
have mostly remained stable in a climate
where pre-election spending belts have been
tightened for several months.
Availability of local quality candidates has
also improved and coupled with our migrant
workforce, AWF’s fill ratio and time to fill
metrics continue to improve exponentially.
The summer peak period will be a litmus
test on how “normal” the market conditions
really are, but it does feel good to see more
general candidate availability after many
years of the converse.
Our purposeful focus around Health, Safety
and Wellbeing continues to highlight an
industry leading best practice approach that is
apparent throughout the entire organisation.
Whether that be using technology as an
enabler for better qualitative interactions or
creating compelling training content that is
engaging, inclusive and meaningful to all our
people, we are always finding better ways to
drive improvement off what has now become
a very high base.
Absolute IT and Madison bore the biggest
impact of hiring intention decline across
New Zealand, with job adverts reducing by
approximately 25% year on year across the
New Zealand job market, according to SEEK
NZ's September Employment Report.
Absolute IT has however under-performed
against expectation and the investment made
in some areas has not been realised to date.
Historically we would start to see a return
from new consultant hires post a 12-month
period and whilst this traditional IT recruitment
channel continues to face ongoing digital
skill shortages it has had the opportunity to
perform much better than the current delivery
suggests. For my part I am disappointed we
have not yet achieved our potential, and thus it
remains a key focus for the second half of the
year as we look to enable a more significant
and sustainable result for the business.
Considerable growth is still expected within
the tech sector over the next ten years, and we
must remain capable of delivery as the industry
and government look for a more permanent
solution to tech talent shortages at all levels.
Proposed immigration setting changes and
specific visa categories designed to attract
global talent signaled over the coming months
are an encouraging indication of intent.
For Madison, the first half of FY24 saw a
dip in the number of support roles being
recruited across the country with more caution
around recruitment spend as many businesses
faced concerns about the recession and lower
levels of business confidence. At various times
throughout the first half of the year many
private sector businesses either pared back
Strong cost management
and appropriate operational
changes have helped reduce
our administrative costs
compared to last year.
5
ACCORDANT GROUP INTERIM REPORT FY24

growth strategies or froze hiring altogether.
Support and administration roles saw the
biggest impact with many businesses
cutting back costs in this space or choosing
to recruit internally, at least initially, rather
than via an agency.
Whilst the government sector also slowed
for Madison with reduced spend on
contractors and an increased lens on cost
in the lead up to the general election, we
have more recently secured contracts in our
contingent solutions team and expect this to
grow as the public sector look for alternative
models and ways of managing changes in
demand with more fluidity and less financial
risk. These opportunities provide for a more
cautiously optimistic second half of FY24.
Social purpose becomes even more
relevant during times of economic challenge.
I am delighted that The Work Collective
placed 150 candidates, each of whom
have experienced some form of barrier to
employment, into more than 70 client partners
so far this year. This is well ahead of last
year and we continue our efforts facilitating
opportunities for individuals to explore
work in a range of industry sectors and
environments, building their experience,
confidence, and skills.
In June we launched Talent Development
@ The Work Collective, which provides
The Work Collective’s candidates with access
to paid training and upskilling.
Looking to the future there is a predicted rise
in unemployment from its current level of
3.6% as at the end of the June 2023 quarter,
and The Work Collective remains relevant in
the market to both candidates and clients.
As more individuals face unemployment,
those who are marginalised or excluded from
meaningful work in the labour market are likely
to become more disadvantaged.
Clients continue to look for innovative and
tailored solutions that resolve their staffing
challenges. Working in partnership with our
Accordant brands and The Work Collective,
organisations can achieve measurable social
impact while improving their delivery of
diversity and inclusion goals. This provides
direct benefit to our communities and
New Zealand as we build a more inclusive
workforce together, and as we strive to be
part of the solution to broader, complex
environmental, social, and governance
outcomes.
Similarly, in regard to environmental change,
we have been intentional with some
purchasing decisions, and we are pleased
that our continued digitalisation of service
delivery processes reduces our footprint, in
addition to the efficiency benefits gained.
We are formalising our response to climate
risks, beginning with the achievement of
our carbon reduction certification through
the Toitu Envirocare programme this year.
Concurrently we are examining our risks
Clients continue to look
for innovative and tailored
solutions that resolve their
staffing challenges.
6
ACCORDANT GROUP INTERIM REPORT FY24

