Accordant Group - FY25 Half Year Financial Performance

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

Tel 09 526 8770
accordant.nz
NZX release
30 October 2024
Accordant Group posts first half loss, anticipates market recovery.
• Revenue $88.9 million and NPAT $(1.4) million
• Net operating cashflow $1.3 million
• Executive Search demand increases

Accordant Group Limited (NZX: AGL) today announces a $1.4 million Net Profit after Tax loss for the
six months to 30 September 2024.
Revenue for the first half fell by 21%, offset in part by a significant reduction in operating expenses.
Accordant Group CEO Jason Cherrington said the down cycle of economic activity had been unusually
protracted and marked by an absence of the pivot from permanent to temporary recruitment seen
during previous slowdowns.
“However, in common with most businesses we anticipate recovery in business and consumer
confidence as monetary policy easing delivers further interest rate reductions.” Cherrington said.
“We have not subscribed to a ‘Survive till ‘25’ mentality but instead have been focused on positioning
all the Group’s businesses to respond to meet conditions by sector and by region, so that we are able
to seize demand growth wherever it occurs.”
The Accordant Board has resolved not to pay a dividend, with a focus on return to profitability, modest
investment and reduction in debt where possible.
Cherrington said central government austerity measures and subdued demand for roles across many
sectors continued to mirror growing unemployment statistics.
Madison Recruitment saw right-sizing activity across the market amid job-hunting inertia and a
business sector focus on retaining talent. Emphasis was being given to mid-senior specialist and senior
managerial recruitment, where increased capability is expected to lift the average permanent
placement fee over the next 12 months.
Absolute IT is now appropriately sized for the current reduced demand for tech talent, whilst retaining
enough capacity to deliver on pent up demand expected to materialise next financial year.
Revenue at JacksonStone & Partners was impacted heavily by public sector cost reduction and the
delivery team has been moderately reduced. The business remains busy with demand from non-
central government sources such as local government, infrastructure and NGOs.
Executive search agency Hobson Leavy experienced a slowdown during the first quarter, but a return
to encouraging demand levels across many industries during the second, as business sentiment points
to a more positive economic outlook.

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

Tel 09 526 8770
accordant.nz

AWF’s revenue was down 5.1% as the number of its field employees nationally fell compared to the
first half of FY2024, whilst producing a better return. As weather-dependent work ramps up and some
infrastructure projects start to see government funding released, AWF’s deployed field worker numbers
are expected to trend upwards over the coming months.
“Our local presence, national reach and our breadth of service ranging from traditional to highly
customised solutions, still positions us as the key partner of choice. Our business units are looking
ahead and reorganising to meet the expected uplift in demand.” Cherrington said.

ENDS


Jason Cherrington For the Board:
Group CEO Simon Bennett, Chair

For further information contact Jason Cherrington +64 21 781 389.

---

Template
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at June 2023

Please do not amend or delete individual rows. As this template relates to prescribed content, changes to content
should only be made where it is clearly indicated that this is permitted, otherwise, if an Issuer considers a particular
element does not apply, mark the row as N/A, Any other changes to this prescribed form must first be approved by
NZX as required under NZX Listing Rule 3.26.1.

Results for announcement to the market
Name of issuer Accordant Group Limited
Reporting Period 6 months to 30 September 2024
Previous Reporting Period 6 months to 30 September 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$88,909 -20.69%
Total Revenue $88,909 -20.69%
Net profit/(loss) from
continuing operations
($1,438) -223.54%
Total net profit/(loss) ($1,438) -223.54%
Interim/Final Dividend
Amount per Quoted Equity
Security
The Board has resolved not to pay an interim dividend
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
-$0.64616211 -$0.59878870
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to Interim Financial Statements
Authority for this announcement
Name of person

authorised
to make this announcement
Rod Hyde
Contact person for this
announcement
Rod Hyde
Contact phone number +64 9 526 8797
Contact email address rod.hyde@accordant.nz
Date of release through MAP

30/10/2024
Unaudited financial statements accompany this announcement.

