Accordant Group FY25 Annual Report
Accordant Group Limited
Level 6, 51 Shortland Street, Auckland
PO Box 105 675, Auckland 1143
Tel 09 526 8770
accordant.nz
NZX release
30 May 2025
Accordant Group posts FY25 loss, sees gradual recovery from economic downturn.
• NPAT loss of $(2.9)m on 22% lower revenue of $165m
• Operating expenditure reduced by $6m
• AWF profit grows to $1.6m
Accordant Group Limited [NZX:AGL] today announces a $(2.9) million FY25 after-tax loss for the year
ended 31 March 2025, compared to $(10.0) million in the prior year.
In line with the Group’s Market Update of 28 March, Group revenue was down 22% to $165 million as
recessionary conditions and reductions in government expenditure affected hiring activity.
Group Chief Executive Jason Cherrington said unemployment is predicted to peak soon at levels not
seen for almost a decade.
“We have offset the decline in trading performance brought on by this downturn by managing costs
tightly, have paused some initiatives and rightsized where appropriate. In addition, tight debtor
management meant there was zero delinquent debt during the year.”
Whilst the Group’s blue collar segment revenue fell by 12%, AWF recorded a $1.6 million profit, up
from $1.0 million (excluding prior year goodwill impairment).
Cherrington said this was due to proactive client servicing activity, effective management of resources,
and greater efficiency assisted by continued digitisation and automation.
“In the current year AWF’s strong and recognised Health & Safety leadership positions it well to
capitalise on increasing tender and formal proposal activity from larger prospect clients that place
Health & Safety at the heart of their procurement processes,” Cherrington said.
The Group’s white-collar segment saw public sector revenue fall by 25% as reductions in government
spending continued and demand for permanent staffing services also fell across several industries in
the private sector.
Madison built on its strategic initiatives in mid-senior specialist and senior managerial recruitment and
continued building a greenfield health sector recruitment operation.
Absolute IT was the unit hardest hit by reduced government spending on IT programmes and the
notable reduction of IT contractors across the country.
Accordant Group’s long-term commitment to the IT sector remains as Absolute IT maintain an active
presence in the industry, where the drive for productivity and innovation is expected to increase once
again, and support GDP growth.
JacksonStone & Partners balanced reduction in government hiring by expanding its footprint in the
private, local government and NGO sectors.
Accordant Group Limited
Level 6, 51 Shortland Street, Auckland
PO Box 105 675, Auckland 1143
Tel 09 526 8770
accordant.nz
Executive search firm Hobson Leavy successfully completed its full integration into the Group.
Least affected by the economic downturn, executive search has grown into a strong component of
Accordant Group’s offering and Hobson Leavy has begun the current year positively where demand
remains significant.
Accordant Board Chair Simon Bennett confirmed no final dividend will be paid.
“Considering the length and depth of this recession, we cannot pay a dividend until performance is
realised from a more certain economic trajectory.”
The Board appreciates the Group’s strong banking relationship as it continues to focus on supporting
the business back into the black.
The Group remains confident in its breadth of services, focussing on growth from higher fee earning
work, as well as strategic contingent solutions that actively support our clients through this current
economic cycle.
ENDS
Jason Cherrington For the Board:
Group CEO Simon Bennett, Chair
For further information contact Jason Cherrington +64 21 781 389.
---
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Results announcement
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Updated as at March 2025
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NZX as required under NZX Listing Rule 3.26.1.
Results for announcement to the market
Name of issuer Accordant Group Limited
Reporting Period 12 months to 31 March 2025
Previous Reporting Period 12 months to 31 March 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$165,237 -%22.2
Total Revenue $165,237 -%22.2
Net profit/(loss) from
continuing operations
-$2,880 -%71.2
Total net profit/(loss) -$2,880 -%71.2
Interim/Final Dividend
Amount per Quoted Equity
Security
Not Applicable. No Final Dividend is proposed
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 (in
dollars and cents per
security)
-$0.70639431 -$0.62203747
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer Annual Report
Authority for this announcement
Name of person
authorised
to make this announcement
Rod Hyde
Contact person for this
announcement
Rod Hyde
Contact phone number 09 526 8797
Contact email address Rod.hyde@accordant.nz
Date of release through MAP
30/05/2025
Audited financial statements accompany this announcement.
---
Annual Report 2025
We closed our financial
year at a time where
inflationary pressures
had eased, and indicators
showed the wheels of
the economy were slowly
turning again.
Jason Cherrington,
Group CEO
Contents
FINANCIAL HIGHLIGHTS 2
ACHIEVEMENTS 3
CHAIR’S REPORT 4
CEO’S INSIGHTS 6
WHAT DRIVES US 10
OUR BUSINESSES 12
OUR LOCATIONS 13
PRIORITISING HEALTH & SAFETY 14
WORKFORCE FLEXIBILITY 18
BOARD OF DIRECTORS 20
FINANCIAL COMMENTARY 23
INDEPENDENT AUDITOR’S REPORT 24
FINANCIAL STATEMENTS 26
NOTES TO THE FINANCIAL STATEMENTS 30
COMPANIES ACT 1993 DISCLOSURES 69
DIRECTORY 79
1
Financial Highlights
$165.2m
$(2.9)m
Net Profit / (Loss) After Tax
FY2024, $(10.0) million
$19.9m
Shareholders' Funds
FY2024, $22.6 million
$(0.6)m
Net Operating Cash Flow
FY2024, $2.3 million
$28.0m
Net Bank Debt
FY2024, $24.4 million
Revenue
FY2024, $212.4 million
2ACCORDANT GROUP ANNUAL REPORT 2025
Achievements
1,841
Training outcomes delivered.
14,000+
Temporary and contract
assignments filled across
New Zealand.
31,000+
Safety engagements with
our temporary employees.
Hours worked by
TWC participants across
34 client partners.
Recertification of AWF’s Health
& Safety systems under two
prequalification assessments,
+IMPAC Prequalification and
To ̄tika Gold Member Scheme.
SEEK Annual Recruitment
Awards finalist for Recruitment
Leader of the Year.
33,888
6
,6661,289
Candidates placed into
a temporary, contract or
permanent role.
2024 Recruiter Insider Awards
Winner for Best NZ Agency
– Client Experience, NZ Best
Consultant – Client Experience
and NZ Best Consultant –
Candidate Experience.
Organisations
partnered with to deliver
recruitment services.
ACCORDANT GROUP ANNUAL REPORT 20253
C h a i r ’s R e p o r t
Simon Bennett, Chair
4ACCORDANT GROUP ANNUAL REPORT 2025
When I wrote to you this time last year,
I described the recessionary environment
and our expectation of a prolonged recovery.
Perhaps I should have rearranged these words
and described a prolonged recessionary
environment before recovery.
However, as a business we certainly did not sit on our hands
and wait for the good times. Jason and his team were very
proactive in reducing operating expenses as much as possible.
With our largest cost being our people, this was done as
cautiously as possible, ensuring we did not remove too much
horsepower from the engine.
This led to a reduction of operating expenses of $6m year on
year and on a run rate basis equates to a larger annualised impact
in the coming year. Revenue of $165m represented a decrease
of 22%. Under the circumstances and given the drop in hiring
intentions and subsequent spend on recruitment agencies, it was
a credible performance, albeit it was a below par financial result.
The diversification strategy and the successful acquisition of
Hobson Leavy was not enough to give us positive earnings.
Perhaps the biggest impact was felt in our contracting divisions
of Absolute IT and JacksonStone. Although weighted to public
sector, both public and private sector reduced contractor
headcount as a priority, before organisations started to trim
their own workforces.
Madison and AWF managed to build temporary workforce
numbers, in areas where contingent workers are of strategic
value. In fact, AWF had improved performance on the prior year.
We do not dwell on government policy change. The government
reduction in spend was very real and had significant impact.
At the same time, we believe the announced changes to the
Health and Safety at Work Act 2015 are positive, as is the clarity
being sought in the area of contingent workforce where the
courts have been asserting a somewhat unworkable position,
with the recent Uber case. Some legislative clarity will be helpful
and is applauded.
It has been a tough year for our people, as it has for our
shareholders, with somewhat static earnings despite inflationary
pressure and likewise no dividend until suitable recovery from
the length and depth of this recession.
We have a strong banking relationship, and their support is
appreciated as we drive the business back into the black and
have a year of rebuild. Due to uncertainty with the timing
of economic recovery, we expect it to be FY27 before we
are again trading at the levels we have grown to expect, but
we are comfortable that this current financial year will be better
than the last.
We remain confident in our people and our business. We have
continued to innovate and ensure we are relevant to the market
despite the changing ways of work and hiring processes.
The breadth of our offer in permanent recruitment from search
to entry level is of value, but we continue to weight this toward
higher level roles and better fee earning prospects. In contingent,
we are focusing on temporary employees as a medium strategic
capability, rather than one-off short-term assignments, which is
very relevant to how our clients are navigating their performance.
As the market recovers, we expect mid-level white collar
contractors to be sought. In fact, this calendar year we have
seen monthly increases which we expect to continue throughout
the year.
I would like to thank our people, both inside the business and
working for our clients, for their resilience and fortitude. I would
also like to thank the team for their vigilance in Health and Safety.
We have not cut corners here, striving to reduce the scope for
harm at every turn.
Your Board is committed to returning the business to profitability
and we will not just wait for market recovery, instead continuing
to proactively reduce costs where necessary, balancing
appropriate action with retention of adequate capacity to enable
market share growth as the economy recovers.
For the Board,
Simon Bennett, Chair
ACCORDANT GROUP ANNUAL REPORT 20255
CEO’s Insights
Jason Cherrington, Group CEO
6ACCORDANT GROUP ANNUAL REPORT 2025
While unemployment for the March quarter grew from the
4.6% highlighted in our interim report, it remained unchanged
at 5.1% from the previous quarter. It is expected to peak shortly,
potentially reaching the highest unemployment rate in nearly a
decade. Stats NZ reported a loss of 33,000 jobs over the year
with a loss of 45,000 full time roles partially offset by growth in
part time jobs of 25,000. This not only indicates the challenging
trading conditions we have endured, but with the labour market
being a lagging indicator, it further points to better times ahead
with the expectation that unemployment will reduce from its
peak towards the end of the year as economic recovery gains
momentum.
Our financial performance amidst this downturn cycle has
resulted in a NPAT loss of $2.9 million, albeit a reduction of $7m
in losses year on year. We have offset trading performance
decline through managing costs tightly, pausing on some
initiatives and rightsizing appropriately while retaining sufficient
capability to capitalise on slowly rising demand.
We have managed credit risk and debtors well, with zero
delinquent debt during the year. We were and remain well
supported by our banking partners with appropriate facilities
in place.
While the blue-collar segment revenue has decreased compared
to FY24 by 12%, AWF have effectively managed costs and
resources to deliver an improved year on year profit of $1.6m.
FY25 began well for AWF, yet by Q2, client demand in most
sectors had reduced. As anticipated, the second half of the
year has seen placement numbers increase again due to
seasonal activity, greater funding approvals and a lift in optimism.
The demand is reflective of cautious optimism, as an increase
in orders of a shorter duration have resulted in more field
employees on assignment but without having an impact on
overall hours worked.
The AWF team maintained high levels of sales and client
servicing activity over months of subdued demand and furthered
their quest for efficiency gains, following work spanning several
years to digitise processes and leverage automation. A focus on
training outcomes to have an appropriately skilled workforce
for just-in-time requirements has led to AWF becoming a finalist
for Excellence in Business Innovation, as well as Recruitment
Leader of the Year in the 2025 Recruitment, Consulting & Staffing
Association (RCSA) awards.
Despite the challenging trading year, AWF has maintained its
best-in-class health and safety practices and were proactive with
injury prevention campaigns throughout. We retained tertiary
level accreditation in the ACC Accredited Employers Programme
and re-certified with an improved score under the To ̄tika Scheme
– a highly regarded health and safety prequalification for the
civil and construction sectors, which enables us to more quickly
provide workforce ready field employees.
Looking ahead, there is a notable market increase in tender and
formal proposal activity from larger prospect clients and AWF is
well positioned to capitalise on these new revenue opportunities.
This is particularly the case where compliance alongside health
and safety capability is paramount. In a landscape where many
competitors have had to consolidate operations and significantly
reduce headcount, AWF remains a strong market leader.
The white-collar segment was most challenged, with an
overall 29% drop in revenue year on year. Permanent recruitment
revenue dropped by 37% in this segment. Revenue from the
public sector fell by 25%, following a decrease of 12% the
year prior.
As indicated in our interim report, generalist recruiter Madison
has endured reduction in government spending as well as low
demand for permanent staffing services across most sectors.
Managed service solutions contributed well to revenue,
as did some project work and growth in contractor payroll
management. While these were additive, it was not sufficient to
offset the drop in demand for traditional placement services.
Reflecting on more than three decades of history
demonstrates the broad correlation between
Accordant’s performance with GDP and changes
in unemployment. We closed our financial year
at a time where inflationary pressures had eased,
and indicators showed the wheels of the economy
were slowly turning again.
ACCORDANT GROUP ANNUAL REPORT 20257
Madison right-sized accordingly, whilst also investing in two
strategic areas. We have successfully built bench strength in mid-
senior specialist and senior managerial recruitment, resulting
in professional services growth predominantly in the Auckland
region. The second strategic investment, building a greenfield
operation to deliver talent solutions for the health sector, is now
well established. While revenue was modest, significant growth
is anticipated following a productive year laying the groundwork
for client opportunities and the skills pipeline with active
engagement of both local and international talent. This included
participation at UK job expos in November to attract allied
health professionals to New Zealand.
Moving into FY26, Madison will build on these strategic priorities
and capitalise on opportunities across the core revenue streams
as the economy slowly rebuilds.
Madison’s reputation for delivering quality with care was again
proved through candidate and client ratings culminating in the
win of three Recruiter Insider awards – Best Consultant NZ
“client experience”, Best Consultant NZ “candidate experience”
and Best Overall Agency “client experience”. This foundational
strength of delivering excellent customer experiences
will prevail.
Absolute IT was the hardest hit of our business units in FY25.
While spend from IT companies increased across the Group,
there was overall reduction of IT talent demand in other
sectors. With dramatic reduction in government spend on IT
talent, coupled with a prolonged drop in business confidence,
contractor revenue dropped, and permanent recruitment slowed.
This was most pronounced in our Wellington region, where
government transformation programmes have traditionally
contributed well.
While the fall in demand led to further right-sizing at all levels and
tight cost control, we have purposefully retained key capability
and ensured enough capacity to maximise opportunities as
transformation programmes come back online.
Though many IT recruitment competitors have noticeably
pulled back, Absolute IT has stayed the course with an active
presence in the industry and continued proactive support of
the New Zealand Technology Investment Network. Our long-
term commitment to the sector will pay off as we partner to
provide the talent that will power the country’s push for
productivity and innovation – both vital elements for
resuscitating economic growth.
FY25 was defined by a flat market for JacksonStone &
Partners, renowned for its delivery primarily in the public sector.
These conditions were unlike any other year in JacksonStone’s
history and so we responded by reshaping our cost base while
ensuring the quality of our service remained uncompromised.
While demand from the Wellington region declined, we grew
our footprint elsewhere in the private sector, local government
and NGOs.
As FY26 kicked off, the team has seen a noticeable uplift in hiring
intentions, particularly as clients having undergone significant
restructures, begin to stabilise with new operating models and
leadership structures in place. As reported by SEEK, over the
past year the trend of job advertisements in the Government
& Defence classification has shown a predominantly upward
trajectory. Where contractor numbers have been limited by
budget freezes and reluctance to commit to contract extensions,
there is already a small but positive uptick in demand for senior
professionals to deliver upon critical projects in the coming year.
Senior permanent appointments have been steadier, and they are
expected to grow because of targeted business development
and marketing efforts in the private sector and local government
across the country.
Executive search firm Hobson Leavy has completed two years
as part of the Group and after transitioning payroll, finance, HR,
marketing and IT support to the Group’s shared services, the
business is now fully integrated.
While not entirely immune to the economic downturn, impact
was shorter and less severe for Hobson Leavy, with demand
bottoming out in the early part of the financial year. Operating at
C Suite and Director level, they have been relatively well insulated
and kick off FY26 on a pleasing trajectory. Engaging at the top
of the market Hobson Leavy have actively cascaded down
opportunities to other businesses in the Group’s stable. These
organic referrals are beneficial to clients who have broader
requirements, pointing to the breadth of capability the Group
uniquely offers within the New Zealand recruitment sector.
In the second half of the year, we appointed a new Partner from
one of our Group’s subsidiaries to join the Hobson Leavy team
and this internal appointment has been received incredibly well
and signals our confidence in growth.
In a soft labour market, new opportunities for our social
employment initiative The Work Collective were limited. This
was not without effort for the first half, however, given the
headwinds faced by our core businesses we made the difficult
The Group’s resilience and agility
will withstand what is expected
to be a slower recovery than
historical economic cycles.
8ACCORDANT GROUP ANNUAL REPORT 2025
decision to pause prospecting activity from the second half.
Some participants remain actively working via our trading
companies with client partners. In the meantime, we will focus on
positioning our trading companies for growth, which will enable
a more sustainable future for investing in social outcomes via this
employment initiative.
As the adage goes, a rising tide lifts all boats and whilst last
year's “survive till 25” economic slogan came and went, leading
indicators suggest our economy is most certainly heading in a
better direction now than it was last year. MBIE’s Jobs Online
quarterly release to March 2025 shows the fall in advertised
job vacancies easing. ANZ’s Business Outlook has tracked
consecutive increases in confidence since July 2024, despite
dips in January and April, with the latter likely in response to
global trade uncertainty. Sitting at 49 for April 2025, it is still
markedly higher than April 2024 by 34 points.
The Group’s resilience and agility will withstand what is
expected to be a slower recovery than historical economic
cycles, with hiring intentions recovering at different rates
sector to sector amidst bouts of uncertainty offshore. This
multi-faceted recovery is best navigated by our multi-faceted
Group. We have sectoral diversity, geographic spread, and a
mix of public and private sector revenue earned through varied
staffing services. Delivered through our unique stable of brands,
their strong reputations in the market will endure and have
more opportunities to benefit from what has been a period of
consolidation in the recruitment sector.
FY26 will be focused on continued execution of business unit
strategic priorities already in motion. Agility may be required
in how we achieve the deliverables; however, we maintain our
certainty on the priorities.
As the country grapples with ongoing productivity issues,
many employers are in rebuild mode. Their talent challenges
in performance management, employee retention and skill
development can at times be overwhelming against the
backdrop of a world of work and generally a way of living where
generative AI and automation is increasingly accessible.