and opportunities with consideration of
the sectors and regions we supply to. As
with many organisations who are moving
on to adaptation and transition plans, it is a
considered effort, and we expect to publish
our action plan before the next reporting
period.
We need to remain agile to ensure we can
flex with changing market conditions, whilst
playing to our experience, scale, and broad
market presence that is unrivalled across
New Zealand.
ANZ’s Business Confidence Index trended up
in September, whilst Westpac’s quarterly index
reported that employment confidence among
workers dropped to its lowest point since
December 2020. In August this year, according
to the Seek NZ Employment Report job ads
increased for the first time since March. These
inconsistencies, driven by historic uncertainty
and polarising pre-election activity are
expected to dissipate as we look to more clear
air ahead for both our clients and our teams.
Ongoing investment in people, tools and
technology remains key to ensuring our
resilience is bolstered in variable market
conditions. Our cost management and
efficiency programmes ensure we continue to
consolidate where opportunities exist, reduce
operational costs through shared resources,
and invest to retain key capability and talent,
which plays a critical part in our return to
growth plans in the near term.
To this end we have considered our dividend
policy range and approach, prudent cashflow
management and to what extent the full year
performance outlook could provide a positive
final dividend payment at year end.
The Board have therefore announced an
interim dividend payment at the more cautious
and lower end of the range for this period, a
fully imputed 3.0 cents per share to be paid on
1st December 2023.
Reflecting on the first half of the year, it is
clear that people are at the heart of what
we do each and every day. The adaptability,
resilience and commitment of our people over
the last few years is greatly valued, as is the
meaningful engagement we have across our
deep client base. Both remain key components
in our strategy as we navigate the ongoing
evolution of New Zealand’s social, economic,
and political landscape and deliver on our
full potential.
Our outlook for the second half of the year is
positive, as we continue to focus on providing
flexible and dependable people solutions to
clients, enabling them to achieve their varied
goals and deliver on their own strategic plans.
Jason Cherrington,
CEO
Ongoing investment
in people, tools and
technology remains key
to ensuring our resilience
is bolstered in variable
market conditions.
7
ACCORDANT GROUP INTERIM REPORT FY24

Financial
Statements.

Accordant Group Limited
Condensed consolidated statement of comprehensive income
For the six month period ended 30 September 2023 (unaudited)
GROUP
6 months to
30 September
2023
(unaudited)
6 months to
30 September
2022
(unaudited)
$’000$’000
Revenue from contracts with customers
112,105122,994
Investment revenue
6612
Direct costs
(1,120)(1,029)
Employee benefits expense
(59,075)(64,079)
Contractor costs
(41,508)(47,427)
Depreciation and amortisation expense
(2,391)(2,287)
Other operating expenses
(5,078)(4,556)
Finance costs
(1,370)(651)
Profit before tax
1,6292,977
Income tax expense
(465)(883)
Profit for the period
1,1642,094
Other comprehensive income for the period
––
Total comprehensive income for the period
1,1642,094
Profit for the period income is attributable to equity holders of the Group
1,1642,094
Total comprehensive income is attributable to equity holders of the Group
1,1642,094
Earnings per share
Total basic earnings per share (cents/share)
3.46.2
Total diluted earnings per share (cents/share)
3.46.2
The notes to the interim condensed consolidated financial statements form an integral part of these financial statements
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY24
9

Accordant Group Limited
Condensed consolidated statement of financial position
For the six month period ended 30 September 2023 (unaudited)
The notes to the interim condensed consolidated financial statements form an integral part of these financial statements
GROUP
30 September
2023
(unaudited)
30 September
2022
(unaudited)
31 March 2023
(Audited)
$’000$’000$’000
Assets
Non-current assets
Property, plant and equipment2,3512,6002,730
Right of use assets6,2575,9787,038
Intangible assets – goodwill42,55338,06842,553
Intangible assets – other15,96911,83916,612
Total non-current assets67,13058,48568,933
Current assets
Cash and cash equivalents3,3602,5171,954
Trade and other receivables22,51524,92523,771
Contract assets287192221
Total current assets26,16227,63425,946
Total assets93,29286,11994,879
Equity and liabilities
Non-current liabilities
Deferred tax liabilities2,7901,3082,929
Borrowings24,50015,00023,500
Lease liabilities4,4704,5145,374
Contingent consideration2,648–2,648
Total non-current liabilities34,40820,82234,451
Current liabilities
Trade and other payables20,46924,39821,399
Contract liabilities222345314
Taxation payable3781,0351,108
Provisions540437582
Lease liabilities2,4632,1802,439
Total current liabilities24,07228,39525,842
Total liabilities58,48049,21760,293
Net assets34,81236,90234,586
Capital and reserves
Share capital30,86830,86830,868
Treasury shares(804)(804)(804)
Group share scheme reserve581325448
Retained earnings4,1676,5134,074
Total equity34,81236,90234,586
For and on behalf of the Board who authorise the issue of the financial statements on 27 October 2023:
SIMON BENNETT, Chair LAURISSA COONEY, Chair, Audit & Risk Committee
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY24
10