---

Interim Report
for the six month period
ended 30 September 2024

Our local presence,
national reach
and our breadth of
service ranging from
traditional to highly
customised solutions,
still positions us
as the key partner
of choice.
Jason Cherrington,
Group CEO
CEO’S INSIGHTS – 3
FINANCIAL STATEMENTS – 8
DIRECTORY – 21

CEO’s Insights
Jason Cherrington, Group CEO
3

For the first time since March 2021,
consumer price inflation has now fallen
back within the Reserve Bank of New
Zealand's target range of 1% and 3% over the
medium term, to an annual 2.2% increase
in the September 2024 quarter. Current
and predicted OCR cuts signal how tough
the economic climate really has been. The
necessity for monetary policy to correct
inflation has clearly had a significant effect
on both the labour market and general
growth. Current monetary policy easing
now looks likely to stimulate the converse as
business sentiment and investment, alongside
increased consumer spending, become key
as we enter the summer months.
As a seasoned staffing business, we are
accustomed to riding the ebbs and flows
of economic cycles as part and parcel of
our industry. The fact that there is reduced
demand during an economic downturn is not
anything new. The difference with this cycle
though is how protracted it has been across
both permanent and temporary recruitment.
Economic impacts usually result in a swing
from permanent hiring towards temporary
and contingent hiring, however that swing has
not yet come. The external factors have been
particularly protracted over the last 18 months,
and we have not seen such subdued demand
across government and private sectors
concurrently for many years, if at all.
As I reflect on the last six
months’ trading environment,
we are in a period that has
most likely seen New Zealand’s
current economic recession
bottom out. The unemployment
rate for the June 2024 quarter
was 4.6% against 3.6% the prior
year, and people receiving
Jobseeker Support was up
12.8% at the end of September
2024 when compared to
September 2023. The data
shows a record number of
people, nearly 400,000, are
now on some form of benefit*.
CEO’s Insights
*Source: MSD Benefit Fact Sheets Snapshot September 2024
4
ACCORDANT GROUP INTERIM REPORT FY25

It is against this challenging backdrop that we
unsurprisingly report our H1 Group Revenue
down 21% against the prior year, most notably
in our white-collar segment and driven, in part,
off the back of the Government sector's own
austerity measures as noted at our Annual
General Meeting earlier this year.
While each business has been navigating
the challenges of H1, they have also been
looking further ahead and reorganising in a
way that will ensure they have the capability
and capacity to match the pace of future
lifting demand.
Our continual focus on cost management has
seen a significant decrease in overall operating
expenditure compared to this time last
year, with net cash from operating activities
remaining positive at $1.3m. We expect to see
further operating expenditure reductions as
we manage through the second half of the
year, without compromising our well-regarded
delivery capability across all brands.
Revenue for generalist recruiter Madison
has held so far this year. Temporary staffing
revenue saw an increase of 8% against the
same trading period last year, where our
volume/projects team has fared well due to
their ability to scale up staffing on a just in
time basis across a number of client projects.
However, with the continual government
reduction in spending and the lack of business
confidence manifesting into right-sizing
activity across the market, alongside limited
market movement due to retention of key
talent and job-hunting inertia, revenue from
permanent staffing services was under half of
that in the same period last financial year.
To complement our executive recruitment
businesses, the strategic focus for Madison
has been on building bench strength in
mid-senior specialist and senior managerial
recruitment. We expect this specific
investment to lift the average permanent
placement fee in the coming 12 months.
We have also strategically invested to build
a health channel using our existing
infrastructure and personnel, a greenfield
operation tailored to meet the specific needs
of the health industry.
For specialist IT recruiter Absolute IT, the
year started off the back of considerable
change, a necessary transition in response
to declining demand for tech talent after
an incredibly heated job market in the year
following the emergence of Covid-19.
The recalibration to current demand whilst
positioning to capitalise from remaining
pent-up demand continued in the first quarter
of the year and our delivery team has been
appropriately sized to manage costs against
that slower pace of hiring requirements.
We expect to cautiously rebuild delivery
team numbers as demand sufficiently returns
whilst ensuring the underperformance of the
business noted previously is also not repeated
during more favourable market conditions.
As a seasoned staffing
business, we are accustomed
to riding the ebbs and flows
of economic cycles as part
and parcel of our industry.
5
ACCORDANT GROUP INTERIM REPORT FY25