Our role is to assist with talent challenges across varied sectors
and organisations in all shapes and sizes. It is something we
are proud of and do not take lightly. And so, to our loyal clients
and those we have newly partnered with, thank you for your
continued trust in our teams to journey with you to ascertain and
solution your talent needs.
Thank you to the thousands of job hunters, our field employees
and contractors who have chosen an Accordant business to
represent you this past year. We know that you have other
choices out there and we continuously strive to earn your pick.
To the team across Accordant, I want to acknowledge how
incredibly hard you have worked to navigate some of the most
challenging trading conditions in recent years. It requires
talented people to find the right talent, especially when change
is constant. My leadership team continue to show resilience
in response to market conditions after what has felt like a few
years of relentlessness. And finally, my thanks to the Board, who
have remained incredibly supportive and provided calm counsel
drawn from their years of experience navigating cycles to
achieve growth from the recruitment sector.
To our shareholders who await a return to consistent dividends,
we remain focussed on acting decisively where necessary,
staying the course on our specific areas of market opportunity,
doing good business and laying the groundwork to capitalise on
a lifting economy.
Jason Cherrington, Group Chief Executive
Our role is to assist with talent
challenges across varied
sectors and organisations in
all shapes and sizes.
ACCORDANT GROUP ANNUAL REPORT 20259
Our VisionOur Belief
We believe
it is people
that drive
our country
forward.
To grow our impact
as New Zealand’s
leading recruitment,
resourcing and people
solutions partner for
the benefit of our
people, customers,
finances and country.
Our People
At the heart of our business is a group
of curious, resilient, capable and engaged
people who are driving us forward.
Their determination to do better empowers
us to contribute more additively to the
lives of New Zealanders and the success
of New Zealand.
Our Customers
We will choose and partner with our
clients wisely, adding value through quality,
expertise, efficiency, relationships and
customised solutions.
Our Finances
We will drive strong dividend and earnings
growth through continued performance
and improvement initiatives to create
sustainable shareholder value.
Our Country
Our unique position enables us to provide
proactive solutions to address structural
challenges in the employment market,
making an impact by growing and shaping
our workforce for the current and future
needs of New Zealand.
What Drives Us
10ACCORDANT GROUP ANNUAL REPORT 2025
ENABLING
GROWTH
Strong metro
and regional
representation to
enable productivity
and growth
CONNECTING
PEOPLE
Building networks
and relationships
across New Zealand
DIVERSITY &
INCLUSION
Growing capability
and nurturing a
diverse and inclusive
workforce
INNOVATIVE
SOLUTIONS
Delivering innovation
and insights that
help shape the
employment market
Our Difference
ACCORDANT GROUP ANNUAL REPORT 202511
The Work Collective is an
employment initiative that delivers
social impact through connecting
employers, employment support
organisations and Accordant’s
businesses with candidates who
face barriers to employment,
providing them access to
meaningful work opportunities.
Launched in 2019, The Work
Collective offers organisations
a way to achieve social impact
through their staffing supply chain.
Madison Recruitment was
established in 1998 and has become
the recruitment partner to a wide
variety of organisations across the
private, public, and not-for-profit
sectors. Madison’s services span
entry level and support roles through
to professional and managerial
positions. Each year, hundreds of
permanent positions are filled by
candidates who have been sourced
and matched to meet specific
business requirements and, every
day, hundreds more employees
work on temporary and contract
assignments across the country.
Since 1988, AWF has had a proud
history of supplying entry-level,
semi-skilled and skilled workers
to a range of sectors, spanning
infrastructure, construction,
transport, logistics, manufacturing,
primary industries and many
more. From Kaitaia in the north
to Invercargill in the south,
AWF’s network of 20 branches
provide hundreds of enterprises
throughout New Zealand with
the human capital necessary to
complete major projects, meet
increased demand in goods and
services, and fill the skills gap in
permanent workforces.
Founded in 2006, Hobson Leavy
is a retained executive search firm
operating exclusively in the ‘C Suite’,
successfully leading hundreds of
executive searches and appointing
some of the country’s most senior
leaders at Board, CEO and Executive
level. With an extensive track record
in both the public and private sectors
Hobson Leavy has built a substantial
network of clients and contacts.
They are also a founding member
of Panorama, a global network of
independent executive search firms.
Founded in 2000, Absolute IT
caters to the specific recruitment
needs of the technology and digital
sectors. Absolute IT’s specialist
recruiters provide permanent and
contractor staffing services
New Zealand-wide from their offices
in Auckland, Hamilton, Wellington
and Christchurch. From resourcing
large transformation programmes
in the public sector, to sourcing the
right fit for large corporates and
attracting world class talent for
New Zealand start-ups, Absolute IT
is relied upon for its expertise and
extensive networks.
JacksonStone & Partners is an
executive search and recruitment
consultancy, specialising in
permanent and interim professional
placements. Established in 2011,
JacksonStone works across all
disciplines up to Chief Executive level
and including board appointments,
for organisations in the public,
private and not-for-profit sectors.
JacksonStone offers global search
reach through their membership
of the CFR Global Executive
Search alliance. Their experienced
consultants have the capability
to identify and place talent both
nationally and internationally.
Our Businesses
12ACCORDANT GROUP ANNUAL REPORT 2025
ABSOLUTE IT LOCATION
AWF LOCATION
JACKSONSTONE LOCATION
MADISON LOCATION
SELECT LOCATION
HOBSON LEAVY LOCATION
KEY
Kaitaia
Kerikeri
Whangarei
Auckland
Tauranga
Rotorua
Hawke's Bay
Palmerston North
Petone
Wellington
Christchurch
Invercargill
Dunedin
New Plymouth
Whanganui
Nelson
Blenheim
Hamilton
Our Locations
Our national presence, coupled with our
local knowledge, allows us to deliver more
for both our candidates and clients.
ACCORDANT GROUP ANNUAL REPORT 202513
From
Compliance to
Competitive
Advantage:
Prioritising
Health & Safety
is Good for
Business
Current and Future Health & Safety Legislation
The Health and Safety at Work Act 2015 is New Zealand’s
primary legislation for workplace health and safety. It came
into effect in April 2016 and marked a major shift in how health
and safety is managed across all industries. The Act places the
primary duty of care on businesses, known as PCBUs (Persons
Conducting a Business or Undertaking), to ensure the health and
safety of workers and others affected by their work. It promotes
a proactive approach, focusing on identifying and managing
risks before harm occurs. It also clarifies the responsibilities
of company officers, workers, and other parties, reinforcing
that everyone has a role to play in creating safe and healthy
workplaces.
Proposed changes to New Zealand’s health and safety
legislation have been announced by the coalition Government.
They aim to support economic growth, sharpen the focus on
managing critical risks and reduce unnecessary compliance,
especially for small, low-risk businesses. The reforms also clarify
overlapping duties, reduce reporting requirements to only
significant incidents, and redefine the roles of governance versus
operational management in health and safety. Further reforms are
expected later this year, and legislation to amend the Act is set
to be introduced before the end of 2025, with the goal of
passing it in early 2026.
At Accordant, our Health & Safety
practices are a core part of how
we protect our people and run
successful businesses. A best-practice
commitment to strong health and
safety practices underpins wellbeing,
productivity and long-term commercial
success and, as the industries we
partner with advance, our approach
to managing risk and supporting our
workforce must do the same.
Employers are increasingly scrutinising
staffing providers for their Health &
Safety capabilities, which is why we’re
committed to maintaining market-
leading practices. Clients often mention
past challenges they've experienced
with other providers in this area, so
our strong track record gives us a real
competitive edge. Being seen as a “safe
pair of hands” matters, especially when
procurement teams are actively looking
for providers who prioritise good
practices and avoid shortcuts.
15
A People-First Approach
At its core, supporting good Health & Safety practices is about
protecting people. That’s why we take a people-first approach
to Health & Safety across the Group. Whether it’s our temporary
staff, contractors or salaried employees, everyone deserves to
feel safe, supported and confident in their work environment, so
our compliance strategies are designed to meet legal obligations
while also building a culture of care and accountability.
We back this up with tested systems and processes, with
regular audits, thorough risk assessments and targeted training
programs ensuring we stay on track. New team members go
through a structured induction, and we keep our training current
and relevant. We also regularly review our safety policies to
ensure they reflect both regulatory changes and the real-world
needs of our people.
At Board level, our Health & Safety Committee provides a
specific governance focus on risks arising from the Company’s
physical operations, Health, Safety & Wellbeing policy and risk
mitigation programmes. This Committee plays a key role in
reviewing incidents, shaping policy and driving improvements.
A Spotlight on AWF’s Approach to Health & Safety
AWF’s Health, Safety & Wellbeing team actively analyses
workplace trends and employee feedback to design targeted
injury prevention campaigns that align with seasonal and
industry-specific risks. AWF only partners with clients who meet
their high safety standards – those who don’t, they simply won’t
work with. Competency is key, especially in the provision of
labour hire, so AWF assesses skills, confidence and readiness to
ensure their people are well-prepared for their next assignment.
In terms of daily operations, maintaining a strong safety culture
is a priority, and targeted communications play a key part in
delivering on this. To ensure their Health, Safety & Wellbeing
communications are relevant and effective for all roles, AWF
has developed a tailored internal framework that supports
meaningful engagement at every level.
For internal employees, this includes structured communication
pathways such as quarterly Accordant Group Health & Safety
Committee meetings with senior leaders and board members,
and AWF’s National Health & Safety Committee, which brings
together senior management and regional representatives. At
the frontline, AWF’s bi-monthly forum of ten Health & Safety
Representatives acts as a bridge between employees and
leadership. Additionally, monthly Health & Safety meetings are
held across AWF’s 20 branches, ensuring consistent, local-level
engagement and feedback.
With thousands of field employees working every year across a
range of industries from manufacturing to logistics, trades, civil
and infrastructure, clear and accessible communications are
non-negotiable. Every AWF field employee completes a thorough
induction, which includes watching a bespoke safety and
wellbeing induction video. This is followed by regular check-ins
during their first four weeks, and a new starter video automation
series that covers key safety messages from day one.
AWF also holds monthly Safety Engagement meetings face-to-
face or by phone, sends out bi-monthly e-newsletters, provides
industry-specific training as appropriate and runs three injury
prevention campaigns annually. In addition, AWF’s Golden Rules
identify nine areas of high risk where regular communications are
prioritised. All of this helps AWF’s field employees stay informed,
prepared and safe on the job. In fact, in the latest Health & Safety
survey 93% of field employees rated AWF’s commitment to
Health & Safety as good or excellent.
AWF deliver several Health & Safety campaigns each year to
their field employees and clients. One of these campaigns, titled
‘Speak Up – We’ll Listen’, focused on building awareness of the
risk of serious injury increasing in the workplace when there is a
change in duties. The message was clear and simple – if a field
employee is ever asked to do something outside of their agreed
duties, or that they don’t feel safe or trained to do, they must talk
to their AWF consultant. Prioritising regular communications is
a foundational part of AWF’s approach to proactively managing
the safety of their workforce.
AWF also prioritises a proactive partnership approach with
their clients and draws on the frontline expertise of their Health
& Safety team to deliver this, ensuring that it is much more
than a compliance and reporting function. Collaboration and
regular communication with AWF’s clients also supports strong
alignment with key safety initiatives. This partnership approach
reinforces key messages and promotes consistency and
compliance across workplaces.
The same applies for organisations choosing a staffing
provider, where financial and productivity considerations directly
linked to Health & Safety are frequently a deciding factor. In
February 2025 AWF received recertification of AWF’s Health
& Safety systems under two prequalification assessments,
+IMPAC Prequalification and the To ̄tika Gold Member Scheme.
These independent assessments are highly regarded in the civil
and construction industry sectors. They are a prerequisite for
a number of clients, and obtaining this prequalification often
means AWF does not need to complete further documentation
for each of these companies prior to supplying field employees.
Health & Safety in New Zealand is about creating workplaces
where people are safe and can thrive. Balancing compliance,
wellbeing and productivity takes time and commitment.
It’s built through consistent effort, smart systems and a culture
that puts people first. Senior leaders play a vital role by setting
the tone and taking proactive steps, and frontline teams ensure
it remains a daily focus. When Health & Safety is led from the top
and lived by everyone, it becomes a powerful driver of both care
and performance.
Beyond Physical Safety
Creating a safe and healthy work environment goes beyond
physical safety. It’s about supporting the whole person, which is
why our approach to employee wellbeing includes both practical
safety measures and mental health support. We’ve invested in
training Mental Health First Responders to provide early support
and guidance when it’s needed most. In addition, AWF and
Madison Recruitment fund EAP services for their field workers,
ensuring this support is available to thousands of people every
year should they require it. EAP’s confidential services help
employees navigate personal or work-related challenges that
might affect their wellbeing, relationships or performance.
The Impact on Productivity
High safety standards and strong productivity often go hand
in hand. Embedding safety into an organisation’s day-to-day
operations creates smoother workflows and fewer disruptions.
With input from operational teams, the integration of safety
checks into routine processes makes them second nature rather
than an extra step.
Technology also plays an important role. Tools like digital
reporting systems and real-time monitoring help organisations
act faster and smarter when it comes to risk. AWF have digitised
their Health & Safety engagement process and continue to work
on further integrations between their CRM and Health & Safety
management system, creating ongoing operational efficiencies
and providing robust reporting for leadership and delivery teams.
There’s also a clear financial case for investing in Health & Safety.
In addition to the importance of physical safety, fewer accidents
can also mean fewer compensation claims, less downtime and
lower costs such as insurance. On top of that, a safe workplace
boosts morale and retention, which translates into better
performance. Poor Health & Safety on the other hand can hit
the bottom line hard, so when an organisation invests in safety,
they’re not just protecting their people, they’re protecting their
business too.
High safety standards and strong
productivity often go hand in
hand. Embedding safety into an
organisation’s day-to-day operations
creates smoother workflows and
fewer disruptions.
17
This means flexibility in how organisations plan, hire and
manage talent is more important than ever. The ability to adapt
has become a competitive advantage and a critical buffer
against volatility in the labour market. By offering flexible work
options and embracing adaptable working models businesses
can respond swiftly to change, fill critical gaps and maintain
operational continuity. When things get tough, or when
opportunities materialise, this flexibility gives organisations
the breathing room they need to adapt quickly and respond
strategically.
The great thing is that flexibility works for workers too. It can
offer significant benefits including supporting diverse career
pathways, work-life balance and skills growth. Accordant’s 2022
Future of Work Report delved into this, with insights from over
750 people contributing to identifying new ways of working that
could improve the employee experience. This group identified
the top benefits of temporary work with 87% rating the ability to
start work quickly, and 83% rating the opportunity to learn and
develop new skills, as either very or fairly important.
In the context of New Zealand’s labour market, workforce
flexibility is the ability of both employers and workers to adapt
to their changing needs through a variety of role types, work
arrangements and employment models. It is about having options
that suit different industries, business cycles and personal
lifestyles.
In New Zealand, flexible roles come in many forms. Full-time
or part-time permanent positions offer job stability and fixed-
term contracts are often used for projects or for longer-term
needs like parental leave cover. Casual employment provides
work on an as-needed basis with no guaranteed hours, while
temporary roles help cover staff absences or busy periods,
giving workers valuable experience and helping businesses stay
agile. Contracting and freelancing are also common, especially in
industries like tech, construction and the creative sector, where
specialised skills are matched to specific tasks or projects.
Where practical, remote and hybrid work can deliver benefits for
the employer and worker. Employees can gain more control over
where and how they work aiding work-life balance,
Right now, organisations across
New Zealand are faced with both
challenges and opportunities, and
there are a range of factors at play –
from economic uncertainty to cost of
living pressures, shifting workforce
expectations and a rise in productivity
gains delivered by leaps forward
in technology. The current labour
market is, paradoxically, presenting
employers with both skill shortages
and a greater choice of highly
capable job seekers at the same time.
While this is of course dependent
on role and sector, very few industries
are immune to the effects of global
uncertainties and persistent
cost-of-living pressures.
Workforce
Flexibility
– Solutions for
Thriving in a
Changeable
Economy
18
location flexibility, reduced costs, greater autonomy and
improved job satisfaction. Additionally, employers can gain
access to a wider talent pool, increased productivity, cost
savings, business continuity and another tool for talent retention.
In sectors where remote or hybrid work is not possible, shift
work and rostered hours can offer benefits. This is common in
healthcare, manufacturing and logistics, which offer flexibility in
scheduling often outside a more traditional ‘9 to 5’ work week.
With a range of work types utilised across New Zealand, a well-
rounded staffing strategy is essential for building a resilient and
high-performing workforce. That’s where Accordant’s diversified
recruitment services come in. It’s also where our decades of
experience supporting businesses across metro and regional
New Zealand places us in a unique position to offer strategic and
practical support to our clients.
Permanent recruitment lays the foundation for long-term stability
and growth, helping businesses secure the right people for the
journey ahead. On the other hand, temporary and contractor
recruitment offers the flexibility to scale up or down quickly
– ideal for managing seasonal peaks, special projects or
unexpected absences. Fixed-term roles strike a balance, allowing
organisations to meet specific project needs or cover longer-
term absences without the commitment of a permanent hire.
For businesses with larger hiring needs, a strategic volume
recruitment solution provides an efficient, streamlined approach
to bringing in talent at scale without compromising on quality.
When it comes to leadership, executive recruitment ensures
that organisations are equipped with the strategic minds
needed to drive vision and change. And to tie it all together,
managed service provision and recruitment process outsourcing
models can take the pressure off internal teams by simplifying
recruitment processes, gaining access to a wider talent pool,
ensuring compliance and reducing the administrative load.
Together, these services offer a flexible, end-to-end solution that
adapts to the unique needs of each business.
Flexibility has become a cornerstone of smart workforce
planning, especially in a market that can shift quickly and at
times unexpectedly. By tapping into a mix of recruitment types
in addition to permanent hiring – such as temporary, contract
and fixed-term roles – businesses can respond with speed and
confidence. Whether it's scaling up to meet a surge in demand
or adjusting during quieter periods, flexible recruitment
models give organisations the agility to stay on track without
overcommitting resources.
This approach also brings real cost efficiency. Temporary and
contractor roles, for example, allow businesses to manage
budgets more effectively during uncertain times, avoiding the
long-term costs associated with permanent hires. And when
things pick up again scalability is built in, meaning teams
can expand quickly without the delays of traditional hiring
processes. Talent pooling of temporary staff and contractors
is not typically carried out by internal recruitment teams, which
means that choosing to partner with a staffing provider is often
a strategic decision that enables the true value of scalability to
be leveraged.
Strong brands, capable people and solid processes are the
backbone of effective recruitment. With years of market
presence, Accordant’s established recruitment businesses bring
a level of trust and reliability that newer entrants simply can’t
replicate overnight. Our tenure means clients and candidates
alike know what to expect. Consistent quality, deep industry
knowledge and a proven track record of delivering results.