Accordant Group Limited
Condensed consolidated statement of changes in equity
For the six month period ended 30 September 2023 (unaudited)
GROUP
Share
capital
Treasury
shares
Group share
scheme
reserve
Retained
earnings
(restated)
Total
equity
$’000$’000$’000$’000$’000
Period ended 30 September 2022
Balance at 1 April 2022
30,868(804)2826,34936,695
Comprehensive income
Profit for the period
–––2,0942,094
Other comprehensive income
–––––
Total comprehensive income
–––2,0942,094
Transactions with shareholders
Dividends paid
–––(1,987)(1,987)
Treasury shares acquired
––(57)57–
Share based payments
––100–100
Total transactions with shareholders
––43(1,930)(1,887)
Balance at 30 September 2022
30,868(804)3256,51336,902
Period ended 30 September 2023
Balance at 1 April 2023
30,868(804)4484,07434,586
Comprehensive income
Profit for the period
–––1,1641,164
Other comprehensive income
–––––
Total comprehensive income
–––1,1641,164
Transactions with shareholders
Dividends paid
–––(1,071)(1,071)
Share based payments
––133–133
Total transactions with shareholders
––133(1,071)(938)
Balance at 30 September 2023
30,868(804)5814,16734,812
The notes to the interim condensed consolidated financial statements form an integral part of these financial statements
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY24
11

Accordant Group Limited
Condensed consolidated statement of cashflows
For the six month period ended 30 September 2023 (unaudited)
GROUP
6 months to
30 September
2023
(unaudited)
6 months to
30 September
2022
(unaudited)
$’000$’000
Cashflows from operating activities
Receipts from customers
113,592124,370
Payments to suppliers and employees
(108,141)(117,843)
Net cash generated from operations
5,4516,527
Net receipts from government grants
55417
Interest paid on bank overdrafts and loans
(1,104)(469)
Interest paid on lease liabilities
(130)(170)
Income taxes paid
(1,334)(2,441)
Net cash from operating activities
2,9383,864
Cashflows from investing activities
Purchase of property, plant and equipment
(85)(185)
Net cash (used in)/from investing activities
(85)(185)
Cashflows from financing activities
Repurchase of issued share capital
––
Dividends paid to shareholders
(1,071)(1,987)
Proceeds from borrowings
1,000–
Repayment of borrowings
–(3,000)
Payment of principal on lease liabilities
(1,376)(1,147)
Net cash from/(used in) financing activities
(1,447)(6,134)
Net increase/(decrease) in cash held
1,406(2,455)
Cash and cash equivalents at start of the period
1,9544,972
Net cash and cash equivalents at end of the period
3,3602,517
The notes to the interim condensed consolidated financial statements form an integral part of these financial statements
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY24
12

Accordant Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2023 (unaudited)
REPORTING ENTITY
Accordant Group Limited is a Company limited by
shares, incorporated and domiciled in New Zealand
and registered under the Companies Act 1993 and
listed on the NZX. The address of its registered
office and principal place of business is disclosed
in the directory to the interim report. The principal
services of the Group are the supply of temporary
staff, contractor resource and recruitment of
permanent staff.
BASIS OF PREPARATION
The interim condensed consolidated financial
statements are for Accordant Group Limited (‘the
Company’) and its subsidiaries (collectively referred
to as ‘the Group’) and have been prepared:
• in accordance with IAS 34 Interim Financial
Reporting and NZ IAS 34 Interim Financial
Reporting;
• in accordance with the requirements of
the Financial Market Conduct Act 2013, the
Companies Act 1993, and the NZX listing rules;
• on the basis of historical cost, on the basis of
historical cost, as modified by revaluations to fair
value for certain classes of assets and liabilities as
described in the accounting policies; and
• on a going concern basis, which contemplates
continuity of normal business activities, the
realisation of assets, and the settlement of
liabilities in the ordinary course of business; and
• in New Zealand dollars (which is the Group’s
functional and presentation currency), with
values rounded to thousands ($000) unless
otherwise stated.
The interim condensed financial statements
were authorised for issue by the directors on
27 October 2023.
The interim condensed consolidated financial
statements do not include all the information
and disclosures required in the annual financial
statements, and should be read in conjunction with
the Group’s annual financial statements for the year
ended 31 March 2023.
The accounting policies used in preparation of these
interim condensed consolidated financial statements
are consistent with those used in the Group’s annual
financial statements for the year ended 31 March
2023, except for the adoption of any new standards
effective as of 1 April 2023, and the early adoption of
any other standard, interpretation or amendment that
has been issued but is not yet effective.
All mandatory new standards and amendments and
interpretations to existing standards that came into
effect during the current accounting period have
been adopted in the current year.
There are a number of new standards and
amendments to standards and interpretations
that are not yet effective for the year beginning
interpretations that are not yet effective for the year
beginning 1 April 2023.
None of these new and amendments to standards
and interpretations have been early adopted by the
Group in preparing these financial statements or been
identified as having a material effect on the Group’s
financial statements in future.
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY24
13