With a lot of media attention on the public
sector’s cost reduction measures, it is
unsurprising that JacksonStone & Partners
revenue has been heavily impacted,
most significantly in contracting revenue.
The delivery team has been moderately
reduced accordingly.
A strong and experienced core team
remains busy with revenues outside of
central government constraint such as local
government, infrastructure and other NGO
demand. We have held sufficient capacity to
manage what is likely a slow return of usual
demand overall in the public sector and a more
significant return of private sector demand.
Executive Search firm Hobson Leavy, whilst
experiencing a slowdown in the first quarter,
have seen a return to demand at levels that
are encouraging for the second half of the
year. What is also encouraging is the spread
of executive level demand across many
differing industries.
This growing pipeline has necessitated the
addition of another Partner into the business,
and we are pleased to have made the
appointment through our own internal talent
development program.
AWF’s clients based in the regions have
this year managed their headwinds through
dropping their staffing levels to a greater
degree compared to last year’s headcounts.
Nationally, the number of field employees on
assignment for AWF decreased compared
to H1 FY24 and revenues saw a 5.1% decline,
whilst still producing a better return than
prior year.
However, with some of the weather dependent
work naturally ramping up at this time, and
highly anticipated infrastructure projects
expected to see government funding finally
released, placement numbers are trending
upwards for the second half of the year.
Whilst some competitors continue to face
difficulties with managing a large migrant
workforce in this market, AWF’s exposure
continues to be limited, with careful matching
of anticipated demand to skillsets required.
In preparation for the rising demand,
AWF has been proactively addressing skill
shortages through training outcomes.
We have inhouse accredited NZQA traffic
management trainers and ConstructSafe
certification – a national standard of Health
and Safety for the Construction industry.
This enables us to prepare our own field
employees as well as those of our clients on
a timely basis and is a unique vantage point
to mobilise quickly. At present AWF is tracking
with four times as many people achieving a
qualification through this training programme
compared to prior year.
Our social employment initiative The
Work Collective, as part of the blue-collar
segment also experienced a decline in
numbers on assignment. Job seekers are
facing challenging times, and it is even more
While each business has been
navigating the challenges of H1,
they have also been looking further
ahead and reorganising in a way
that will ensure they have the
capability and capacity to match
the pace of future lifting demand.
6
ACCORDANT GROUP INTERIM REPORT FY25

difficult for those who already encounter
barriers to employment. The Work Collective
is focusing on specific projects where
volume employment may be secured
through partnering with sponsor or support
organisations.
Looking ahead to H2, the shape of our team
has changed, with the Group’s overall FTE
reduced by 15% compared to the same
trading period last year, and overall operating
expenses have dropped in line with current
demand. While cost management is necessary
and ongoing, it is not our primary strategy.
Rather than a “survive till ‘25” mentality, our
various teams’ iterative changes in tack to
respond to market conditions – whether
by sector or by region – is absolutely a ‘trade
through and come out the other side
stronger’ ethos.
We are proactively directing our resources,
choosing where to hire and where to trim
down, and where to remain bold and invest.
We will ensure our core capability is not
impacted to the point of creating long term
setbacks as demand lifts.
While some competitors are considerably
shrinking and even exiting the challenging
market conditions, Accordant remains
domiciled and committed to supporting
New Zealand’s staffing needs. Though
business and consumer confidence will rise,
we will likely see rising unemployment for a
few more months concurrently.
Our scale across metropolitan and regional
New Zealand, and our spread across sectors,
role types and hiring levels, remains a
strength. Alongside permanent hiring, offering
flexibility and cost effectiveness through
temporary staffing and contractors uniquely
positions us to seize growth in demand from
wherever it occurs. This will have a rising tide
compounding effect returning the Group to
those sustainable earning levels we remain
determined to achieve.
The Board have resolved not to pay a dividend
with a focus on return to profitability, modest
investment and reduction in debt where
possible. We also continue to enjoy close
alignment and strong support from our
banking partners.
Our people continue to operate in what
has been an acutely uncertain market. I have
said it before and it is worth repeating –
their adaptability, resilience and commitment
is commendable.
The next six months will be telling as our
country looks to catch more wind in its sails
and the trajectory of economic recovery is
better known.
Our local presence, national reach and our
breadth of service ranging from traditional
to highly customised solutions, still positions
us as the key partner of choice.
Jason Cherrington,
CEO
Our people continue to operate
in what has been an acutely
uncertain market. I have said it
before and it is worth repeating –
their adaptability, resilience and
commitment is commendable.
7
ACCORDANT GROUP INTERIM REPORT FY25

Financial
Statements.