Filling roles is important, but it’s also building lasting partnerships
based on confidence and credibility.
In a fast-moving world of work, businesses often need a
strategic partner that understands the value of flexibility, agility
and long-term talent planning. Diversified talent management
is key and this matters because flexibility is a core strength
that allows companies to scale, adapt and thrive in changing
conditions, and also creates meaningful and accessible
opportunities for workers.
While organisations in New Zealand may have a lot of options
when choosing a recruitment provider, many agencies are limited
in their offering. At Accordant, we bring all of this together under
one roof. Our suite of services spans permanent recruitment,
temporary and contractor placements, fixed-term and volume
hiring, executive search and managed service provision.
Our well-established brands offer national expertise, but we’re
also right there on the ground with local know-how and smart,
flexible solutions that work for everyone. With enduring brands
that combine national reach and local presence, we’re uniquely
positioned to deliver scalable, responsive and people-first
solutions across the country as organisations navigate cost
control with growth opportunities.
19
Simon
Hull
Simon is an experienced business
leader and director. He believes
that our people are central to our
productivity which a successful
economy is built upon. Simon
has been a director of several
businesses and is on the Board
of Trustees for the Ice Foundation
(a charitable trust which
owns business incubator The
Icehouse) and is also a Director
of Metro Performance Glass
and Subsidiaries. Simon joined
the Board in June 2021 and was
appointed Chair in January 2022.
Simon founded the Allied Work
Force business in 1988. He was
AWF Managing Director for 27
years and is Accordant Group’s
largest shareholder. He has been
instrumental in growing what is
now the Accordant business from
a single office in Penrose to its
current market leading position.
Before founding Allied Work Force,
Simon was involved in farming,
horticulture, and small business
management. He continues to
be involved in marine-focussed
businesses as well as pursuing his
onshore and offshore yacht racing
passion. Simon is a non-executive
(“non-independent”) Director.
Board of Directors
Simon
Bennett
20ACCORDANT GROUP ANNUAL REPORT 2025
Bella joined the Board as a Non-
Executive Director on 1 January
2024. She brings global experience
in oil and gas and has led national
and regional initiatives in energy
and economic development. Bella
is a Fellow Chartered Accountant
and Chartered Member of the
Institute of Directors. She holds a
Masters in Management Studies
with Distinction from Waikato
University. Bella, who has Iwi
affiliations to Waikato-Maniapoto,
is passionate about empowering
communities through infrastructure,
wellbeing, and workforce
development at a regional level.
She holds Governance roles in Iwi,
Commercial and Crown entities.
Nick joined the Board as an
independent Director in January 2018
after 15 years in Managing Director
roles in New Zealand, Australia, and
Asia/Pacific with Korn Ferry. Nick
brings deep industry expertise in
recruiting, outsourcing, consulting
and talent management. Nick was the
CEO and Director of a start-up SaaS
payments business Wrap It Up, which
was sold in 2017. He is a Trustee on
the Wellington Creative Capital Arts
Trust and was formerly on the Otago
University Business School Board
of Advisors. Nick is a Member of the
Institute of Directors.
Richard joined the human resources
consulting industry in 1987,
and went on to co-found three
successful firms, the most recent
of which was JacksonStone &
Partners where he was Executive
Chair. Richard has held a number
of governance roles. He has been
Chair of UNICEF NZ, President
of the Wellington Chamber of
Commerce, a Council member
of Business NZ and a Director of
Wellington NZ. Presently, he is
the Chair of LifeFlight, Chair of
Commerce Building Limited and
a Director of Cape Horn Land
Company Limited.
Bella
Takiari-Brame
Nick
Simcock
Richard
Stone
ACCORDANT GROUP ANNUAL REPORT 202521
22ACCORDANT GROUP ANNUAL REPORT 2025
REVENUE
Group revenue of $165.2m is down 22.2%
on the prior year revenue of $212.4m.
AWF revenue is down $9.5m (11.6%) on the
prior year.
Revenue sourced from the provision of
services to Commerce (Madison Recruitment,
Absolute IT, Jackson Stone & Partners,
and Hobson Leavy) was down $37.6m
(28.9%) on the prior year.
NET LOSS AFTER TAX
A loss after tax of $2.9m for the year
represents a $7.1m improvement on the prior
year's loss of $10.0m.
DIVIDEND
The Directors have resolved not to declare
a final dividend for the year ended 31 March
2025 (2024: nil). The interim Dividend payable
in December 2024 was nil (2024: 3.0cps).
CASH FLOW
Cash outflow from operating activities of
$0.6m was down $3.0m on the prior year
operating cash flow due to lower net cash
from operations $3.8m, increased bank
interest $0.3m, offset by lower taxation
paid of $1.2m.
NET BANK DEBT
Net bank debt at $28.0m was up $3.6m on
the prior year $24.4m.
Financial Commentary
ACCORDANT GROUP ANNUAL REPORT 202523
24ACCORDANT GROUP ANNUAL REPORT 2025INDEPENDENT AUDITOR’S REPORT
Opinion
We have audited the consolidated financial statements of
Accordant Group Limited and its subsidiaries (the ‘Group’),
which comprise the statement of financial position as at
31 March 2025, and the statement of comprehensive income,
statement of changes in equity, and statement of cashflows for
the year then ended, and notes to the consolidated financial
statements, including material accounting policy information.
In our opinion, the accompanying consolidated financial
statements, on pages 26 to 68, present fairly, in all material
respects, the consolidated financial position of the Group as
at 31 March 2025, and its consolidated financial performance
and cash flows for the year then ended in accordance with
New Zealand Equivalents to IFRS Accounting Standards
(‘NZ IFRS’) as issued by the External Reporting Board and IFRS
Accounting Standards (‘IFRS’) as issued by the International
Accounting Standards Board.
Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing (‘ISAs’) and International Standards
on Auditing (New Zealand) (‘ISAs (NZ)’). Our responsibilities
under those standards are further described in the Auditor’s
Responsibilities for the Audit of the Consolidated Financial
Statements section of our report.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
We are independent of the Company in accordance with
Professional and Ethical Standard 1 International Code of
Ethics for Assurance Practitioners (including International
Independence Standards) (New Zealand) issued by the
New Zealand Auditing and Assurance Standards Board and
the International Ethics Standards Board for Accountants’
International Code of Ethics for Professional Accountants
(including International Independence Standards), and we
have fulfilled our other ethical responsibilities in accordance
with these requirements.
Other than in our capacity as auditor and in relation to an
awards sponsorship arrangement, we have no relationship with
or interests in the Group.
Audit materiality
We consider materiality primarily in terms of the magnitude
of misstatement in the financial statements of the Group that
in our judgement would make it probable that the economic
decisions of a reasonably knowledgeable person would
be changed or influenced (the ‘quantitative’ materiality).
In addition, we also assess whether other matters that come to
our attention during the audit would in our judgement change
or influence the decisions of such a person (the ‘qualitative’
materiality). We use materiality both in planning the scope of
our audit work and in evaluating the results of our work.
Key audit matters
Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the
consolidated financial statements of the current period.
These matters were addressed in the context of our audit of
the consolidated financial statements as a whole, and in forming
our opinion thereon, and we do not provide a separate opinion
on these matters.
Key audit matterHow our audit addressed the key audit matter
Impairment testing of goodwill and other indefinite life intangible
assets for AWF, Madison Recruitment and Absolute IT
Goodwill of $31.6 million (2024: $31.6 million) and other indefinite life
intangible assets (brand names) of $12.1 million (2024:
$12.1 million) are recognised in the consolidated financial statements
at 31 March 2025, as detailed in notes B4 and B3 respectively.
Goodwill and other indefinite life intangible assets are tested for
impairment annually or whenever there are indicators that these assets
may be impaired.
For the purpose of impairment testing, the goodwill and other indefinite
life intangible assets are allocated to Cash Generating Units (“CGUs”).
The recoverable amount of each CGU is determined through a value in
use calculation, which reflects significant unobservable inputs, including
forecasted financial performance, discount rates and growth rates
(including a terminal growth rate).
The AWF, Madison Recruitment and Absolute IT CGUs are more
sensitive to changes in the financial performance assumptions and
judgements involved in determining their recoverable amounts. These
CGUs include goodwill and indefinite life intangibles of $6.7 million,
$14.2 million and $9.8m
The key judgements underpinning their future cashflows include the
EBITDA trajectory, discount and terminal growth rates.
We have included the impairment considerations of goodwill and other
indefinite life intangibles for AWF, Madison Recruitment and Absolute IT
as a key audit matter because these CGUs are more sensitive to
changes in the performance assumptions.
We have tested the value in use calculations for these cash-generating
units (CGU). Our procedures included, amongst others:
• Testing the value in use calculations for arithmetic accuracy;
• Comparing the forecast performance with the approved 2026
financial year budget;
• Assessing the historical accuracy of the Group’s previous forecasts
by comparing prior period budgets to actual performance;
• Challenging Management’s assumptions used in the forecasted
financial performance, by utilising our knowledge of the Group,
the past performance of the CGUs, and their customers;
• Performing sensitivity analysis on the forecasted financial
performance and EBITDA trajectory, discount rates and terminal
growth rates to determine the extent to which any changes in these
inputs would result in an impairment
• Involving our internal valuation specialists in assessing the discount
and terminal growth rates for reasonableness in comparison to
market data.
• Evaluating the sufficiency of related disclosures with regards to the
requirements of NZ IAS 36 Impairment of Assets.
To the Shareholders of Accordant Group Limited
Independent Auditor’s Report
ACCORDANT GROUP ANNUAL REPORT 202525INDEPENDENT AUDITOR’S REPORT
Other information
The directors are responsible on behalf of the Group for the
other information. The other
information comprises the information in the Annual Report
that accompanies the consolidated financial statements and
the audit report.
Our opinion on the consolidated financial statements does
not cover the other information and we do not express any form
of assurance conclusion thereon.
Our responsibility is to read the other information and
consider whether it is materially inconsistent with the
consolidated financial statements or our knowledge obtained
in the audit or otherwise appears to be materially misstated.
If so, we are required to report that fact. We have nothing to
report in this regard.
Directors’ responsibilities for the consolidated
financial statements
The directors are responsible on behalf of the Group for the
preparation and fair presentation of the consolidated financial
statements in accordance with NZ IFRS and IFRS, and for such
internal control as the directors determine is necessary to
enable the preparation of consolidated financial statements
that are free from material misstatement, whether due to
fraud or error.
In preparing the consolidated financial statements, the
directors are responsible on behalf of the Group for assessing
the Group’s ability to continue as a going concern, disclosing,
as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either
intend to liquidate the Group or to cease operations, or have
no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the consolidated
financial statements
Our objectives are to obtain reasonable assurance about
whether the consolidated financial statements
as a whole are free from material misstatement, whether due to
fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is
not a guarantee that an audit conducted in accordance with
ISAs and ISAs (NZ) will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic
decisions of users taken on the basis of these consolidated
financial statements.
A further description of our responsibilities for the audit of the
consolidated financial statements is located on the External
Reporting Board’s website at:
https://www.xrb.govt.nz/standards/assurance-standards/
auditors-responsibilities/audit-report-1-1/
This description forms part of our auditor’s report.
Restriction on use
This report is made solely to the Company’s shareholders, as a
body. Our audit has been undertaken so that we might state to the
Company’s shareholders those matters we are required to state to
them in an auditor’s report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the Company’s shareholders as a body, for
our audit work, for this report, or for the opinions we have formed.
Bennie Greyling, Partner
for Deloitte Limited
Auckland, New Zealand
30 May 2025
FINANCIAL STATEMENTS26ACCORDANT GROUP ANNUAL REPORT 2025
Accordant Group Limited
Statement of comprehensive income
For the year ended 31 March 2025
20252024
NOTE$'000$'000
Revenue from contracts with customersA2165,237212,385
Investment revenueA368114
Fair value gain on contingent considerationG19921,865
Direct costs(1,226)(2,271)
Employee benefits expenseA1, F1(108,207)(120,314)
Contractor costsA1(45,363)(73,342)
Depreciation and amortisation expenseA4, B1, B2, B3(4,645)(4,947)
Impairment of goodwillB4–(11,000)
Other operating expenses(8,132)(9,852)
Finance costsA4(3,021)(2,791)
Profit / (loss) before income tax(4,297)(10,153)
Tax benefitA51,417145
Net profit / (loss) after income tax(2,880)(10,008)
Other comprehensive income for the year––
Total comprehensive income(2,880)(10,008)
Earnings per share
Total basic earnings per share (cents/share)C3(8.5)(29.6)
Total diluted earnings per share (cents/share)C3(8.5)(29.6)
The notes to the Group financial statements form an integral part of these financial statements
FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202527
Accordant Group Limited
Statement of financial position
As at 31 March 2025
20252024
Note$'000$'000
Assets
Non-current assets
Property, plant and equipmentB11,4471,946
Right of use assetsB25,6716,371
Intangible assets – goodwillB431,55331,553
Intangible assets – otherB314,01215,214
Total non-current assets52,68355,084
Current assets
Cash and cash equivalentsC52,9782,092
Trade and other receivablesC617,40421,037
Taxation receivableA5118–
Total current assets20,50023,129
Total assets73,18378,213
Equity and liabilities
Non-current liabilities
Deferred tax liabilitiesA51,1582,504
BorrowingsC731,00026,500
Lease liabilitiesB24,2164,296
Contingent considerationG1–944
Total non-current liabilities36,37434,244
Current liabilities
Trade and other payablesC814,59417,696
Contract liabilitiesA2198225
Taxation payableA5–54
ProvisionsF2115686
Lease liabilitiesB21,9562,673
Total current liabilities16,86321,334
Total liabilities53,23755,578
Net assets19,94622,635
Capital and reserves
Share capitalC130,86830,868
Treasury sharesC2(632)(804)
Group share scheme reserveF1487658
Retained earnings(10,777)(8,087)
Total equity19,94622,635
For and on behalf of the Board who authorised the issue of the financial statements on 30 May 2025:
SIMON BENNETT, ChairBELLA TAKIARI-BRAME, Chair, Audit & Risk Committee
The notes to the Group financial statements form an integral part of these financial statements
FINANCIAL STATEMENTS28ACCORDANT GROUP ANNUAL REPORT 2025
Share
capital
Treasury
shares
Group share
scheme
reserve
Retained
earnings
Total
equity
NOTE$'000$'000$'000$'000$'000
Balance as at 1 April 202330,868(804)4484,07434,586
Loss for the year–––(10,008)(10,008)
Comprehensive income for the year–––––
Total comprehensive income for the year–––(10,008)(10,008)
Transactions with owners in their
capacity as owners:
Dividends paidC4–––(2,153)(2,153)
Restricted shares lapsedF1–––––
Share based paymentsF1––210–210
Total transactions with owners in
their capacity as owners––210(2,153)(1,943)
Balance as at 31 March 202430,868(804)658(8,087)22,635
Balance as at 1 April 202430,868(804)658(8,087)22,635
Loss for the year–––(2,880)(2,880)
Comprehensive income for the year–––––
Total comprehensive income for the year–––(2,880)(2,880)
Transactions with owners in their
capacity as owners:
Dividends paidC4–––––
Restricted shares lapsedF1––(294)294–
Share based paymentsC2, F1–172123(104)191
Total transactions with owners in
their capacity as owners–172(171)190191
Balance as at 31 March 202530,868(632)487(10,777)19,946
The notes to the Group financial statements form an integral part of these financial statements
Accordant Group Limited
Statement of changes in equity
For the year ended 31 March 2025
FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202529
Accordant Group Limited
Statement of cashflows
For the year ended 31 March 2025
20252024
NOTE$'000$'000
Cash flow from operating activities
Receipts from customers168,992215,112
Payments to suppliers, contractors and employees(166,632)(208,981)
Net cash (used in)/generated from operations2,3606,131
Net receipts from government grants–55
Interest paid on bank overdraft and loans(2,497)(2,233)
Interest paid on lease liabilitiesB2(410)(305)
Income taxes paid(101)(1,334)
Net cash provided by / (used in) operating activitiesC5(648)2,314
Cash flow from investing activities
Proceeds from disposal of property, plant and equipment903
Payment for property, plant and equipmentB1(198)(233)
Net cash used in investing activities(108)(230)
Cash flow from financing activities
Dividends paid to share holders of the parentC4–(2,154)
Proceeds from borrowingsC74,5004,000
Repayment of borrowingsC7–(1,000)
Payment of principal on lease liabilitiesB2(2,858)(2,792)
Net cash provided by / (used in) financing activities1,642(1,946)
Net increase in cash and cash equivalents held during the year886138
Cash and cash equivalents as at the beginning of the year2,0921,954
Cash and cash equivalents as at the end of the yearC52,9782,092
The notes to the Group financial statements form an integral part of these financial statements
NOTES TO THE GROUP FINANCIAL STATEMENTS30ACCORDANT GROUP ANNUAL REPORT 2025
IN THIS SECTION
The notes to the financial statements include information
that is considered relevant and material to assist the reader
in understanding changes in Accordant Group Limited
and its controlled entities (“the Group”) financial position
or performance, including where:
• the amount is significant because of its size and nature;
• it is important for understanding the results of the Company;
• it helps explain changes in the Company’s business; or
• it relates to an aspect of the Company’s operations that is
important to future performance.
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
These 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 New Zealand Generally Accepted
Accounting Practices in New Zealand ('GAAP'). For the
purposes of complying with NZ GAAP the Group is a for
profit entity. They comply with New Zealand equivalents
to IFRS Accounting Standards ('NZ IFRS'), IFRS Accounting
Standards ('IFRS') and other applicable Financial Reporting
Standards as appropriate for profit-orientated entities;
• 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 May 2025.
Adoption of new and revised Standards and Interpretations
New standards and amendments and interpretations to
existing standards that came into effect during the current
accounting period
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.
The Group has adopted Classification of Liabilities as Current
or Non-current (Amendments to NZ IAS 1) and Non-current
Liabilities with Covenants (Amendments to NZ IAS 1) from
1 April 2024. The amendments apply retrospectively. They
clarify certain requirements for determining whether a liability
should be classified as current or non-current and require new
disclosures for non-current loan liabilities that are subject to
covenants within 12 months after the reporting period.
None of the other new and amendments to standards and
interpretations have had a material impact on the Group.
New standards and amendments and interpretations to
existing standards that are not yet effective for the current
accounting period
The Group has not early adopted any new standards,
amendments and interpretations that have been issued but are
not yet effective.
In May 2024, the External Reporting Board issued NZ IFRS 18:
Presentation and Disclosure in Financial Statements, effective
for reporting periods commencing on or after 1 January 2027.