Accordant Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2023 (unaudited)
SEGMENT INFORMATION
The Chief Operating decision maker is the Group
Chief Executive.
The Group has two defined Reporting Segments:
• AWF and The Work Collective – Contingent
Blue Collar Labour Hire associated with
infrastructure, logistics, manufacturing, technical
and construction. TWC provides opportunities for
those who face barriers to employment.
• Madison Recruitment, Absolute IT, JacksonStone
& Partners, and Hobson Leavy – White Collar
Contingent temporary employees and contractors
together with Permanent Recruitment and
Executive Search associated with professional and
managerial positions including technology and
digital business sectors.
Within the White Collar Reporting Segment are four
(4) operating segments:
• Madison Recruitment
• Absolute IT
• JacksonStone & Partners
• Hobson Leavy
These operating segments have been aggregated
on the basis that they have similar economic
characteristics; the nature of services offered, the
processes and customers are substantially the same,
and strategic decisions are made in conformity over
all four brands.
The Group’s reportable segments have been
identified as follows:
• AWF and TWC
• Madison, Absolute IT, JacksonStone & Partners
and Hobson Leavy
The Corporate office function reported as ‘Central
administration costs and director fees’ provides
governance, compliance, audit, public accountability,
Group Funding, accounting, information technology,
human resources, and marketing expertise. Revenue
derived is incidental to the Group activities. The
Corporate office function is not an operating segment
and is not part of one of the reportable segments.
These segments have been determined on the
basis, of the trading brands that operate under each;
that discrete financial information is available for
these segments; and that their operating results are
regularly reviewed by the Group’s chief operating
decision maker.
AWF and The Work Collective
The ‘Blue Collar’ segment operates branches under
the brand names AWF (throughout New Zealand)
and Select (Dunedin). These brands primarily derive
their revenues from temporary staffing services to
industry. The Work Collective leverages off AWF’s
infrastructure and network.
Madison, Absolute IT, JacksonStone & Partners and
Hobson Leavy
The ‘White Collar’ segment operates branches under
the brand names Madison Recruitment, Madison
Force, Absolute IT, Jackson Stone & Partners and
Hobson Leavy in major cities throughout New
Zealand. These brands derive their revenues from
staffing services across temporary, contract,
permanent and executive search, principally in the
commerce sector.
All revenues from external customers, and non current
assets other than financial instruments, deferred tax
assets, post employment benefit assets, and rights
arising under insurance contracts are attributed to the
Group’s country of domicile.
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY24
14

Accordant Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2023 (unaudited)
Segment revenueSegment profit
6 months
to 30
September
2023
(unaudited)
6 months
to 30
September
2022
(unaudited)
6 months to
30 September
2022
(unaudited)
6 months to
30 September
2022
(unaudited)
SEGMENT REVENUE AND RESULTS$’000$’000$’000$’000
Continuing operations
AWF and The Work Collective39,83338,501555328
Madison, Absolute IT, JacksonStone &
Partners and Hobson Leavy72,27284,4933,2724,561
Total for continuing operations112,105122,9943,8274,889
Investment revenue6612
Central administration costs and directors fees(894)(1,273)
Finance costs(1,370)(651)
Profit/(loss) before tax1,6292,977
Income tax expense(465)(883)
Profit for the year1,1642,094
Revenue reported above represents revenue generated from external customers. Inter segment sales in the
year were $33,000 (2022: $56,000) and have been eliminated from the above table.
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY24
15