Accordant Group Limited
Condensed consolidated statement of comprehensive income
For the six month period ended 30 September 2024 (unaudited)
GROUP
6 months to
30 September
2024
(unaudited)
6 months to
30 September
2023
(unaudited)
$’000$’000
Revenue from contracts with customers
88,909112,105
Other income
4466
Direct costs
(549)(1,120)
Employee benefits expense
(56,227)(59,075)
Contractor costs
(25,922)(41,508)
Depreciation and amortisation expense
(2,290)(2,391)
Other operating expenses
(4,425)(5,078)
Finance costs
(1,511)(1,370)
(Loss) / Profit before income tax
(1,971)1,629
Tax benefit / (expense)
533(465)
Net (loss) / Profit after income tax
(1,438)1,164
Other comprehensive income for the period
––
Total comprehensive income
(1,438)1,164
Earnings per share
Total basic earnings per share (cents/share)
(4.2)3.4
Total diluted earnings per share (cents/share)
(4.2)3.4
The notes to the interim condensed consolidated financial statements form an integral part of these financial statements
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY25
9

Accordant Group Limited
Condensed consolidated statement of financial position
For the six month period ended 30 September 2024 (unaudited)
The notes to the interim condensed consolidated financial statements form an integral part of these financial statements
GROUP
30 September
2024
(unaudited)
30 September
2023
(unaudited)
31 March 2024
(Audited)
$’000$’000$’000
Assets
Non-current assets
Property, plant and equipment1,7272,3511,946
Right of use assets6,8146,2576,371
Intangible assets – goodwill31,55342,55331,553
Intangible assets – other14,60615,96915,214
Total non-current assets54,70067,13055,084
Current assets
Cash and cash equivalents1,9273,3602,092
Trade and other receivables17,11522,80221,037
Total current assets19,47526,16223,129
Total assets74,17593,29278,213
Equity and liabilities
Non-current liabilities
Deferred tax liabilities2,3592,7902,504
Borrowings26,50024,50026,500
Lease liabilities4,7514,4704,296
Contingent consideration9682,648944
Total non-current liabilities34,57834,40834,244
Current liabilities
Trade and other payables15,31820,46917,696
Contract liabilities138222225
Taxation payable–37854
Provisions195540686
Lease liabilities2,6212,4632,673
Total current liabilities18,27224,07221,334
Total liabilities52,85058,48055,578
Net assets21,32534,81222,635
Capital and reserves
Share capital30,86830,86830,868
Treasury shares(632)(804)(804)
Group share scheme reserve660581658
Retained earnings(9,571)4,167(8,087)
Total equity21,32534,81222,635
For and on behalf of the Board who authorise the issue of the financial statements on 30 October 2024:
SIMON BENNETT BELLA TAKIARI-BRAME
Chair Chair, Audit & Risk Committee
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY25
10

Accordant Group Limited
Condensed consolidated statement of changes in equity
For the six month period ended 30 September 2024 (unaudited)
GROUP
Share
capital
Treasury
shares
Group share
scheme
reserve
Retained
earnings
Total
equity
$’000$’000$’000$’000$’000
Period ended 30 September 2023
Balance at 1 April 2023
30,868(804)4484,07434,586
Profit for the period
–––1,1641,164
Total comprehensive income
for the period
–––1,1641,164
Transactions with owners in their
capacity as owners:
Dividends paid
–––(1,071)(1,071)
Share based payments
––133–133
Total transactions with owners
in their capacity as owners
––133(1,071)(938)
Balance as at 30 September 2023
(unaudited)
30,868(804)5814,16734,812
Period ended 30 September 2024
Balance at 1 April 2024
30,868(804)658(8,087)22,635
Loss for the period
–––(1,438)(1,438)
Total comprehensive income
for the period
–––(1,438)(1,438)
Transactions with owners in their
capacity as owners:
Dividends paid
–––––
Restricted shares lapsed
––(55)55–
Share based payments
–17257(101)128
Total transactions with owners
in their capacity as owners
–1722(46)128
Balance as at 30 September 2024
(unaudited)
30,868(632)660(9,571)21,325
The notes to the interim condensed consolidated financial statements form an integral part of these financial statements
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY25
11