Management has not yet assessed the impact of this standard
upon adoption. No other new and amendments to standards
and interpretations have been identified as having a material
effect on the Group’s financial statements in the future.
NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202531
OTHER ACCOUNTING POLICIES
Accounting policies that are relevant to an understanding of the
financial statements (other than those provided throughout the
notes to the financial statements) are set out below:
Fair value measurement
For financial reporting purposes, ‘fair value’ is the price that
would be received to sell an asset, or paid to transfer a liability,
in an orderly transaction between market participants (under
current market conditions) at the measurement date, regardless
of whether that price is directly observable or estimated using
another valuation technique.
When estimating the fair value of an asset or liability, the
Group uses valuation techniques that are appropriate in the
circumstances and for which sufficient data are available to
measure fair value, maximising the use of relevant observable
inputs and minimising the use of unobservable inputs. Inputs to
valuation techniques used to measure fair value are categorised
into three levels according to the extent to which the inputs are
observable:
• Level 1 inputs are quoted prices (unadjusted) in active
markets for identical assets or liabilities that the Group can
access at the measurement date.
• Level 2 inputs are inputs other than quoted prices included
within Level 1 that are observable for the asset or liability,
either directly or indirectly.
• Level 3 inputs are unobservable inputs for the asset
or liability.
Goods and services tax (GST)
All revenue and expense transactions and cash flows are
recorded exclusive of GST and other value added taxes. Assets
and liabilities are similarly stated exclusive of GST, with the
exception of receivables and payables, which are stated with
GST included.
Impairment of tangible and intangible assets excluding
goodwill
At the end of each reporting period, the Group reviews the
carrying amounts of its tangible (notes B1 and B2) and intangible
assets (note B3) to determine whether there is any indication
that those assets have suffered an impairment loss. If any
such indication exists (and at least annually for indefinite
life intangible assets) the recoverable amount of the asset is
estimated in order to determine the extent of the impairment
loss (if any).
The recoverable amount is the higher of an asset’s fair value
less costs to sell and value in use. In assessing value in use,
the estimated cash flows are discounted to their present
value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific
to the asset for which the estimates of future cash flows have
not been adjusted.
If the recoverable amount of an asset is estimated to be less
than its carrying amount, the carrying amount of the asset
is reduced to its recoverable amount. An impairment loss is
recognised immediately in profit or loss.
Where an impairment loss subsequently reverses, the carrying
amount of the asset is increased to the revised estimate of
its recoverable amount, but the increased carrying amount
does not exceed the carrying amount that would have been
determined had no impairment loss been recognised for
the asset in prior periods. A reversal of an impairment loss is
recognised immediately in profit or loss.
Financial instruments
Financial assets and financial liabilities are recognised on
the Group’s Statement of Financial Position when the Group
becomes a party to the contractual provisions of the instrument.
All of the financial assets of the Group, which include trade and
other receivables (note C6), are classified as financial assets at
amortised cost.
The Group’s trade and other payables (note C8) are classified
as financial liabilities at amortised cost.
The Group's contingent consideration amounts arising from
business combinations (note G1) are classified as a financial
liability at fair value through profit or loss. Contingent
consideration is categorised within Level 3 of the fair
value hierarchy.
Financial liabilities and equity instruments issued by the Group
are classified according to the substance of the contractual
arrangements entered into and the definitions of a financial
liability and an equity instrument. An equity instrument is any
contract that evidences a residual interest in the assets of the
Group after deducting all of its liabilities.
Equity instruments
Ordinary share capital (note C1) is classified as equity when
there is no obligation to transfer cash or other assets.
Incremental costs directly attributable to the issue of new
shares are shown in equity as a deduction, net of tax, from
the proceeds.
Costs which are not directly attributable to the issue of new
shares are shown as an expense and included in other operating
expenses in the Statement of Comprehensive Income.
Government grants
Government grants are not recognised until there is reasonable
assurance that the Group will comply with the conditions
attaching to them and that the grants will be received.
Government grants are recognised in profit or loss on
a systematic basis over the periods in which the Group
recognises as expenses the related costs for which the grants
are intended to compensate.
Government grants that are receivable as compensation for
expenses or losses already incurred or for the purpose of giving
immediate financial support to the Group with no future related
costs are recognised in profit or loss in the period in which they
become receivable.
NOTES TO THE GROUP FINANCIAL STATEMENTS32ACCORDANT GROUP ANNUAL REPORT 2025
KEY JUDGEMENTS AND SOURCES OF
ESTIMATION UNCERTAINTY
In the process of applying the Group’s accounting policies
and the application of accounting standards, Management
are required to make a number of judgements, estimates
and assumptions about the carrying amounts of assets and
liabilities that are not readily available from other sources.
These estimates and associated assumptions are based
on historical experience and various other matters that are
considered to be appropriate under the circumstances.
Actual results may differ from these estimates.
Judgements and sources of estimation uncertainty that are
considered material to understand the performance of the
Group are found in the following note:
Note – B4
Impairment testing of the carrying value of goodwill and
indefinite life intangible assets.
NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202533
This section explains the financial performance of the Group,
providing additional information about individual items in the
Statement of Comprehensive Income, including:
(a) accounting policies, judgements and estimates that are
relevant for understanding items recognised in revenue.
(b) analysis of the Group’s performance for the year by
reference to key areas including: performance by segment,
revenue, expenses and taxation.
A1 SEGMENT PERFORMANCE
The Chief Operating decision maker is the Group Chief
Executive.
The Group has two defined Reporting Segments:
• Allied Work Force (‘AWF’) and The Work Collective (‘TWC’)
– 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 (‘CODM’).
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,
being New Zealand.
A. Financial Performance
IN THIS SECTION
NOTES TO THE GROUP FINANCIAL STATEMENTS34ACCORDANT GROUP ANNUAL REPORT 2025
Segment revenueSegment profit
2025202420252024
SEGMENT REVENUE AND RESULTS$’000$’000$’000$’000
Continuing operations
AWF and The Work Collective72,75682,3041,535(3,543)
Madison, Absolute IT, JacksonStone & Partners
and Hobson Leavy92,481130,081(200)(1,207)
Total for continuing operations165,237212,3851,335(4,750)
Other income––68114
Central administration costs and directors fees––(2,679)(2,726)
Finance costs––(3,021)(2,791)
Total165,237212,385(4,297)(10,153)
Income tax expense––1,417145
Total for the year165,237212,385(2,880)(10,008)
Revenue reported above represents revenue generated from external customers. Inter-segment sales in the year were $41,000
(2024: $56,000) and have been eliminated from the above table. Inter-segment sales were eliminated from the originating segment.
No one customer accounts for more than 10% of the Group’s revenue (2024: No one customer accounts for more than 10% of the
Group’s revenue).
The accounting policies of the reportable segments are the same as the Group’s accounting policies described in this report.
Segment profit represents the profit earned by each segment without allocation of central administration costs and directors’ fees,
investment revenue, finance costs, and income tax expense. This is the same measure reported to the CODM for the purpose of
resource allocation and assessment of segment performance.
NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202535
20252024
SEGMENT ASSETS$’000$’000
Continuing operations
AWF and The Work Collective22,70321,522
Madison, Absolute IT, JacksonStone & Partners and Hobson Leavy49,52554,824
Total segment assets72,22876,346
Unallocated assets9551,867
Total assets73,18378,213
For the purposes of monitoring segment performance and allocating resources between segments, the CODM monitors the
tangible, intangible and financial assets attributable to each segment. All assets are allocated to reportable segments other than
cash, cash equivalents and tax assets of the parent.
20252024
SEGMENT LIABILITIES$’000$’000
Continuing operations
AWF and The Work Collective9,5429,643
Madison, Absolute IT, JacksonStone & Partners and Hobson Leavy12,43815,198
Total segment liabilities21,98024,841
Unallocated liabilities31,25730,737
Total liabilities53,23755,578
For the purposes of monitoring segment performance and allocating resources between segments, the CODM monitors the
liabilities attributable to each segment. All liabilities are allocated to reportable segments, other than bank loans and tax liabilities of
the parent.
NOTES TO THE GROUP FINANCIAL STATEMENTS36ACCORDANT GROUP ANNUAL REPORT 2025
OTHER SEGMENT INFORMATION
Depreciation and amortisationImpairment
2025202420252024
$’000$’000$’000$’000
AWF and The Work Collective1,2861,376–4,500
Madison, Absolute IT, JacksonStone & Partners
and Hobson Leavy3,3513,567–6,500
Unallocated84––
Total4,6454,947–11,000
Non-current assets Net additions to non-current assets
2025202420252024
$’000$’000$’000$’000
AWF and The Work Collective11,63310,9451,9741,533
Madison, Absolute IT, JacksonStone & Partners
and Hobson Leavy41,03744,130257650
Unallocated1391313
Total52,68355,0842,2442,196
Employee benefitsContractor costs
2025202420252024
$’000$’000$’000$’000
AWF and The Work Collective64,48673,316662475
Madison, Absolute IT, JacksonStone & Partners
and Hobson Leavy40,70844,21944,70172,867
Unallocated3,0132,779––
Total108,207120,31445,36373,342
NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202537
A2 REVENUE FROM CONTRACTS WITH CUSTOMERS
Accounting policy
Revenue recognition from contracts with customers
Revenue is measured at the fair value of the consideration
received or receivable. Revenue is recognised once value
has been received by the customer, when the performance
obligations have been satisfied and control has transferred.
This is typically on successful placement of a candidate.
The transaction price is allocated to performance obligations
based on their relative standalone selling prices.
Revenue earned on temporary placement – over time
Revenue from temporary placements, represents amounts billed
from the supply of semi-skilled and skilled temporary staff,
including the wage cost of these staff and is recognised when
the service has been provided. Revenue is recognised over time
as services are provided. Performance completed to date is
based on the number of hours worked.
The factors considered by Management on a contract by
contract basis when concluding the Group is acting as principal
rather than agent are as follows:
• Whether the customer has a direct relationship with
the Group;
• Whether the Group has the primary responsibility for
providing the services to the customer, and engages and
contracts directly with the temporary worker or other
recruitment companies; and
• Whether the Group has latitude in establishing the rates
directly or indirectly with all parties.
Revenue earned on permanent placement – point in time
Revenue from permanent placements, represents amounts
billed from the placement of permanent candidates. Revenue
is typically based on a percentage of the candidate’s
remuneration package, this income being recognised at the
date an offer is accepted by a candidate and where a start date
has been determined.
In general, where a candidate fails to remain in the position for
greater than twelve weeks a guarantee is provided to replace
the candidate.
Revenue earned on a retained basis – point in time
Where the Group is engaged on a retainer basis, revenue
recognised is typically based on a percentage of candidate’s
remuneration package, this income being recognised on the
completion of defined stages of work. The defined stages
are: on confirmation of vacancy and after job briefing; on
presentation of shortlist; and candidate placement.
Revenue earned as other services are provided – point in time
Where the Group is engaged to provide payroll related services
to manage the administration of contractors sourced by its
customers directly, revenue is recognised when the underlying
performance obligation is satisfied – upon the provision of
services, charged at hourly or daily rates.
Where the Group is engaged to provide contractors, they are
covered by the Group’s indemnity insurance cover. A fee for this
indemnity insurance cover is recognised when the underlying
performance obligation is satisfied – upon the provision of
cover, charged at hourly rates.
Where the Group is engaged to provide other employee related
services, such as psychometric assessments, advertising and
candidate background checks, revenue is recognised when
the underlying performance obligation is satisfied – upon the
provision of services, charged at agreed rates.
Variable consideration
The Group pays customer rebates (for revenue from temporary
and permanent placement), provides credit notes and
warranties over the contract period for certain recruitment
services (for revenue on a retained basis). Revenue is
constrained to the extent that recognition would result in
a significant reversal of revenue. When the uncertainty is
resolved, the consideration is recognised.
Significant financing component
Payment is typically due within 30 – 60 days from the invoicing
of a contract. There is no significant financing component in any
of the Group’s contracts with customers.
NOTES TO THE GROUP FINANCIAL STATEMENTS38ACCORDANT GROUP ANNUAL REPORT 2025
20252024
REVENUE FROM CONTRACTS WITH CUSTOMERS$’000$’000
Revenue earned on temporary placements
AWF and The Work Collective71,28380,526
Madison, Absolute IT, JacksonStone & Partners and Hobson Leavy68,09796,320
Total revenue earned on temporary placements139,380176,846
Revenue earned on permanent placements
AWF and The Work Collective806985
Madison, Absolute IT, JacksonStone & Partners and Hobson Leavy6,1399,769
Total revenue earned on permanent placements6,94510,754
Revenue earned on a retained basis
AWF and The Work Collective––
Madison, Absolute IT, JacksonStone & Partners and Hobson Leavy3,7856,396
Total revenue earned on a retained basis3,7856,396
Other service revenue
AWF and The Work Collective667793
Madison, Absolute IT, JacksonStone & Partners and Hobson Leavy14,46017,596
Total other service revenue15,12718,389
Total revenue165,237212,385
KEY JUDGEMENTS AND ESTIMATES – EXPECTATION OF REFUND LIABILITIES AND REBATES TO CUSTOMERS
Refund guarantees
For revenue on a retained basis, Management estimates the
expected refund guarantees to customers based on historical
experience of candidates leaving within the guarantee period.
The estimate is updated for key reporting periods. Refund
guarantees relate to the placement of individual candidates.
Rebates
Management estimates the expected rebates to customers
on inception of the contract based on past precedent and
future expected sales. The estimate is updated for key
reporting periods. Rebates relate to the placement of a
portfolio of candidates and the discount is applied to all
qualifying placements.
NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202539
20252024
REVENUE FROM CONTRACTS WITH CUSTOMERS BY CLIENT INDUSTRY CATEGORY$’000$’000
AWF and The Work Collective revenue from contracts with customers
– Construction & civil28,92530,552
– Engineering & technical13,69516,889
– Manufacturing & logistics30,13634,863
Total AWF and The Work Collective revenue from contracts with customers72,75682,304
Madison, Absolute IT, JacksonStone & Partners and Hobson Leavy revenue from
contracts with customers
– Administration & other services438333
– Arts & recreation services6491,453
– Construction and trades1,3592,286
– Education and training2,3274,678
– Financial and insurance services9,10113,905
– Government, defence and public safety50,41966,827
– Healthcare and social assistance9,44214,114
– Information technology4,9124,286
– Logistics (transport, postal & warehousing)1,4182,459
– Manufacturing1,0611,260
– Media & telecommunications35148
– Primary (agriculture, forestry, fishing, mining)2,5244,756
– Professional, scientific and technical services3,7435,822
– Property/rental and hiring services378725
– Retail trade & hospitality2,0581,939
– Utilities (electricity, gas, water, waste)2,2033,964
– Wholesale trade4141,126
Total Madison, Absolute IT, JacksonStone & Partners and Hobson Leavy revenue from
contracts with customers
92,481130,081
Total revenue165,237212,385
NOTES TO THE GROUP FINANCIAL STATEMENTS40ACCORDANT GROUP ANNUAL REPORT 2025
20252024
CONTRACT LIABILITIES$’000$’000
Rebate liabilities170209
Guarantee refund liabilities2816
Revenue in advance––
Total contract liabilities198225
Classified as:
Current 198225
Non-current––
Total contract liabilities198225
A3 INVESTMENT REVENUE
Accounting Policy
Interest revenue is presented as investment revenue in the
statement of comprehensive income.
Interest revenue
Interest revenue is accrued on a time basis using the effective
interest method.
20252024
INVESTMENT REVENUE$’000$’000
Interest received68114
Total investment revenue68114
CONTRACT LIABILITIES
Contract guarantees
For revenue on a retained basis, the Group’s standard contract
terms for permanent placement revenue contracts, includes
a guarantee that the candidate placed will remain in the role
for more than 12 weeks. If the candidate does not remain in
the role for more than 12 weeks, the Group will endeavour to
replace the candidate with another individual at no further
cost to the customer. If the Group is unable to replace the
candidate then the customer is entitled to a credit against the
customer’s account.
Upon placement, a refund liability is recognised with a
corresponding adjustment to revenue. This refund liability is
measured using a rate derived utilising the Group’s historical
experience of candidates who have left before 12 weeks. This
historical experience rate is measured using the portfolio
approach permitted by NZ IFRS 15 Revenue from Contract
with Customers. This estimate is updated regularly at each
reporting period.
Contract rebates
For revenue from temporary and permanent placements, under
the Group’s contract terms with certain customers, a rebate is
payable/applied to customers based on agreed percentages
of amounts billed over a specified period. These agreed
percentages can either be a single fixed rate or incremental
based on thresholds.
At the beginning of the specified period, a rebate liability is
recognised with a corresponding adjustment to revenue.
This rebate liability is measured using a rate derived utilising
the Group’s expectation of the amounts to be billed to the
customer over the specified period. This expectation is based
on historical experience with the customer adjusted to reflect
forecast estimates of the placements required by the customer
over the specified period.
NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202541
A4 EXPENSES
20252024
EXPECTED CREDIT LOSSNOTE$’000$’000
Impairment losses recognised–22
Impairment losses recovered(2)(2)
Changes in the expected credit loss provision(159)100
Total expected credit losses(161)120
20252024
DEPRECIATION AND AMORTISATION EXPENSE$’000$’000
Depreciation of property, plant and equipmentB1670908
Depreciation of right of use assetsB22,7732,641
Amortisation of intangible assetsB31,2021,398
Total depreciation and amortisation expense4,6454,947
20252024
FINANCE COSTS$’000$’000
Financial liabilities measured at amortised cost
Interest on bank overdrafts and loans2,5642,347
2,5642,347
Financial liabilities measured at fair value through profit or loss
Interest on contingent consideration47139
47139
Lease liabilities
Interest on lease liabilities410305
410305
Total finance costs3,0212,791
20252024
AUDITOR’S REMUNERATION TO DELOITTE FOR:$’000$’000
Audit of the financial statements280312
Total auditor’s remuneration to Deloitte280312
The Group’s Audit and Risk Committee monitor the independence of Deloitte Limited and ensure Audit Partner rotation occurs after
5 years.
The Group (via Hobson Leavy) has an awards sponsorship arrangement with Deloitte Limited. The total value of this arrangement
paid to Deloitte is $25,000 (2024:$25,000).
OTHER ITEMS
Political donations
There have been no donations to any political party during the financial year (2024: $Nil)
NOTES TO THE GROUP FINANCIAL STATEMENTS42ACCORDANT GROUP ANNUAL REPORT 2025
A5 TAXATION
Accounting policy – current tax
Income tax expense represents the sum of the tax currently
payable and deferred tax.