Accordant Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2023 (unaudited)
The accounting policies of the reportable segments are the same as the Group’s accounting policies
described in this report. Segment profit represents the profit earned by each segment without allocation of
central administration costs and directors’ fees, investment revenue, finance costs, and income tax expense.
This is the same measure reported to the chief operating decision maker for the purpose of resource
allocation and assessment of segment performance.
30 September
2023
(unaudited)
30 September
2022
(unaudited)
31 March
2023
(Audited)
SEGMENT ASSETS
$’000$’000$’000
AWF and The Work Collective
26,20124,43124,831
Madison, Absolute IT, JacksonStone & Partners
and Hobson Leavy
66,21660,87368,419
Total segment assets
92,41785,30493,250
Unallocated assets
8758151,629
Total assets
93,29286,11994,879
For the purposes of monitoring segment performance and allocating resources between segments,
the chief operating decision maker monitors the tangible, intangible and financial assets attributable to
each segment. All assets are allocated to reportable segments other than cash, cash equivalents and
tax assets of the parent.
30 September
2023
(unaudited)
30 September
2022
(unaudited)
31 March
2023
(Audited)
SEGMENT LIABILITIES$’000$’000$’000
AWF and The Work Collective8,8288,2838,192
Madison, Absolute IT, JacksonStone & Partners
and Hobson Leavy20,52725,02021,780
Total segment liabilities29,35533,30329,972
Unallocated liabilities29,12515,91430,321
Total liabilities58,48049,21760,293
For the purposes of monitoring segment performance and allocating resources between segments,
the chief operating decision maker monitors the liabilities attributable to each segment. All liabilities are
allocated to reportable segments other than bank loans and tax liabilities of the parent.
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY24
16

6 months to
30 September
2023
(unaudited)
6 months to
30 September
2022
(unaudited)
6 months to
30 September
2023
(unaudited)
6 months to
30 September
2022
(unaudited)
OTHER SEGMENT INFORMATION$’000$’000$’000$’000
Depreciation
and amortisationImpairment
AWF and The Work Collective
662708––
Madison, Absolute IT, JacksonStone &
Partners and Hobson Leavy
1,7291,579––
Unallocated
––––
Total
2,3912,287––
Non-current
assets
Net additions to
non-current assets
AWF and The Work Collective
14,70014,923(349)85
Madison, Absolute IT, JacksonStone &
Partners and Hobson Leavy
52,42843,562609155
Unallocated
––––
Total
67,12858,485260240
Employee
benefits
Contractor
costs
AWF and The Work Collective
35,08234,44422172
Madison, Absolute IT, JacksonStone &
Partners and Hobson Leavy
22,56428,11641,28747,355
Unallocated
1,4291,519––
Total
59,07564,07941,50847,427
Accordant Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2023 (unaudited)
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY23
17

GROUP
6 months to
30 September
2023
(unaudited)
6 months to
30 September
2022
(unaudited)
REVENUE FROM CONTRACTS WITH CUSTOMERS
$’000$’000
Revenue earned on temporary placements
– AWF and The Work Collective
38,90237,053
– Madison, Absolute IT, JacksonStone & Partners and Hobson Leavy
52,96265,249
Total revenue earned on temporary placements
91,864102,302
Revenue earned on permanent placements
– AWF and The Work Collective
533854
– Madison, Absolute IT, JacksonStone & Partners and Hobson Leavy
6,0286,053
Total revenue earned on permanent placements
6,5616,907
Revenue earned on a retained basis
– Madison, Absolute IT, JacksonStone & Partners and Hobson Leavy
3,8452,896
Total revenue earned on a retained basis
3,8452,896
Other service revenue
– AWF and The Work Collective
398593
– Madison, Absolute IT, JacksonStone & Partners and Hobson Leavy
9,43710,296
Total other service revenue
9,83510,889
Total revenue
112,105122,994
GEOGRAPHICAL INFORMATION
The Group operates in one geographical area,
New Zealand (country of domicile). All revenues from
external customers, and non-current assets other
than financial instruments, deferred tax assets and
post-employment benefit assets are attributable to
the Group’s country of domicile.
INFORMATION ABOUT CUSTOMERS
No one customer accounts for more than 10.0% of
the Group’s revenue and therefore the Group does
not have a reliance on its major customers (for the
six month period ended 30 September 2022, no
one customer accounted for more than 10.0% of the
Group’s revenue and therefore the Group does not
have a reliance on its major customers)
Accordant Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2023 (unaudited)
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY23
18