Accordant Group Limited
Condensed consolidated statement of cashflows
For the six month period ended 30 September 2024 (unaudited)
GROUP
6 months to
30 September
2024
(unaudited)
6 months to
30 September
2023
(unaudited)
$’000$’000
Cashflows from operating activities
Receipts from customers
92,989113,592
Payments to suppliers, contractors and employees
(90,093)(108,141)
Net cash generated from operations
2,8965,451
Net receipts from government grants
(26)55
Interest paid on bank overdrafts and loans
(1,252)(1,104)
Interest paid on lease liabilities
(192)(130)
Income taxes paid
(100)(1,334)
Net cash provided by operating activities
1,3262,938
Cashflows from investing activities
Purchase of property, plant and equipment
(114)(85)
Net cash used in investing activities
(114)(85)
Cashflows from financing activities
Dividends paid to share holders of the parent
–(1,071)
Proceeds from borrowings
–1,000
Repayment of borrowings
––
Payment of principal on lease liabilities
(1,377)(1,376)
Net cash used in financing activities
(1,377)(1,447)
Net (decrease) / increase in cash and cash equivalents
held during the period
(165)1,406
Cash and cash equivalents as at the beginning of the period
2,0921,954
Net cash and cash equivalents at end of the period
1,9273,360
The notes to the interim condensed consolidated financial statements form an integral part of these financial statements
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY25
12

Accordant Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2024 (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 annual 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, as modified by
revaluations to fair value for certain classes
of assets and liabilities as described in the
accounting policies;
• on a going concern basis, which contemplates
continuity of normal business activities and
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 financial statements were authorised for issue by
the directors on 30 October 2024.
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 2024.
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
2024, except for the adoption of any new standards
effective as of 1 April 2024 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 1 April
2024.
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 FY25
13

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, JacksonStone & 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.
Accordant Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2024 (unaudited)
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY25
14

Segment revenueSegment profit
6 months
to 30
September
2024
(unaudited)
6 months
to 30
September
2023
(unaudited)
6 months to
30 September
2024
(unaudited)
6 months to
30 September
2023
(unaudited)
SEGMENT REVENUE AND RESULTS$’000$’000$’000$’000
Continuing operations
AWF and The Work Collective37,28839,833668555
Madison, Absolute IT, JacksonStone &
Partners and Hobson Leavy51,62172,272(330)3,272
Total for continuing operations88,909112,1053383,827
Other Income4466
Central administration costs and
directors fees(842)(894)
Finance costs(1,511)(1,370)
Profit/(loss) before tax88,909112,105(1,971)1,629
Income tax expense533(465)
Profit for the year88,909112,105(1,438)1,164
Revenue reported above represents revenue generated from external customers. Inter-segment sales for the
period were $10,000 (2024: $33,000) and have been eliminated from the above table. Inter-segment sales
were eliminated from the originating segment. No one customer accounts for more than 10% of the Group’s
revenue (2024: No one customer accounts for more than 10% of the Group’s revenue).
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.
Accordant Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2024 (unaudited)
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY24
15

30 September
2024
(unaudited)
30 September
2023
(unaudited)
31 March
2024
(Audited)
SEGMENT ASSETS
$’000$’000$’000
Continuing operations
AWF and The Work Collective
21,05626,20121,522
Madison, Absolute IT, JacksonStone & Partners
and Hobson Leavy
51,79066,21654,824
Total segment assets
72,84692,41776,346
Unallocated assets
1,3298751,867
Total assets
74,17593,29278,213
For the purposes of monitoring segment performance and allocating resources between segments, the chief
operating decision maker monitors the tangible, intangible and financial assets attributable to each segment.
All assets are allocated to reportable segments other than cash, cash equivalents and tax assets
of the parent.
30 September
2024
(unaudited)
30 September
2023
(unaudited)
31 March
2024
(Audited)
SEGMENT LIABILITIES$’000$’000$’000
Continuing operations
AWF and The Work Collective10,2858,8289,643
Madison, Absolute IT, JacksonStone & Partners
and Hobson Leavy12,61720,52716,142
Total segment liabilities22,90229,35525,785
Unallocated liabilities29,94829,12529,793
Total liabilities52,85058,48055,578
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.
Accordant Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2024 (unaudited)
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY24
16