Taxable profit differs from profit before tax reported in the
Statement of Comprehensive Income as it excludes items of
income and expense that are taxable or deductible in other
years and also excludes items that will never be taxable
or deductible.
Current and deferred tax are recognised as an expense or
income in profit or loss, except when they relate to items
recognised in other comprehensive income or directly in
equity, in which case the tax is also recognised in other
comprehensive income or directly in equity, or where they arise
from the initial accounting for a business combination. In the
case of a business combination, the tax effect is taken into
account in calculating goodwill or in determining the excess
of the acquirer’s interest in the net fair value of the acquiree’s
identifiable assets, liabilities and contingent liabilities over the
cost of the business combination.
Income tax expense is assessed on taxable profit for the year.
Current tax liabilities are calculated using tax rates that have
been enacted at balance date, being 28% (2024: 28%) for
New Zealand.
20252024
INCOME TAX EXPENSE$’000$’000
Current tax
In respect of current year(1,460)348
In respect of prior year(72)(68)
(1,532)280
Deferred tax
In respect of current year77(471)
In respect of prior year3846
115(425)
Total tax benefit(1,417)(145)
Reconciliation to loss before tax
Loss before income tax(4,297)(10,153)
Income tax at 28%(1,203)(2,843)
Tax effect of income that is not assessable and expenses that are not deductible in
determining taxable profit(214)2,698
Income tax benefit(1,417)(145)
Effective tax rate for the year33.0%1.4%
CURRENT TAX (ASSETS)/LIABILITIES
Current tax (assets)/liabilities
Income tax (receivable)/payable(118)54
Total current tax (assets)/liabilities(118)54
NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202543
Accounting policy – deferred tax
Deferred tax is recognised on differences between the carrying
amounts of assets and liabilities in the financial statements and
the corresponding tax bases used in the computation of taxable
profit, and is accounted for using the balance sheet liability
method. Deferred tax liabilities are generally recognised for
all taxable temporary differences and deferred tax assets are
recognised to the extent that it is probable that taxable profits
will be available against which deductible temporary differences
can be utilised. Such assets and liabilities are not recognised if
the temporary difference arises from goodwill or from the initial
recognition (other than in a business combination) of other
assets and liabilities in a transaction that affects neither the
taxable profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary
differences arising on investments in subsidiaries, except
where the Group is able to control the reversal of the temporary
difference and it is probable that the temporary difference will
not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each
balance sheet date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow
all or part of the assets to be recovered.
Deferred tax is calculated at the tax rates that are expected
to apply in the period when the liability is settled or the
asset realised based on tax rates that have been enacted or
substantively enacted by the end of the reporting period.
The measurement of deferred tax liabilities and assets reflects
the tax consequences that would follow from the manner in
which the Group expects, at the reporting date, to recover or
settle the carrying amounts of its assets and liabilities.
Deferred tax assets and liabilities are offset when there is a
legally enforceable right to set off current tax assets against
current tax liabilities and when they relate to income taxes
levied by the same taxation authority and the Group intends
to settle its current tax assets and liabilities on a net basis.
Lease
liabilities
Right of
use assets
Employee
benefits
Other
provisions
Intangible
assets
Losses
carried
forwardTotal
$’000$’000$’000$’000$’000$'000$’000
As at 1 April 20232,173(1,970)1,074445(4,651)–(2,929)
Prior period adjustment––(81)35––(46)
Charge (credit to profit
or loss for the year)
(270)2286458391–471
As at 31 March 20241,903(1,742)1,057538(4,260)–(2,504)
As at 1 April 20241,903(1,742)1,057538(4,260)–(2,504)
Prior period adjustment––(28)(10)––(38)
Charge (credit to profit
or loss for the year)
(225)201(212)(177)3371,4601,384
As at 31 March 20251,678(1,541)817351(3,923)1,460(1,158)
20252024
IMPUTATION BALANCES$’000$’000
Imputation credits available for subsequent reporting periods at 28%11,92512,135
The above amounts represent the balance of the imputation account as at the end of the reporting period at 28%, adjusted for,
imputation credits that will arise from the payment of the amount of the provision for income tax; and imputation debits that have
arisen from the payment of dividends recognised as a liability at the reporting date. The consolidated amounts include imputation
credits that would be available to the parent entity if subsidiaries paid dividends. The imputed portions of the final dividends
recommended after reporting date will be imputed out of existing imputation credits or out of imputation credits arising from the
payment of income tax in the next reporting period.
NOTES TO THE GROUP FINANCIAL STATEMENTS44ACCORDANT GROUP ANNUAL REPORT 2025
The following diminishing value rates are used for the depreciation of property, plant and equipment
• Motor vehicles 25 to 36%
• Fixtures and equipment 10 to 60%
• Leasehold improvements 4 to 14%
Motor
vehicles
Fixtures and
equipment
Leasehold
improvementsTotal
PROPERTY, PLANT AND EQUIPMENTNOTE$’000$’000$’000$’000
Cost1,8354,8582,3429,035
Less accumulated depreciation(962)(3,772)(1,571)(6,305)
Net book value at 1 April 20238731,0867712,730
Additions–132102234
Disposals – cost–(80)(189)(269)
Depreciation expenseA4(262)(365)(281)(908)
Eliminations on disposal – depreciation–6792159
Net book value at 31 March 20246118404951,946
Additions–90108198
Disposal – cost(135)(17)(39)(190)
Depreciation expenseA4(181)(301)(188)(670)
Eliminations on disposal – depreciation1111439163
Net book value at 31 March 20254066264151,447
Cost1,7004,9842,3249,008
Less accumulated depreciation(1,294)(4,358)(1,909)(7,561)
Net book value at 31 March 20254066264151,447
B. Assets used to generate income
This section shows the assets the Group uses to generate
operating income. In this section of the notes there is
information about:
(a) property, plant and equipment
(b) right of use assets and lease liabilities
(c) intangible assets
(d) goodwill
B1 PROPERTY, PLANT AND EQUIPMENT
Accounting policy
Fixtures and equipment, motor vehicles and leasehold
improvements are stated at cost less accumulated depreciation
and any accumulated impairment losses.
Depreciation is charged so as to write off the cost of assets,
over their estimated useful lives using the diminishing
value method.
The gain or loss arising on the disposal or retirement of an
item of property, plant and equipment is determined as the
difference between the sales proceeds and the carrying
amount of the asset and is recognised in the Statement of
Comprehensive Income.
IN THIS SECTION
NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202545
B2 RIGHT OF USE ASSETS AND LEASE LIABILITIES
Accounting policy
The Group leases various properties (including offices), motor
vehicles and computer equipment. Property lease contracts
are typically made for fixed periods of 3 to 9 years but may
have extension options as described below. Motor vehicle and
computer equipment leases are typically made for fixed periods
of 1 to 5 years without extension options.
Lease terms are negotiated on an individual basis and contain
a wide range of different terms and conditions. The lease
agreements do not impose any covenants, but leased assets
may not be used as security for borrowing purposes.
Leases are recognised as a right-of-use (‘ROU’) asset and a
lease liability at the lease commencement date.
The right-of-use asset is initially measured at cost, and
subsequently at cost less any accumulated depreciation and
impairment losses, and adjusted for certain remeasurements
of the lease liability.
Costs included in the measurement of the right-of-use asset
comprise the following:
• the amount of the initial measurement of lease liability;
• any lease payments made at or before the commencement
date; less any lease incentives received; and
• any initial direct costs incurred by the lessee.
Depreciation is charged so as to write off the cost of assets,
over the lease term using the straight-line method or where
shorter than the useful life of the right of use asset.
The lease liability is initially measured at the present value of
the future lease payments over the lease term that are not paid
at the commencement date, discounted using the interest rate
implicit in the lease or, if that rate cannot be readily determined,
the lessee’s incremental borrowing rate, being the rate that the
lessee would have to pay to borrow over a similar term, and
with a similar security, the funds necessary to obtain an asset
of a similar value to the right-of-use asset in a similar economic
environment with similar terms and conditions.
Generally, the Group uses the lessee’s incremental borrowing
rate as the discount rate.
Lease payments included in the measurement of the lease
liability comprise the following:
• the exercise price under a purchase option that the Group
is reasonably certain to exercise that option; and
• lease payments in an optional renewal period if the Group
is reasonably certain to exercise an extension option.
There are no leases with variable lease payments which depend
on an index or rate as at the commencement date.
The lease liability is measured at amortised cost using the
effective interest method. It is remeasured when there is a
change in future lease payments arising from a change in an
index or rate, if there is a change in the Group’s estimate of
the amount expected to be payable under a residual value
guarantee, if the Group changes its assessment of whether it
will exercise a purchase, extension or termination option, or if
there is a revised in-substance fixed lease payment.
When the lease liability is remeasured in this way, a
corresponding adjustment is made to the carrying amount
of the right-of-use asset, or is recorded in profit or loss if the
carrying amount of the right-of-use asset has been reduced
to zero.
The Group has elected not to recognise right-of-use assets and
lease liabilities for short-term leases that have lease terms of
12 months or less and leases of low value assets.
The Group recognises the lease payments associated with
these leases within operating expenses on a straight line basis
over their lease terms.
NOTES TO THE GROUP FINANCIAL STATEMENTS46ACCORDANT GROUP ANNUAL REPORT 2025
Property
Motor
vehicles
Computer
EquipmentTotal
RIGHT OF USE ASSETSNOTE$’000$’000$’000$’000
Cost15,2871194215,351
Less accumulated depreciation(8,302)(103)(5)(8,313)
Net book value at 1 April 20236,98516377,038
Additions/lease liability remeasurements2,203252–2,455
Disposals – cost(1,764)––(1,764)
Depreciation expenseA4(2,509)(123)(9)(2,641)
Eliminations on disposal – depreciation1,283––1,283
Net book value at 31 March 20246,198145286,371
Additions/lease liability remeasurements1,952144–2,096
Disposals – cost(337)(95)–(432)
Depreciation expenseA4(2,633)(131)(9)(2,773)
Eliminations on disposal – depreciation31495–409
Net book value at 31 March 20255,494158195,671
Cost17,3414204217,803
Less accumulated depreciation(11,847)(262)(23)(12,132)
Net book value at 31 March 20255,494158195,671
NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202547
20252024
LEASE LIABILITIES$’000$’000
Property5,9936,795
Motor vehicle158144
Computer equipment2130
Total lease liabilities6,1726,969
Classified as:
Current1,9562,673
Non-current4,2164,296
Total lease liabilities6,1726,969
Maturity analysis – contractual undiscounted cashflows:
Less than 1 year2,2572,987
Later than 1 year and not later than 5 years inclusive4,0074,276
More than 5 years1,384451
Total undiscounted lease liabilities 31 March7,6487,714
Amounts recognised in Statement of Comprehensive Income:
Interest on lease liabilities(410)(305)
Expenses relating to short term leases(595)(723)
Total amounts recognised in the Statement of Comprehensive Income(1,005)(1,028)
Cash outflows recognised in the Statement of Cashflows:
Recognised within cash flows from operating activities
Interest elements of lease payments(410)(305)
Total recognised within cash flows from operating activities(410)(305)
Recognised within cash flows from financing activities
Principal elements of lease payments(2,858)(2,792)
Total recognised within cash flows from financing activities(2,858)(2,792)
Total recognised within the Statement of cashflows(3,268)(3,097)
NOTES TO THE GROUP FINANCIAL STATEMENTS48ACCORDANT GROUP ANNUAL REPORT 2025
KEY JUDGEMENTS AND SOURCES OF ESTIMATION UNCERTAINTY – ESTIMATE OF THE FUTURE RIGHT OF USE ASSETS
AND LEASE LIABILITIES
Extension and termination options
Extension and termination options are included in a number
of leases across the Group. These terms are used to maximise
operational flexibility in terms of managing contracts. The
majority of extension and termination options held are
exercisable only by the Group and not by the respective lessor.
Extension and termination options
Critical judgements in determining the lease term
In determining the lease term, management considers
all facts and circumstances that create an economic
incentive to exercise an extension option, or not exercise a
termination option.
Extension options (or periods after termination options) are only
included in the lease term if the lease is reasonably certain to be
extended (or not terminated).
The assessment is reviewed if a significant event or a significant
change in circumstances occurs which affects this assessment
and that is within the control of the lessee.
The following factors are normally the most relevant:
• If there are significant penalties to terminate (or not extend),
the Group is typically reasonably certain to extend (or
not terminate).
• If any leasehold improvements are expected to have a
significant remaining value, the Group is typically reasonably
certain to extend (or not terminate).
• Otherwise, the Group considers other factors including
historical lease durations and the costs and business
disruption required to replace the leased asset.
Incremental borrowing rates
Critical judgements in determining the incremental
borrowing rate
To determine the incremental borrowing rate, the Group:
• where possible, uses recent third-party financing (currently,
the Group’s sole term facility provider, ASB Bank Limited)
received by the individual lessee as a starting point, adjusted
to reflect changes in financing conditions since third party
financing was received;
• uses a build-up approach that starts with a risk-free interest
rate adjusted for credit risk for leases held by Group
subsidiaries, which do not have recent third party financing;
and
• makes adjustments specific to the lease, e.g. term, location,
and security.
NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202549
B3 INTANGIBLE ASSETS
Accounting policy
Intangible assets acquired in a business combination are
identified and recognised separately from goodwill where they
satisfy the definition of an intangible asset and their fair values
can be measured reliably. The cost of such intangible assets is
their fair value at the acquisition date.
Intangible assets acquired separately with finite useful
lives are carried at cost less accumulated amortisation and
accumulated impairment losses. Amortisation is recognised
on a straight-line basis over their estimated useful lives
(48–72 months). The estimated useful life and amortisation
method are reviewed at the end of each reporting period, with
the effect of any changes in estimate being accounted for on a
prospective basis.
Intangible assets acquired separately with indefinite useful lives
are not amortised and are reviewed for impairment on an annual
basis and whenever there is an indication that the asset may be
impaired as per NZ IAS 36 Impairment of Assets (refer also B4).
Other intangible assets (excluding goodwill) represent the value of client relationships, brand names and restraints of trade acquired
through business combinations (where the economic value can reliably be assessed).
Customer
Relationships
Brand
Name
Restraint
of TradeTotal
NOTE$’000$’000$’000$’000
Cost16,82312,0815,29534,199
Less accumulated amortisation(14,945)–(2,642)(17,587)
Net book value at 1 April 20231,87812,0812,65316,612
Amortisation expenseA4(576)–(822)(1,398)
Net book value at 31 March 20241,30212,0811,83115,214
Amortisation expenseA4(556)–(646)(1,202)
Net book value at 31 March 202574612,0811,18514,012
Cost16,82312,0815,29534,199
Less accumulated amortisation(16,077)–(4,110)(20,187)
Net book value at 31 March 202574612,0811,18514,012
The amortisation expense has been included in the line item
“depreciation and amortisation expense” in the Statement of
Comprehensive Income.
Brand names of:
• $7.465 million identified and recognised from the Madison
acquisition are allocated to the Madison Group cash
generating unit.
• $1.980 million identified and recognised from the Absolute
IT acquisition are allocated to the Absolute IT cash
generating unit.
• $1.029 million identified and recognised from the
JacksonStone & Partners acquisition are allocated to the
JacksonStone & Partners cash generating unit.
• $1.607 million identified and recognised from the Hobson
Leavy acquisition are allocated to the Hobson Leavy cash
generating unit.
KEY JUDGEMENTS AND ESTIMATES – ESTIMATING THE
REMAINING USEFUL LIVES OF IDENTIFIABLE CUSTOMER
RELATIONSHIPS AND RESTRAINT OF TRADE ASSETS AND
TESTING THE CARRYING VALUE OF BRAND ASSETS
Brand assets are indefinite life non-financial assets. Determining
whether brand assets are impaired requires an estimation of the
value in use of the cash generating unit to which brand relates
to. The impairment testing of brand is undertaken in conjunction
with the impairment testing of goodwill related to the cash
generating unit (refer to note B4 for further information).
The impairment assessment of customer relationships and
restraint of trade assets requires a judgement and estimation
of the expected remaining useful life of these assets.
NOTES TO THE GROUP FINANCIAL STATEMENTS50ACCORDANT GROUP ANNUAL REPORT 2025
B4 GOODWILL
Accounting policy
Goodwill arising on the acquisition of a subsidiary is recognised
as an asset at the date that control is acquired (the acquisition
date). Goodwill is measured as the excess of the sum of the
consideration transferred, the amount of any non-controlling
interest in the acquiree and the fair value of the acquirer’s
previously held equity interest (if any) in the acquiree over the
fair value of the identified net assets recognised.
Goodwill is not amortised, but is reviewed for impairment at
least annually. For the purpose of impairment testing, goodwill is
allocated to each of the Group’s Cash Generating Units (‘CGUs’)
expected to benefit from the synergies of the combination.
CGUs to which goodwill and indefinite life intangible assets
have been allocated are tested for impairment annually, or
more frequently when there is an indication that the unit may
be impaired. The recoverable amount is the higher of fair value
less cost to sell and the value in use. If the recoverable amount
of the cash generating unit is less than the carrying amount
of the unit, the impairment loss is allocated first to reduce
the carrying amount of any goodwill allocated to the unit and
then to the other assets of the unit pro-rata on the basis of the
carrying amount of each asset in the unit. Any impairment loss
on goodwill is recognised immediately in profit or loss and is not
subsequently reversed.
20252024
GOODWILL$’000$’000
As at 1 April31,55342,553
Impairment Madison Recruitment–(6,500)
Impairment AWF–(4,500)
As at 31 March31,55331,553
Allocation to cash generating units:
• AWF6,7126,712
• Madison Recruitment6,7236,723
• Absolute IT7,8367,836
• JacksonStone & Partners5,7975,797
• Hobson Leavy4,4854,485
Total goodwill31,55331,553
NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202551
Annual test for impairment
The Group tests goodwill and other indefinite life intangible
assets annually for impairment or more frequently if there are
indications that goodwill might be impaired.
When there is an impairment, i.e., the recoverable amount of
the cash generating unit is less than the carrying amount of the
unit, the impairment loss is allocated first to reduce the carrying
value amount of any goodwill allocated to the cash generating
unit and thereafter, prorated against the carrying value of other
assets (including intangible assets and net assets).
The recoverable amount of each CGU is determined from Value
In Use (VIU) calculations which use a discounted cash flow
analysis. The key assumptions for the VIU calculations are those
regarding the discount rates, growth rates and forecast financial
performance.
The VIU calculation uses post tax cash flow projections over
a 5-year period based on the budgeted financial year to 2026
and thereafter financial forecasts prepared by Management and
approved by the Board. Cash flows beyond the 5-year period
are extrapolated using a terminal growth rate.