Accordant Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2023 (unaudited)
GROUP
RECONCILIATION OF NET PROFIT AFTER TAX TO CASH FLOWS
FROM OPERATING ACTIVITIES
6 months to
30 September
2023
(unaudited)
6 months to
30 September
2022
(unaudited)
$’000$’000
Net profit after income tax
1,1642,094
Adjustments for operating activities non-cash items:
Depreciation and amortisation
2,3912,286
Loss/(Gain) on disposal of property, plant and equipment
7(5)
Movement in doubtful debts provision plus bad debt write off
in current year
42(1)
Movement in deferred tax
(139)(342)
Equity-settled share-based payments
133100
Interest on contingent consideration to the vendor of Hobson Leavy
69–
Total non-cash items
2,5032,038
Movements in working capital
(Increase)/decrease in trade and other receivables, and contract assets
1,345849
Increase/(decrease) in trade and other payables, contract liabilities
and provisions
(1344)98
Increase/(decrease) in taxation payable
(730)(1,215)
Total movement in working capital
(729)(268)
Cash flow from operating activities
2,9383,864
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY24
19

Accordant Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2023 (unaudited)
DIVIDENDS PAID
On 27 October 2023 the directors resolved to declare
a fully imputed interim dividend for the year ended
31 March 2024 of 3.0 cents per share (total dividend
$1,085,348) to be paid on 1 December 2023 to all
shareholders registered on 17 November 2023. The
dividend reinvestment plan is not being offered on
this distribution.
On 29 May 2023 the directors approved the payment
of a fully imputed final dividend for the year ended
31 March 2023 of 3.0 cents per share (total dividend
of $1,071,248) to be paid on 30 June 2023 to all
shareholder registered on 16 June 2023. The dividend
reinvestment plan was not offered on this distribution.
On 26 October 2022 the directors resolved to declare
a fully imputed interim dividend for the year ended
31 March 2023 of 6.2 cents per share (total dividend
$2,214,532) to be paid on 1 December 2022 to all
shareholders registered on 18 November 2022. The
dividend reinvestment plan was not offered on this
distribution.
FINANCIAL INSTRUMENTS
The carrying amounts of financial instruments at
balance date approximate the fair value at that date.
BUSINESS COMBINATIONS HOBSON LEAVY
Following on from the disclosures in the Group’s
annual financial statements for the year ended 31
March 2023, as at 30 September 2023, there has
been no material change in the Group’s estimate of
the Earnings before Interest, Tax, Depreciation and
Amortisation (‘EBITDA’) to the previous owners of
Hobson Leavy Limited (‘Hobson Leavy’) under the
contingent consideration arrangement for Earn out
tranche 1 and 2 . The future value of the contingent
consideration arrangement remains at $2.648m.
CONTINGENT LIABILITIES
The Bank has issued six guarantees on behalf of
the Group totaling $862,000 (2022: $534,000) in
support of 5 property leases (2022: 4) and a surety
bond to the NZX.
There were no other contingent liabilities as at
30 September 2023.
EVENTS SUBSEQUENT TO REPORTING DATE
Interim dividend
On 27 October 2023 the directors approved
the payment of a fully imputed interim dividend of
$1,085,348 (3.0 cents per share) to be paid on
1 December 2023.
Other
There were no other material events subsequent to
reporting date.
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY24
20

Registered Office
Level 6, 51 Shortland Street
Auckland 1010
Ph: 09 526 8770
Mailing address
PO Box 105 675
Auckland 1143
Directors
Simon Bennett (Chairman and
Non-Independent Director)
Simon Hull (Non-Independent Director)
Nicholas Simcock (Independent Director)
Laurissa Cooney (Independent Director)
Richard Stone (Independent Director)
Auditor
Deloitte Limited
Deloitte Centre
80 Queen Street
PO Box 33
Auckland
Phone: +64 9 309 4944
Fax: +64 9 309 4947
ACCORDANT GROUP INTERIM REPORT FY24
Solicitors
Minter Ellison Rudd Watts
PwC Tower
15 Customs Street West
PO Box 105 249, Auckland 1143
New Zealand
DX CP24061
Phone: +64 9 353 9700
Fax: +64 9 353 9701
Share Registry
Link Market Services
Level 30, PwC Tower
15 Customs Street West
Auckland
New Zealand
PO Box 91976
Ph: +64 9 375 5998
or: 0800 377 388
21
Directory.

Registered Office of
Accordant Group Limited
Level 6, 51 Shortland St
PO Box 105 675
Auckland 1143
Ph: 09 526 8770
accordant.nz