6 months to
30 September
2024
(unaudited)
6 months to
30 September
2023
(unaudited)
6 months to
30 September
2024
(unaudited)
6 months to
30 September
2023
(unaudited)
OTHER SEGMENT INFORMATION$’000$’000$’000$’000
Depreciation
and amortisationImpairment
AWF and The Work Collective
667662––
Madison, Absolute IT, JacksonStone &
Partners and Hobson Leavy
1,6191,729––
Unallocated
4–––
Total
2,2902,391––
Non-current
assets
Net additions to
non-current assets
AWF and The Work Collective
12,14314,7001,866(349)
Madison, Absolute IT, JacksonStone &
Partners and Hobson Leavy
42,54352,42831609
Unallocated
14292
Total
54,70067,1301,906262
Employee
benefits
Contractor
costs
AWF and The Work Collective
32,92035,082378221
Madison, Absolute IT, JacksonStone &
Partners and Hobson Leavy
21,78822,56425,54441,287
Unallocated
1,5191,429––
Total
56,22759,07525,92241,508
Accordant Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2024 (unaudited)
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY24
17

GROUP
6 months to
30 September
2024
(unaudited)
6 months to
30 September
2023
(unaudited)
REVENUE FROM CONTRACTS WITH CUSTOMERS
$’000$’000
Revenue earned on temporary placements
– AWF and The Work Collective
36,41638,902
– Madison, Absolute IT, JacksonStone & Partners and Hobson Leavy
38,03052,962
Total revenue earned on temporary placements
74,44691,864
Revenue earned on permanent placements
– AWF and The Work Collective
494533
– Madison, Absolute IT, JacksonStone & Partners and Hobson Leavy
2,8966,028
Total revenue earned on permanent placements
3,3906,561
Revenue earned on a retained basis
– Madison, Absolute IT, JacksonStone & Partners and Hobson Leavy
2,6163,845
Total revenue earned on a retained basis
2,6163,845
Other service revenue
– AWF and The Work Collective
378398
– Madison, Absolute IT, JacksonStone & Partners and Hobson Leavy
8,0799,437
Total other service revenue
8,4579,835
Total revenue
88,909112,105
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 2023, 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 2024 (unaudited)
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY24
18

Accordant Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2024 (unaudited)
GROUP
RECONCILIATION OF NET PROFIT AFTER TAX TO CASH FLOWS
FROM OPERATING ACTIVITIES
6 months to
30 September
2024
(unaudited)
6 months to
30 September
2023
(unaudited)
$’000$’000
Net profit after income tax
(1,438)1,164
Adjustments for operating activities non-cash items:
Depreciation and amortisation
2,2902,391
Loss/(Gain) on disposal of property, plant and equipment
(4)7
Movement in doubtful debts provision plus bad debt write off
in current year
(157)42
Movement in deferred tax
(145)(139)
Equity-settled share-based payments
128133
Interest on contingent consideration to the vendor of Hobson Leavy
2369
Total non-cash items
2,1352,503
Movements in working capital
(Increase)/decrease in trade and other receivables, and contract assets
3,9951,345
Increase/(decrease) in trade and other payables, contract liabilities
and provisions
(2,878)(1,344)
Increase/(decrease) in taxation payable
(488)(730)
Total movement in working capital
629(729)
Cash flow from operating activities
1,3262,938
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY25
19

Accordant Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2024 (unaudited)
DIVIDENDS PAID
On 30 October 2024, the Directors resolved
not to pay a dividend for the period ended
30 September 2024.
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.
FINANCIAL INSTRUMENTS
The carrying amounts of financial instruments at
balance date approximate the fair value at that date.
CONTINGENT LIABILITIES
The Bank has issued seven (2023: six) guarantees
on behalf of the Group totaling $910,575 (2023:
$862,000) in support of 6 property leases (2023:5)
and a surety bond to the NZX.
There were no (2023: no) other contingent liabilities
as at 30 September 2024.
EVENTS SUBSEQUENT TO REPORTING DATE
Other
There were no other material events subsequent to
reporting date.
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY25
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 & Non-independent director)
Simon Hull (Non-independent Director)
Nicholas Simcock (Independent Director)
Laurissa Cooney (Independent Director –
resigned 29 May 2024)
Richard Stone (Independent Director)
Bella Takiari-Brame (Independent Director)
Auditor
Deloitte Limited
Deloitte Centre
L15-20, 1 Queen Street
PO Box 33
Auckland
Phone: +64 9 303 0700
Fax: +64 9 309 4947
ACCORDANT GROUP INTERIM REPORT FY25
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
MUFG Pension and Market Services
(formerly Link Market Services)
PwC Tower
L30, 15 Customs St West
Auckland
New Zealand
PO Box 91976
Ph: +64 9 375 5998
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