KEY JUDGEMENTS AND SOURCES OF ESTIMATION
UNCERTAINTY – IMPAIRMENT TESTING OF THE
CARRYING VALUE OF GOODWILL AND INDEFINITE LIFE
INTANGIBLE ASSETS
Determining whether goodwill is impaired requires an
estimation of the VIU of the group of CGUs to which goodwill
has been allocated. The VIU calculation requires Management
to estimate the future cash flows expected to arise from
those CGUs and apply a suitable discount rate in order to
calculate present value.
Management engaged an independent adviser to determine
the Weighted Average Cost of Capital (WACC) to discount
future cashflows and terminal growth rate. The independent
adviser used a Capital Asset Pricing Model methodology
(CAPM) to determine the WACC, which takes into consideration
a risk-free rate based on New Zealand Government Bonds, a
market risk premium and an equity beta based on a selection of
comparable recruitment companies.
Key Inputs into VIU testing are the following:
• Cashflows: post tax based on Management prepared
5-year business models for each CGU. Cashflow projections
are based upon expected business performance which is
driven primarily by EBITDA*
• Discount rate: The WACC is defined by the independent
adviser at Segment level, being Blue Collar and White Collar
and then applied to CGU’s
• Terminal growth rate (TV): determined by an independent
adviser and assessed at 2.5%
*EBITDA is a non-GAAP measure that represents Earnings
Before Interest, Tax, Depreciation and Amortisation and is
the primary performance measure for the Group.
The table below summarises the VIU inputs:
CGUWACCTerminal Value
Revenue CAGR*
FY27-30
Year expected
to reach
historical EBITDA
performance
levels
AWF13.5%2.5%6.2%FY26
Madison Recruitment12.5%2.5%5.4%FY27
Absolute IT12.5%2.5%9.6%FY29
JacksonStone & Partners12.5%2.5%12.5%FY30
Hobson Leavy12.5%2.5%2.7%FY26
The reviews concluded that there was no impairment of
Goodwill identified for any CGUs (2024: Madison Recruitment
was impaired by $6.5m and AWF by $4.5m).
Sensitivities
For each CGU sensitivities were calculated for the following:
• A 1% uplift in the WACC rate
• A reduction in the TV to 2%
• A reduction of 1% to Revenue CAGR
• Delay in achieving historical EBITDA performance levels
by up to 12 months
No CGUs were sensitive to a reasonable possible change
in the assumptions that would cause an impairment.
*Cumulative Average Growth rate
NOTES TO THE GROUP FINANCIAL STATEMENTS52ACCORDANT GROUP ANNUAL REPORT 2025
This section explains the Group’s reserves and working
capital. In this section there is information about:
(a) equity and dividends
(b) net debt
(c) receivables and payables
C. Managing funding
IN THIS SECTION
C1 SHARE CAPITAL
2025202420252024
ORDINARY SHARE CAPITALNo of SharesNo of Shares$’000$’000
As at 1 April34,325,54234,325,54230,86830,868
As at 31 March34,325,54234,325,54230,86830,868
The share capital reflected in the following note represents the ordinary share capital of Accordant Group Limited. All ordinary
shares carry rights to dividends and distribution on wind-up.
C2 TREASURY SHARES
2025202420252024
TREASURY SHARESNo of SharesNo of Shares$’000$’000
As at 1 April517,289517,289804804
Disposal of treasury shares as share based
payments(110,480)–(172)–
As at 31 March406,809517,289632804
Treasury shares were acquired to provide flexibility under the equity-settled share based incentive scheme.
During the year ended 31 March 2025, 110,480 treasury shares were disposed/transferred as part of share-based payment
arrangements (refer also note F1).
C3 EARNINGS PER SHARE
20252024
EARNINGS PER SHARE$’000$’000
Comprehensive income for the year net of tax ($’000)(2,880)(10,008)
Number of ordinary shares as at 31 March34,325,54234,325,542
Weighted average number of shares for basic earnings per share33,918,73333,808,253
Total basic earnings per share (cents per share)(8.5)(29.6)
Weighted average number of shares for diluted earnings per share33,918,73333,808,253
Total diluted earnings per share (cents per share)(8.5)(29.6)
The restricted shares detailed in Note F1 could also potentially dilute earnings per share in the future, but currently are anti-dilutive
(2024: were anti-dilutive).
NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202553
C4 DIVIDENDS
Accounting policy
Dividend distributions to the Group’s shareholders are recognised as a liability in the Group’s financial statements in the period in
which the dividends are approved.
20252024
DIVIDENDSCents per share$’000Cents per share$’000
Recognised amounts:
Prior year final dividend––3.01,071
Interim dividend––3.01,082
–2,153
Declared amounts:
Final dividend declared––––
Dividends
Prior year final dividend
On 29 May 2024 the Directors resolved not to declare a final
dividend for the year ended 31 March 2024.
Current year interim dividend
On 30 October 2024, the Directors resolved not to pay a
dividend for the period ended 30 September 2024.
Subsequent event
On 30 May 2025 the Directors resolved not to declare a final
dividend for the year ended 31 March 2025.
NOTES TO THE GROUP FINANCIAL STATEMENTS54ACCORDANT GROUP ANNUAL REPORT 2025
C5 CASH AND CASH EQUIVALENTS
Accounting policy
Cash and cash equivalents
Cash and cash equivalents comprise of cash held by the Group
and short-term bank deposits with an original maturity of
less than three months. The carrying amount of these assets
approximates their fair value.
For the purpose of the statement of cash flows, cash and
cash equivalents include cash on hand and in banks and
investments in money market instruments, net of outstanding
bank overdrafts.
Statement of cash flows
The following terms are used in the Group’s statement of
cash flows:
• Operating activities are the principal revenue producing
activities of the Group and other activities that are not
investing or financing activities;
• Investing activities are the acquisition and disposal of long
term assets and other investments not included in cash
equivalents; and
• Financing activities are activities that result in changes in
the size and composition of the contributed equity and
borrowings of the entity.
Interest paid and interest received may be classified as
operating cashflows because they enter into the determination
of profit or loss. Cash payments for the interest portion of a
financial liability or lease liability, have been classified as part of
operating activities and cash payments for the principal portion
for financial liability or lease liability, have been classified as part
of financing activities. Interest received on cash at bank have
been classified as part of operating activities.
20252024
CASH AND CASH EQUIVALENTS$’000$’000
Cash at bank2,9782,092
Total cash and cash equivalents2,9782,092
RECONCILIATION OF NET PROFIT / (LOSS) AFTER TAX TO CASH FLOWS
FROM OPERATING ACTIVITIES
20252024
$’000$’000
Net profit / (loss) after income tax(2,880)(10,008)
Adjustments for operating activities non-cash items:
Depreciation and amortisation4,6454,947
Impairment–11,000
(Gain)/loss on disposal of property, plant and equipment and intangible assets(59)108
Movement in expected credit loss provision(161)120
Movement in deferred tax(1,346)(425)
Equity-settled share-based payments191210
Interest on contingent consideration to the vendor of Hobson Leavy48139
Fair value movement on contingent consideration to the vendor of Hobson Leavy(992)(1,865)
Total non-cash items2,32614,234
Movements in working capital excluding movements relating to purchase of subsidiaries:
(Increase)/decrease in trade and other receivables, and contract assets3,7552,890
Increase/(decrease) in trade and other payables, and contract liabilities(3,677)(3,749)
Increase/(decrease) in taxation payable(172)(1,053)
Total movement in working capital(94)(1,912)
Cash flow from / (used in) operating activities(648)2,314
NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202555
C6 TRADE AND OTHER RECEIVABLES
Accounting policy
Trade and other receivables are measured on initial recognition
at fair value and subsequently at amortised cost using the
effective interest method.
Appropriate allowances for expected irrecoverable amounts
are recognised in profit and loss which are measured using
the simplified approach permitted by NZ IFRS 9 Financial
Instruments, which requires lifetime expected losses for trade
and other receivables to be recognised from initial recognition
of the receivable.
There are no trade and other receivables with a significant
financing component.
The Group determines the expected credit losses
by calculating:
• a probability weighted amount that is determined by
evaluating a range of possible outcomes;
• time value of money;
• reasonable and supportable information that is available at
the reporting date about past events, current conditions and
forecasts of future economic conditions.
When reassessing expected credit losses the Group also
considers any change in the credit risk and quality of the
receivable from the date credit was initially granted up to the
end of the reporting period, referring to past default experience
of the counterparty and an analysis of the counterparty’s
current financial position.
The Group determines the expected credit losses for all trade receivables and other receivables (including those that are past due
and neither past due) by using a provision matrix, estimated based on historical credit loss experience based on shared credit risk
characteristics and the days past due status of the debtors. The expected loss rates are based on the payment profiles of sales
over a period of 60 months. The historical loss rates are adjusted to reflect current conditions and estimates of future economic
conditions affecting the ability of the debtors to repay the receivables.
An allowance of $41,000 (2024: $200,000) has been made for expected credit losses arising from trade and other receivables.
Before accepting a new customer, the Group conducts reference checks using external sources. Customer checks and approval of
credit limits are performed independently of the sales function, and are reviewed on an ongoing basis.
The credit period on sale of services is between 7 and 30 days, unless otherwise agreed. No interest is charged on trade
receivables for the first 30 days from the date of invoice. Thereafter, interest can be charged at 1.5 per cent per month on the
outstanding balance.
Included in trade receivables are debtors with a carrying value of $1.3 million (2024: $1.9 million) which are overdue at the reporting
date. Included in other receivables are debtors with a carrying value of $Nil (2024: $Nil) which are overdue at the reporting date. The
Group does not hold any collateral over these balances.
The Group writes off a receivable when there is information indicating that the debt is in severe financial difficulty and there is
no realistic prospect of recovery, e.g. when the debtors has been placed under receivership or liquidation, or has entered into
bankruptcy proceedings. NZ IFRS 9 includes a rebuttal presumption that a loss event has occurred if debtors are aged greater than
90 days. Impairment losses on trade and other receivables are presented as ‘direct expenses’ in the Statement of Comprehensive
Income. Any revisions to this amount are credited to the same line item.
20252024
TRADE AND OTHER RECEIVABLES$’000$’000
Trade receivables16,25720,553
Provision for expected credit loss(41)(200)
Total trade receivables16,21620,353
Other receivables1,188684
Total other receivables1,188684
Total trade and other receivables17,40421,037
NOTES TO THE GROUP FINANCIAL STATEMENTS56ACCORDANT GROUP ANNUAL REPORT 2025
20252024
PROVISION FOR IMPAIRMENT $’000$’000
PROVISION FOR EXPECTED CREDIT LOSS FOR TRADE RECEIVABLES
As at 1 April200100
Impairment losses reversed(159)–
Impairment losses recognised–100
As at 31 March41200
EXPECTED LOSS RATES FOR TRADE RECEIVABLESCurrent
1–30
days
30–60
days
60–90
days
90+
daysTotal
2025
Expected loss rate (%)0.0%0.0%3.7%85.7%86.1%0.3%
Gross trade receivables ($’000)14,9231,18210973616,257
Provision for impairment of trade receivables ($’000)––(4)(6)(31)(41)
Net trade receivables14,9231,1821051516,216
2024
Expected loss rate (%)0.0%0.0%60.9%100%100%1.1%
Gross trade receivables ($’000)18,6121,662202671020,553
Provision for impairment of trade receivables ($’000)––(123)(67)(10)(200)
Net trade receivables18,6121,66279––20,353
EXPECTED LOSS FOR OTHER RECEIVABLES
Management has reviewed and assessed other receivables and
the provision for impairment $Nil (2024: $Nil) represents the
best estimate of the expected credit losses based on historical
credit loss experience adjusted to reflect current conditions and
estimates of future economic conditions. The expected loss
rate (%) is calculated on a GST inclusive basis.
Other information about customers
The Group has no customers making up more than 10% of the
year ended 31 March 2025 Group revenue (2024: none).
The concentration of credit risk is limited due to the size of the
customer base.
KEY JUDGEMENTS AND ESTIMATES – EXPECTED CREDIT
LOSSES FROM TRADE AND OTHER RECEIVABLES
Management has reviewed and assessed debtors on a branch-
by-branch basis and the provision for impairment represents the
best estimate of the expected credit losses based on historical
credit loss experience adjusted to reflect current conditions and
estimates of future economic conditions.
NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202557
C7 BORROWINGS
20252024
BORROWINGS
$’000$’000
Bank loans31,00026,500
Total borrowings31,00026,500
Classified as:
Current––
Non-current31,00026,500
Total borrowings31,00026,500
Summary of borrowing arrangements
During the year the Group extended their banking facilities through to 30 April 2026.
The total Facility Limit is $35.0m (2024: $35.0m). The Revolving Credit Facility is $18.0m and the Trade Finance Facility is $17.0m.
Facility usage at 31 March 2025 was: Revolving Credit $18.0m (2024: $18.0m) and Trade Finance $13.0m (2024: $8.5m). Cash at
Bank at 31 March 2025 was $2.978m (2024: $2.092m).
The loan facilities are secured by first ranking General Security Deeds with cross guarantees and indemnities executed by all Group
entities (refer note E1). The banking facilities request the Group to operate within defined financial undertakings. The Group has
complied with all covenant requirements during the year.
The revolving loan is drawn in tranches which are financed for durations of 90, 120 and 150 days. The trade finance loan is drawn in
30 day tranches, repayable at the Group’s election with interest calculated for the duration utilised.
The weighted average cost of interest including bank margin and line fee (excluding bank facility fee) was 6.91% (2024: 7.24%).
Covenants
As at 31 March 2025, the Group classified its secured borrowings of $31.0 million (31 March 2024: $26.5 million) as non-current
liabilities. These borrowings are subject to financial covenants under the Group’s financing arrangements with ASB Bank Limited.
The covenants required the Group to maintain a minimum Interest Cover Ratio and maximum Leverage Ratio, as well as an Equity
Ratio. For covenant purposes, these ratios are calculated based on accounting policies applied prior to the adoption of NZ IFRS 16
Leases, excluding the impact of right-of use assets and lease liabilities.
The Group has remained compliant with the covenants that applied during the year. Covenant waivers were obtained prior to the
March 2025 testing date.
The Facility extension, effective from 30 March 2025 included a new covenant framework. The new covenant framework is based
on a minimum level of cumulative EBITDA performance tested and reported quarterly from 30 June 2025.
As part of the new facility the Group secured a new overdraft facility of $2m.
NOTES TO THE GROUP FINANCIAL STATEMENTS58ACCORDANT GROUP ANNUAL REPORT 2025
Reconciliation of liabilities arising from financing activities
The table below details changes in the Group’s liabilities arising from financing activities, including both cash and non-cash
changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the
Group’s statement of cash flows as cash flows from financing activities:
Opening
balance
Financing
cash flows
Non-cash
changes
Closing
balance
NOTE$’000$’000$’000$’000
For the year ended 31 March 2025
Borrowings
Bank loans – ASB Bank Limited
(i)
26,5004,500–31,000
Other financial liabilities, from financing activities
Lease liabilities
(ii)
B26,969(2,858)2,0616,172
Hobson Leavy contingent considerationG1944–(944)–
Total34,4131,6421,11737,172
For the year ended 31 March 2024
Borrowings
Bank loans – ASB Bank Limited
(i)
23,5003,000–26,500
Lease liabilities
(ii)
B27,813(3,097)2,2536,969
Hobson Leavy contingent considerationG12,648–(1,704)944
Total33,961(97)54934,413
(i) The cash flows make up the net amount of proceeds/(payment) from borrowings, repayments of borrowings and repayment of other financial
liabilities in the statement of cash flows.
(ii) Non-cash changes comprise new leases entered into during the year of $336,000 (2024: $1,649,000) and remeasurement of existing leases
during the year of $1,725,000 (2024: $604,000).
C8 TRADE AND OTHER PAYABLES
Accounting policy
Trade and other payables are initially measured at fair value, and subsequently measured at amortised cost, using the effective
interest method.
Income, expenses, assets and liabilities are recognised net of goods and services tax (“GST”), except:
• where the amount of GST incurred is not recoverable from the taxation authority, it is recognised as part of the cost of acquisition
of an asset or as part of an item of expense; or
• for receivables and payables which are recognised inclusive of GST where invoiced.
Trade creditors and accruals principally comprise amounts outstanding for trade purchases and ongoing costs.
20252024
TRADE AND OTHER PAYABLES$’000$’000
Trade payables3,6565,101
Goods and services tax (GST) payable2,0362,132
PAY E1,9452,324
Other payables and accruals6,9578,139
Total trade and other payables14,59417,696
NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202559
This section explains the financial risks the Group faces,
how these risks affect the Group’s financial position and
performance and how the Group manages these risks.
D1 FINANCIAL RISK MANAGEMENT
The Group is exposed to a variety of financial risks comprising:
– credit risk;
– liquidity risk;
– market risk
– interest rate risk; and
– capital risk.
D. Financial instruments used to manage risk
IN THIS SECTION
Credit risk
Credit risk is the risk that one party to a financial instrument will
cause a financial loss to the other party by failing to discharge
an obligation.
The Group’s principal financial assets are cash and cash
equivalents, and trade and other receivables.
The credit risk on cash and cash equivalents is limited because
the counterparty is a bank with a high credit-rating assigned by
international credit-rating agencies. The maximum credit risk on
other balances is limited to their carrying values without taking
into account any collateral held.
The Group’s credit risk is primarily attributable to its trade
and other receivables. The amounts presented in the
Statement of Financial Position are net of allowances for
doubtful receivables.
The Group has no significant concentration of credit risk as
its exposure is spread over a large number of customers.
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty
in meeting obligations associated with financial liabilities.
The Group manages liquidity risk by maintaining adequate
reserves, banking facilities and reserve borrowing facilities
by continuously monitoring forecast and actual cash flows
and matching the maturity profiles of financial assets and
financial liabilities.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows
of a financial instrument will fluctuate as a result of changes in
market interest rates.
The Group’s exposure to interest rate risk arises mainly from
its interest earning cash deposits and its interest bearing bank
borrowings. The Group is exposed to interest rate risk to the
extent that it invests for a fixed term at floating rates or borrows
for a fixed term at floating rates. The Group’s policy is to obtain
the most favourable term and interest rate available.
Capital risk management
The Group manages its capital to ensure that the entities in
the Group will be able to continue as a going concern while
maximising the return to stakeholders through the optimisation
of the debt and equity balance. The Group’s overall strategy
remains unchanged from the prior year.
The capital structure of the Group consists of debt, which
includes the borrowings disclosed in note C7, cash and cash
equivalents disclosed in note C5 and equity attributable to
equity holders of the Group, comprising issued share capital as
disclosed in note C1 and retained earnings.
The Directors and Management review the capital structure
on a periodic basis. As part of this review the Directors
and Management consider the cost of capital and the risks
associated with each class of capital. The Directors and
Management will balance the overall capital structure through
payment of dividends, new share issues, and share buy backs as
well as the issue of new debt or the redemption of existing debt.
Fair value of financial instruments
The carrying amounts of financial instruments at balance date
approximate the fair value at that date.
NOTES TO THE GROUP FINANCIAL STATEMENTS60ACCORDANT GROUP ANNUAL REPORT 2025
Liquidity and interest rate risk management
The following table details the Group’s remaining contractual maturity for its financial assets and liabilities. The table has been
drawn up based on the undiscounted cash flows of financial assets and liabilities based on the earliest date on which the Group can
be required to receive or pay. The table includes both interest, bank facility fees and principal cash flows. To the extent that interest
cash flows are at floating rates, the undiscounted cash flows are derived from interest rates at 31 March.
Weighted average
effective interest rate
Less than
1 month
1–3
months
3–12
months
1–5
years
5+
yearsTotal
%$’000$’000$’000$’000$’000$’000
2025
Financial assets
Non-interest bearing-%17,404––––17,404
Floating interest2.75%2,978––––2,978
Financial liabilities
Non-interest bearing-%(4,606)(875)(1,890)(4,007)(1,384)(12,762)
Floating interest6.13%(219)(438)(1,973)(31,219)–(33,849)
15,557(1,313)(3,863)(35,226)(1,384)(26,229)
2024
Financial assets
Non-interest bearing-%21,037––––21,037
Floating interest4.50%2,092––––2,092
Financial liabilities
Non-interest bearing-%(5,843)(1,440)(2,508)(5,221)(451)(15,463)
Floating interest8.21%(181)(362)(1,631)(27,587)–(29,761)
17,105(1,802)(4,139)(32,808)(451)(22,095)
The analysis includes all financial assets and liabilities. In relation to the financial liabilities, this excludes tax related balances and
employee benefits, as these are not financial instruments.
Sensitivity analysis
The sensitivity analysis has been based on the exposure to interest rates for borrowings and cash and cash equivalents at 31 March.
A 50 point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents
Management’s assessment of the reasonably possible change in interest rates.
20252024
INTEREST RATE +/– 50 bps$’000$’000
Impact on profit and equity155133
NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202561
This section provides information to help readers understand
the Group’s structure and how it affects the financial position
and performance of the Group.
E1 SUBSIDIARIES
Accounting policy
Basis of consolidation
The Group financial statements comprise the financial
statements of the company and entities (including structured
entities) controlled by the Company and its subsidiaries.
Control is achieved when the Group:
• has power over the investee;
• is exposed, or has rights, to variable returns from its
involvement with the investee; and
• has the ability to use its power to affect its returns.
The Company reassesses whether or not it controls an investee
if facts and circumstances indicate that there are changes to
one or more of the three elements of control listed above.
E. Group structure
IN THIS SECTION
SUBSIDIARIES
Place of
incorporation
and operation
Proportion of
ownership interest
held
Proportion
of voting
power held
Principal
activity
AWF LimitedNew Zealand100%100%Labour hire
Madison Recruitment LimitedNew Zealand100%100%Recruitment
Absolute IT LimitedNew Zealand100%100%
Recruitment and
Payroll Services
Probity NZ LimitedNew Zealand100%100%Dormant
Accordant Group Services LimitedNew Zealand100%100%Group Services
JacksonStone & Partners LimitedNew Zealand100%100%Recruitment
JacksonStone Consulting LimitedNew Zealand100%100%Dormant
The Work Collective LimitedNew Zealand100%100%Social Enterprise
Hobson Leavy LimitedNew Zealand100%100%Executive Search
The results of subsidiaries acquired or disposed of during
the year are included in profit or loss from the effective date
of acquisition or up to the effective date of disposal, as
appropriate. Where necessary, adjustments are made to the
financial statements of subsidiaries to bring the accounting
policies used into line with those used by other members of
the Group.
All intra-group transactions, balances, income and expenses are
eliminated in full on consolidation.
The consolidated financial statements include the financial
statements of Accordant Group Limited and the subsidiaries
listed below. Subsidiaries are entities controlled, directly or
indirectly, by Accordant Group Limited.
NOTES TO THE GROUP FINANCIAL STATEMENTS62ACCORDANT GROUP ANNUAL REPORT 2025
F. Other
IN THIS SECTION
This section includes the remaining information relating to the
Group’s financial statements that is required to comply with
financial reporting standards.
F1 EMPLOYEE BENEFITS AND SHARE BASED PAYMENTS
Accounting policy
Provision is made for benefits accruing to employees in respect
of wages and salaries, annual leave, long service leave, and sick
leave when it is probable that settlement will be required and
they are capable of being measured reliably.
Provisions made in respect of employee benefits expected
to be settled within 12 months are measured at their nominal
values using the remuneration rate expected to apply at the time
of settlement.
Provisions made in respect of employee benefits which are not
expected to be settled within 12 months are measured as the
present value of the estimated future cash outflows to be made
by the Group in respect of services provided by employees up
to reporting date.
The Group pays contributions to superannuation plans, such
as KiwiSaver. The Group has no further payment obligations
once the contributions have been paid. The contributions are
recognised as an employee benefit expense when they are due.
20252024
EMPLOYEE BENEFITS
$’000$’000
Employee benefits105,726117,408
Employer contribution to KiwiSaver2,3582,696
Equity-settled share-based payments123210
Total employee benefits expense108,207120,314
Government grants of $Nil (2024: $55,000) have been offset against employee benefits.
20252024
COMPENSATION OF KEY MANAGEMENT PERSONNEL (Excludes Directors)$’000$’000
Salaries and short-term benefits2,5603,240
Employer contribution to KiwiSaver7797
Equity-settled share-based payments9475
Total key management personnel compensation2,7313,412
The remuneration of directors and key executives is determined by the Remuneration and Nomination Committee having regard to
the performance of individuals and market trends. Directors fees expensed during the year ended 31 March 2025 was $454,000
(2024: $461,000).
Gross dividends paid to key management who hold restricted shares during the year ended 31 March 2025 was $Nil
(2024: $75,000).
Prepaid contributions are recognised as an asset to the extent
that a cash refund or a reduction in the future payments
is available.
The Group operates an equity-settled share based incentive
Scheme for senior staff and directors that is settled in ordinary
shares. The fair value of these share-based payments is
calculated on the grant date using an appropriate valuation
model. The fair value is included in employee benefits expense
on a straight line basis over the vesting period, based on the
Group’s estimate of the number of equity instruments that will
eventually vest.
The same amount is credited to shareholders equity. At each
balance date, the Group re-assesses its estimates of the number
of equity instruments expected to vest. The impact of the
revision of original estimates, if any, is recognised in employee
benefits expense immediately, with a corresponding adjustment
to shareholders equity.
The Group is not party to any Golden parachute clauses.
NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202563
Employee share schemes
The Group has an ownership-based compensation scheme
for senior employees of the Group. In accordance with the
provisions of the restricted share scheme, as approved
by shareholders, senior employees and directors may, at
the discretion of the Board, be granted the opportunity of
purchasing restricted shares at a price determined by the Board
under the rules of the scheme.
Invited participants purchase the shares by way of an interest
free loan from the Group. Participants may convert their shares
from the vesting date and only when they have repaid the loan
from the Group. The shares issued to participants are held as
security for the loan until such time the loan has been repaid.
Restricted shares are entitled to all the rights as ordinary shares,
including dividends and full voting rights, but are not tradable
until they are converted to ordinary shares based on the terms
of the scheme.
No restricted shares were issued to senior staff during the
year ended 31 March 2025 under the terms of the Group share
scheme (2024: 420,000).
No restricted shares were exercised during the year (2024:
No restricted shares were exercised during the year ended
31 March 2024).
665,000 restricted shares expired during the year ended
31 March 2025 (2024: Nil) and 115,000 restricted shares were
forfeited during year ended 31 March 2025 (2024: 119,000).
The corresponding interest free loan provided to staff was
also cancelled. The value of expired restricted shares was
$294,000 (2024:$Nil).
At 31 March 2025, there were 1,431,000 (2024: 2,211,000)
shares held by staff members and corresponding loans to the
value of $2,421,900 (2024: $3,827,000).
The following share-based payment arrangements were in existence at 31 March 2025:
Number
Grant
date
Vesting
date
Expiry
date
Issue
price
Fair value at
grant date
of the option
RESTRICTED SHARE SERIES$$
J Shares 2021 Grant250,00018/09/20201/01/20251/01/20261.500.41
L Shares 2022 Grant381,0001/10/20211/01/20251/01/20261.900.48
M Shares 2023 Grant205,00014/10/20221/10/20251/10/20261.800.50
N Shares 2023 Grant205,00014/10/20221/10/20261/10/20271.800.56
O Shares 2024 Grant195,00013/11/20231/10/20261/10/20271.500.28
P Shares 2024 Grant195,00013/11/20231/10/20281/10/20291.500.35
Total1,431,000
The rules of the restricted share scheme (which for accounting purposes are treated as share options) allow participants to hand
back to the Group restricted shares issued to them at the grant date (or during the exercise period) should the market price of the
shares be below the exercise price. If the restricted shares are handed back to the Group, the loan from the Group is cancelled. Due
to the nature of the restricted share scheme, the scheme has been treated as a share option scheme under NZ IFRS 2 Share-based
Payments and a value placed on each restricted share in accordance with the standard.
Restricted shares are valued using Black-Scholes pricing model. Where relevant, the expected life used in the model has been
adjusted based on Management’s best estimate for the effects of non-transferability, exercise, and behavioural considerations.
Expected volatility is based on the historical share price volatility over the expected term of the option. The valuation assumes that
senior employees and directors will exercise the options at the end of the allowed one-year loan repayment period.
NOTES TO THE GROUP FINANCIAL STATEMENTS64ACCORDANT GROUP ANNUAL REPORT 2025
RESTRICTED
SHARE SERIES
Term to
vesting
Expected
life
Risk
Free Rate
Annualised
Volatility
Option
Value
(Days)(Years) % %$
J Shares 2021 Grant1,5664.30.37%31.20%$0.41
L Shares 2022 Grant1,1883.31.40%35.20%$0.48
M Shares 2023 Grant1,0833.04.44%37.10%$0.50
N Shares 2023 Grant1,4484.04.45%35.80%$0.56
O Shares 2024 Grant1,0532.95.03%39.20%$0.28
P Shares 2024 Grant1,7844.95.03%35.40%$0.35
The weighted average fair value of the restricted shares granted under the restricted share scheme during the year was
$0.44 (2024: $0.44).
The following reconciles the outstanding restricted shares granted under the restricted share scheme at the beginning
and end of the year:
GROUP
20252024
Option
Weighted average
exercise priceOption
Weighted average
exercise price
Number$Number$
As at 1 April2,211,000$1.731,910,000$1.79
Granted during the year–$0.00420,000$1.50
Expired during the year(665,000)$1.81–$0.00
Forfeited during the year(115,000)$1.77(119,000)$1.86
As at 31 March1,431,000$1.692,211,000$1.73
The number of restricted share options exercisable at 31 March 2025 is Nil (2024: Nil).
The restricted shares outstanding at 31 March 2025 had a weighted average contractual life from inception of 749 days
(2024: 911 days).
During the year ended 31 March 2025 the share based payments expense recognised by the Group was a charge of $123,000
(2024: charge of $210,000).
There were no restricted share options exercised year ended 31 March 2025 (2024: none).
NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202565
F2 PROVISIONS
Accounting policy
Provisions are recognised when the Group has a present
obligation as a result of a past event, and it is probable that the
Group will be required to settle that obligation, and a reliable
estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of
the consideration required to settle the present obligation at
the end of the reporting period taking into account the risks and
uncertainties surrounding the obligation. Where a provision is
measured using the cash flows estimated to settle the present
obligation, its carrying amount is the present value of those
cash flows.
20252024
PROVISION FOR WAGES, MEDICAL AND REHABILITATION COSTS$’000$’000
As at 1 April686582
Change in claims provision(571)104
As at 31 March115686
Classified as:
Current115686
Total provisions115686
AWF Limited continues to participate in the ACC Partnership
Discount Plan. Under this plan AWF Limited, as employer
undertakes injury management with the assistance of
its appointed agent and accepts financial responsibility
for employees who incur work-related injuries for the
12 month cover period and subsequent 12 month claims
management period.
KEY JUDGEMENTS AND ESTIMATES – REHABILITATION
UNDER THE ACC PARTNERSHIP PROGRAMME
Provisions represent Management’s best estimate of the
Group’s liability for ongoing wages, medical and rehabilitation
costs for open claims in terms of the partnership agreement
with Accident Compensation Corporation, based on an
independent assessment of past experiences and the nature of
the open claims.
NOTES TO THE GROUP FINANCIAL STATEMENTS66ACCORDANT GROUP ANNUAL REPORT 2025
F3 RELATED PARTIES
Controlling entity
The SA Hull Family Trust No.2, which holds 18,194,598 (2024:
18,194,598) shares is the ultimate controlling entity of the Group,
having a 53.01% (2024: 53.01%) holding.
Transactions
During the year, Group entities entered into the following
trading transactions with a related party that is not a member of
the Group:
20252024
RELATED PARTY TRANSACTIONS
$’000$’000
Mr Simon Bennett – Consultancy services–90
Accordant Group Services Limited entered into a consultancy arrangement with Mr Simon Bennett (Chairman and Director)
commencing 1 January 2022 at the rate of $120,000 per annum for a defined scope of work. This arrangement concluded
31 December 2023.
At 31 March 2025, Group entities do not have any amounts owed or owing to a related party that is not a member of the Group
(2024: $ Nil).
F4 COMMITMENTS
20252024
CAPITAL EXPENDITURE COMMITMENTS
$’000$’000
Property, plant and equipment2662
Total capital expenditure commitments2662
F5 CONTINGENT ASSETS AND LIABILITIES
ASB Bank Limited has issued seven guarantees (2024: seven) on behalf of the Group totalling $921,097 (2024: $910,575) in support
of property leases (six) and a surety bond to the NZX.
The Group has no other contingent assets or liabilities at 31 March 2025 (2024: $Nil).
F6 EVENTS AFTER THE REPORTING DATE
No subsequent events have occurred since reporting date that would materially impact the Group’s financial statements as at 31
March 2025.
NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202567
G. Significant matters in the financial year
Significant matters which have impacted the Group's financial
performance.
G1 BUSINESS COMBINATIONS
Accounting policy
Business combinations are accounted for using the acquisition
method. The consideration transferred in a business
combination is measured at fair value, which is calculated as the
sum of the acquisition-date fair values of assets transferred by
the Group, liabilities incurred by the Group to the former owners
of the acquiree and the equity interest issued by the Group
(if any) in exchange for control of the acquiree. Acquisition-
related costs are recognised in profit or loss as incurred.
When the Group acquires a business, it assesses the financial
assets and liabilities assumed for appropriate classification
and designation in accordance with the contractual terms,
economic circumstances and pertinent conditions as at the
acquisition date. At the acquisition date, the identifiable assets
acquired and the liabilities (including contingent liabilities)
assumed are recognised at their fair value at the acquisition
date, except that deferred tax assets or liabilities or assets
related to employee benefit arrangements are recognised and
measured in accordance with NZ IAS 12 Income Taxes and
NZ IAS 19 Employee Benefits respectively. Goodwill is measured
as the excess of the sum of the consideration transferred, the
amount of any non-controlling interests in the acquiree, and the
fair value of the acquirer’s previously held equity interest in the
acquiree (if any) over the net of the acquisition-date amounts
of the identifiable assets acquired and the liabilities assumed.
If, after reassessment, the net of the acquisition-date amounts
of the identifiable assets acquired and liabilities assumed
exceeds the sum of the consideration transferred, the amount
of any non-controlling interests in the acquiree and the fair
value of the acquirer’s previously held interest in the acquiree
(if any), the excess is recognised immediately in profit or loss
as a bargain purchase gain.
IN THIS SECTION
The Group’s goodwill policy is set out in note B4.
When the consideration transferred by the Group in a business
combination includes a contingent consideration arrangement,
the contingent consideration is measured at its acquisition-date
fair value and included as part of the consideration transferred
in a business combination.
Changes in fair value of the contingent consideration that
qualify as measurement period adjustments are adjusted
retrospectively, with corresponding adjustments against
goodwill. Measurement period adjustments are adjustments
that arise from additional information obtained during the
‘measurement period’ (which cannot exceed one year from the
acquisition date) about facts and circumstances that existed at
the acquisition date.
The subsequent accounting for changes in the fair value of the
contingent consideration that do not qualify as measurement
period adjustments depends on how the contingent
consideration is classified. Contingent consideration that is
classified as equity is not remeasured at subsequent reporting
dates and its subsequent settlement is accounted for within
equity. Other contingent consideration is remeasured to fair
value at subsequent reporting dates with changes in fair value
recognised in profit or loss.
If the initial accounting for a business combination is incomplete
by the end of the reporting period in which the combination
occurs, the Group reports provisional amounts for the items for
which the accounting is incomplete. Those provisional amounts
are adjusted during the measurement period, or additional
assets or liabilities are recognised to reflect new information
obtained about facts and circumstances that existed as of
the acquisition date that, if known, would have affected the
amounts recognised as of that date.
Purchase of Hobson Leavy
Effective 31 January 2023, Accordant Group Limited acquired the shares of Hobson Leavy Limited (‘Hobson Leavy’). Hobson Leavy
is one of New Zealand’s market leaders in retained executive search, operating exclusively in the “C” suite market and across both
the public and private sectors. The acquisition accelerates the Group’s capability in the search market, and especially in Auckland.
The goodwill and identifiable intangible assets are not deductible for income tax purposes.
NamePrincipal Date of acquisition
Proportion
acquired %
Cost of acquisition
$’000
Hobson LeavyRetained executive “C suite” search31/1/2023100%8,795
NOTES TO THE GROUP FINANCIAL STATEMENTS68ACCORDANT GROUP ANNUAL REPORT 2025
Contingent consideration
As part of the purchase agreement for Hobson Leavy, a
contingent consideration arrangement was agreed.
Under the contingent consideration arrangement, there was
to be an additional cash payment to the previous owners of
Hobson Leavy, where the Group was required to pay:
• Two Earn-outs based on performance in FY24 (tranche 1) and
FY25 (tranche 2) above a specified and defined calculation of
Earnings before Interest, Tax, Depreciation and Amortisation
(EBITDA).
• The Group was to pay $2.00 for every one additional $1.00
of EBITDA achieved over an agreed minimum threshold.
At acquisition date, the potential undiscounted amount of all
future payments that the Group could be required to make
under the contingent consideration arrangement was $1.284m
for Earn out tranche 1 and $1.628m for Earn out tranche 2.
• The fair value of Earn out tranche 1 of $1.196m, was estimated
by applying a discount factor of 5.30% to the undiscounted
earn out amount of $1.284m. The minimum EBITDA threshold
for FY24 was not exceeded. The fair value of Earn-out
tranche 1 of $1.196m together with reduced discount interest
of $76,000 was therefore released to the Statement of
Comprehensive Income in the year ended 31 March 2024.
• The fair value of Earn out tranche 2 of $1.452m, was
estimated by applying a discount factor of 4.91% to the earn
out amount of $1.628m. As at 31 March 2024, there was a
material change in the Group's estimate of the probable
EBITDA under the contingent consideration arrangement
for Earn-out tranche 2. The potential undiscounted future
amount that the Group could be required to pay was revised
down to $1.0m. The future liability has decreased by a total
of $0.628m. The fair value gain of $0.508m and discount
interest of $85,000 was released to the Statement of
Comprehensive Income for the year ended 31 March 2024.
• The minimum EBITDA threshold for FY25 was not exceeded.
The fair value of Earn-out tranche 2 of $0.944m together
with reduced discount interest of $48,000 was released
to the Statement of Comprehensive Income in the year
ended 31 March 2025.
ACCORDANT GROUP ANNUAL REPORT 202569
Companies Act 1993 disclosures
Corporate Governance Information
Accordant’s governance framework is guided by the principles and recommendations described in the NZX Corporate Governance
Code dated April 2023 (Code). Accordant has reported against the Code in its separately published Corporate Governance
Statement which, together with the detailed information on the Company’s Board of Directors and corporate governance policies,
can be viewed on the Corporate Governance section on the Accordant website (www.accordant.nz/corporate-governance).
Variance to NZX Corporate Governance Code
We believe that the Company’s corporate governance practices for the financial year ended 31 March 2025 are materially in line
with the Code. Those areas of variance from the Code are set out in the table below:
NZX Code
principle
NZX Code
recommendation
Key
differenceStatus
Board
composition
and performance
2.5: The Board should
set measurable
objectives for achieving
diversity
The Company has adopted
a Diversity and Inclusion
Policy, a copy of which is
available on the Company’s
website. However, the Board
has not set measurable
objectives under the Policy
for achieving diversity.
Whilst the Board considers authentic
diversity outcomes can be achieved without
measurable objectives, the small size of
the Board is limiting when seeking to label
individual diversity. Although no alternative
governance practices have been adopted
in lieu of recommendation 2.5, the Board
has been particularly mindful of its Policy
in making its most recent appointment to
the Board.
Board
composition
and performance
2.9: The Chair of the
Board should be an
independent director
Simon Bennett as Chair of
the Board is not independent
due to having been employed
as the CEO of the Company
previously, leaving this role
in June 2021. The Company
announced on 30 April
2025 that the Board had
determined Simon Bennett to
be an Independent Director.
This was done to recognise
that 4 years have passed
since Simon Bennett held the
role of CEO.
The Board and ARC maintain an independent
composition majority. No alternative
governance practices have been adopted
specifically in lieu of recommendation 2.9.
Remuneration5.2: An issuer should
have a remuneration
policy for executives
which outlines the
relative weightings
of remuneration
components and
relevant performance
criteria
The Company’s remuneration
policy does not specifically
address the exact
weightings of remuneration
components and relevant
performance criteria.
The Company’s Annual Report contains
disclosures with respect to the weightings
and performance criteria as these are
dynamic from year to year. The Board’s
practice, rather than setting specific criteria
and weightings in the Remuneration Policy, is
to set these annually according to the needs
of the business and the specific short and
long term goals that are considered at the
time to be appropriate.
COMPANIES ACT 1993 DISCLOSURES
Directors
The following persons were Directors of Accordant Group Limited as at 31 March 2025:
NAME OF DIRECTOR
Nature of directorshipDate appointed
Simon BennettNon-independent Chair*21 June 2021
Simon HullNon-independent Director4 February 2005
Nicholas SimcockIndependent Director1 January 2018
Richard StoneIndependent Director25 January 2022
Bella Takiari-BrameIndependent Director1 January 2024
*The Company announced on 30 April 2025 that the Board had determined Simon Bennett to be an Independent Director.
The Board has assessed the independence of each of the Directors by reference to the definition of the term ‘Disqualifying
Relationship’ in the NZX listing rules and by having regard to the factors described in the NZX Corporate Governance Code that
may impact on director independence. As a consequence of that assessment, the Board has determined that all the directors are
independent Directors other than Simon Bennett and Simon Hull.
Simon Hull has been determined by the Board to be a non independent director because he is a substantial shareholder in the
Company and has been a director since incorporation (appointed 4 February 2005). Simon Bennett was determined to be a non
independent Director because he was CEO of the Company through until June 2021.
None of the Directors has been appointed pursuant to listing rule 2.4.
Subsidiary Company Directors
The following were directors of subsidiary companies as at 31 March 2025. Employee directors of subsidiary companies do not
receive directors’ fees, remuneration, or other benefits in their capacity as directors. The remuneration and other benefits of such
employees, received as employees, are included in the relevant bands for remuneration disclosed elsewhere in this Additional
Information section.
NAME OF SUBSIDIARY COMPANY
Directors
Hobson Leavy LimitedSimon Bennett, Jason Cherrington, Carrie Hobson, Stephen Leavy
Accordant Group Services LimitedJason Cherrington, Shereen Low
AWF LimitedJason Cherrington, Shereen Low
Madison Recruitment LimitedJason Cherrington, Shereen Low
Absolute IT LimitedJason Cherrington, Shereen Low
JacksonStone & Partners LimitedJason Cherrington, Shereen Low
JacksonStone Consulting LimitedJason Cherrington, Shereen Low
The Work Collective LimitedJason Cherrington, Shereen Low
Probity NZ LimitedJason Cherrington, Shereen Low
COMPANIES ACT 1993 DISCLOSURES70ACCORDANT GROUP ANNUAL REPORT 2025
Entries recorded in the Interests Register
In accordance with section 140(2) of the Companies Act 1993 the Company maintains an interests register in which Directors’
interests are recorded. The table below sets out the particulars of general disclosures of interest made by Directors holding office
as at 31 March 2025. The Director will be regarded as interested in all transactions between Accordant and the disclosed entity.
DIRECTOR
Name of business and nature of interest
Simon HullTrustee – S.A. Hull Family Trust
Trustee – S.A. Hull Family Trust No. 2
Director – Hull Properties Limited
Director – Nano Imports Limited
Director – Multihull Ventures Limited
Director – Marlborough Developments (2007) Limited
Director – Zhik Pty Limited
Director – The Garage Club Limited
Trustee – Peter Hull Extended Family Trust
Director – Wayby Station Limited
Director – Cattle Mountain Run Limited
Simon BennettTrustee – Ice Foundation
Director – Peak Partners Limited
Director – Metro Performance Glass Limited and Subsidiaries
Nicholas SimcockTrustee – Wellington Creative Capital Arts Trust
Director – Simcorp Limited
Director – Just Property Management Limited
Director – GW Trustee (2023) Limited
Richard StoneTrustee – Embassy Theatre Trust 2020
Chair – Life Flight New Zealand Limited
Chair – Commerce Building Limited
Director – Bolton Holdings Limited
Director – Central Air Ambulance Rescue Services Limited
Bella Takiari-BrameTrustee – Tiratu ̄ Iwi Ma ̄ori Partnership Board
Director – Luana Limited
Board Member – Accident Compensation Corporation (ACC)
Director – Braemar Hospital Limited
Director – NZ Healthcare Investments Limited
Deputy Chair – Te Nehenehenui Trust
Chair – The Lines Company
Director & Shareholder – Te Ohu Kai Moana Trustee Limited
Shareholder – Te Putea Whakatupu Trustee Limited
Shareholder – Te Wai Ma ̄ori Trustee Limited
Director – Aotearoa Fisheries Limited trading as Moana New Zealand
Shareholder – Rangita ̄mirotanga Limited
COMPANIES ACT 1993 DISCLOSURESACCORDANT GROUP ANNUAL REPORT 202571
Information used by Directors
During the financial year ended 31 March 2025 there were no notices from Directors of the Company requesting to disclose or use
Company Information received in their capacity as Directors.
Indemnity and insurance
In accordance with section 162 of the Companies Act 1993 and the constitution of the Company, Accordant has continued to
indemnify and insure its directors, executives and employees acting on behalf of the Company, against potential liability or
costs incurred in any proceeding, except to the extent prohibited by law. The insurance does not cover liabilities arising from
criminal actions.
Directors’ Shareholding Interests
As at 31 March 2025 the Directors of the Company had the following relevant interests in the Company’s shares:
DIRECTOR
Ordinary
shares
Restricted shares held under the
Company’s long-term incentive scheme*
Simon Bennett280,007500,000
Simon Hull18,194,598–
Nicholas Simcock10,000–
Richard Stone––
Bella Takiari-Brame––
* These Restricted Shares were issued to Simon Bennett during his tenure as CEO. Further information about the terms of the long-term incentive
scheme that governs these Restricted Shares is set out in note F1 to the financial statements.
Directors and Senior Manager share dealings
In accordance with the Companies Act 1993, between 1 April 2024 and 31 March 2025 the Board received the following disclosures
from Directors and Senior Managers of acquisitions and dispositions of shares in the Company, with such particulars having been
duly entered in the Company’s interests register.
Director/Senior ManagerTransactionNumber of securitiesPrice per securityDate
Jason CherringtonPurchase of shares3,482$0.4316 July 2024
Jason CherringtonPurchase of shares73$0.4522 July 2024
Jason CherringtonPurchase of shares9,792$0.6530 July 2024
Jason CherringtonPurchase of shares14,610$0.656 August 2024
Diversity and inclusion
The gender breakdown of Accordant Group Limited’s Board of Directors and Officers as at 31 March 2025 is set out in the
table below:
Directors31 Mar 2025 31 Mar 2024 Officers*31 Mar 202531 Mar 2024
Female1 (20%)2 (33%)Female2 (29%)4 (44%)
Male4 (80%)4 (67%)Male5 (71%)5 (56%)
Gender Diverse––Gender Diverse––
Total56Total79
* Officers for these purposes means any leader who is concerned with or takes part in the management of the Company and who also reports
to the Board or the CEO.
The Board is satisfied with the initiatives being implemented with respect to the Group’s diversity policy.
COMPANIES ACT 1993 DISCLOSURES72ACCORDANT GROUP ANNUAL REPORT 2025
Remuneration of Directors
The director fee pool is $450,000. The last increase in the director pool was approved by shareholders at the Annual Shareholders
Meeting held on 26 July 2017. Directors’ fees for the year ended 31 March 2025 totalled $453,500. The payment of fees in excess
of the $450,000 cap was made under and in accordance with listing rule 2.11.3 because: (a) there was an increase in the number
of directors (five to six) from the number in office at the conclusion of the shareholders’ meeting in 2017 at which the fee cap was
approved; and (b) the amount paid to Bella Takiari-Brame did not exceed the amount necessary to enable her to be paid the average
amount then being paid to each non executive director (excluding the Chairperson).
The Company has arranged a policy of Directors’ and Officers’ liability insurance. This policy covers the Directors and Officers so
that any monetary loss suffered by them, as a result of actions undertaken by them as Directors or Officers, is insured to specific
limits (and subject to legal requirements and/or restrictions).
The Board Charter states that no retirement allowances are payable to Directors and no similar payments or benefits have been paid
or are intended to be paid to any director upon cessation of office.
The table below sets out the total remuneration and the value of other benefits received by each Director during the financial year
ended 31 March 2025.
DirectorAnnual $'000Fees paid in year $'000
Simon Bennett136136
Simon Hull8181
Nicholas Simcock8181
Richard Stone7171
Bella Takiari-Brame8171
Laurissa Cooney7114
521454
Directors are eligible to participate in the Group’s equity-settled share-based incentive scheme.
Attendance at Board and Committee meetings during FY25
DirectorBoardAudit & Risk CommitteeRemuneration & NominationsHealth & Safety
Total meetings held9719
Meetings attended:
Simon Bennett9719
Simon Hull96–9
Laurissa Cooney*22––
Nick Simcock9719
Richard Stone95 (Observer)19
Bella Takiari-Brame**97 (2 as Observer)–9
* Laurissa Cooney resigned as a Director and finished her term on 29 May 2024.
** Bella Takiari-Brame was appointed a Director on 1 January 2024 and appointed to the Audit & Risk Committee on 27 March 2024.
COMPANIES ACT 1993 DISCLOSURESACCORDANT GROUP ANNUAL REPORT 202573
CEO remuneration FY25
Salary
and fees
Taxable
benefits
Subtotal
– fixed
remuneration
Short Term
Incentive
STI
LTI – Gross
Dividends on
Restricted Shares
Subtotal
– pay for
performance
Total
remuneration
532,21117,766549,977TBA––549,977
The Short Term Incentive paid in FY25 relates to the CEO's performance in FY24.
As at the date of this Annual Report the Board has not yet determined whether the CEO has earned a Short Term Incentive in respect
of the financial year ended 31 March 2025.
CEO remuneration FY24
Salary
and fees
Taxable
benefits
Subtotal
– fixed
remuneration
Short Term
Incentive
STI
LTI – Gross
Dividends on
Restricted Shares
Subtotal
– pay for
performance
Total
remuneration
$532,211$15,966$548,177$60,000$31,250$91,250$639,427
Short Term Incentives are determined after year end and are paid in the subsequent financial year.
The following five-year summary aligns the Short Term Incentive to the year in which it relates to.
Five-year summary – CEO remuneration
Financial YearCEOSingle figure fixed remunerationSTI – Percentage against maximum
2025Jason Cherrington$549,977Yet to be determined
2024Jason Cherrington$548,17743.8%
2023Jason Cherrington$544,513$Nil
2022Jason Cherrington$401,10658.1%
2022Simon Bennett$394,6666.7%
2021Simon Bennett$643,667100.0%
Explanation of the above items
1. Taxable benefits comprise a matching superannuation contribution of 3% of gross taxable earnings.
2. Short Term Incentive includes a matching superannuation contribution of 3%.
3. On 21 June 2021 the Company appointed Jason Cherrington to take over from Simon Bennett as the Chief Executive Officer.
Breakdown of pay for performance FY (2025)
DescriptionPerformance measures
STI – Set at 25% of fixed remuneration if all performance
targets are achieved. The measures used in determining the
quantum of the STI are set annually.
Targets relate to Company financial performance 60%,
40% of the on target incentive will be allocated to
performance against agreed KPIs.
The STI performance for the 2025 financial year has yet to
be determined.
LTI – The CEO is eligible for a grant of Restricted Shares under
the Company’s Long Term Incentive scheme.
Nil Restricted Shares were issued to the CEO in the FY25
financial year. Further information about the terms of the
Restricted Shares, including the performance measures,
is set out in note F1 to the financial statements.
The CEO did not exercise any Restricted Share options
during the financial year.
COMPANIES ACT 1993 DISCLOSURES74ACCORDANT GROUP ANNUAL REPORT 2025
Restricted Share Scheme interests awarded to the CEO:
Table A below sets out Options to acquire restricted shares issued under the Company’s Long Term Incentive scheme to the
Company’s CEO Jason Cherrington.
Table B below sets out Options to acquire restricted shares previously issued under the Company’s Long Term Incentive scheme to
the Company’s former CEO Simon Bennett.
Note F1 to the financial statements contains an explanation of how the Long Term Incentive scheme operates as well as further
information regarding, in respect of each series of Restricted Shares issued under that Scheme, the term to vesting, expected life,
the risk-free rate (%), annualised volatility and option value (and basis of calculation). The CEO did not exercise any restricted share
options during FY25.
Table A – interests awarded to the CEO
Jason Cherrington
Date of awardType of Scheme interestNumber
Exercise
price
Vesting date
(May be exercised within
12 months of the vesting date)
2 October 2022Options to acquire restricted M shares125,000$1.801 October 2025
2 October 2022Options to acquire restricted N shares125,000$1.801 October 2026
13 November 2023Options to acquire restricted O shares125,000$1.501 October 2026
13 November 2023Options to acquire restricted P shares125,000$1.501 October 2028
Table B – interests awarded to the former CEO
Simon Bennett
Date of awardType of Scheme interestNumber
Exercise
price
Vesting date
(May be exercised within
12 months of the vesting date)
18 September 2020Options to acquire restricted J shares250,000$1.501 January 2026
1 October 2021Options to acquire restricted L shares250,000$1.901 January 2026
COMPANIES ACT 1993 DISCLOSURESACCORDANT GROUP ANNUAL REPORT 202575
Employee Remuneration
The table below sets out the number of employees (not being directors of the Company) who, during the financial year ended
31 March 2025, received remuneration and other benefits in their capacity as employees that exceeded a value of $100,000 per
annum. The remuneration amounts include all monetary amounts and benefits actually paid during the year, including the face value
of any incentives that vested during the year including the Gross Taxable value of Dividends paid on Restricted Shares.
Number of Employees
Remuneration
20252024
$100,000–$109,9991118
$110,000 –$119,9991519
$120,000 –$129,999911
$130,000 –$139,9991211
$140,000 –$149,999610
$150,000 –$159,99959
$160,000 –$169,99922
$170,000–$ 179,99933
$180,000 –$189,999–3
$190,000–$ 199,99972
$200,000 –$209,9992–
$210,000 –$219,99912
$220,000 –$229,99913
$230,000 –$239,999–2
$240,000 –$249,99921
$250,000 –$259,9992–
$260,000 –$269,999–1
$270,000 –$279,999–1
$280,000 –$289,999–1
$290,000 –$299,99911
$300,000 –$309,99921
$310,000 –$319,9991–
$320,000 –$329,99912
$340,000 –$349,999–1
$360,000–$369,99911
$370,000–$379,999–3
$390,000 –$399,999–1
$420,000 –$429,9991–
$570,000 –$579,999–1
$580,000 –$589,999–1
$590,000 –$599,999–1
$600,000 –$609,9991–
86112
COMPANIES ACT 1993 DISCLOSURES76ACCORDANT GROUP ANNUAL REPORT 2025
Long Term Incentive Scheme
The Group operates a Long Term Incentive scheme for senior employees and directors that is settled in ordinary shares. A detailed
explanation of the scheme is set out in Note F1 to financial statements in this Annual Report.
Distribution of holders of quoted shares
The table below sets out the spread of the Company’s shareholders as at 31 March 2025.
Size of holding
Number of fully
paid ordinary
shareholdersPercentage
Number of fully
paid sharesPercentage
1 – 100011415.92%57,2730.17%
1,001 – 5,00026537.01%764,8772.23%
5,001 – 10,00012417.32%967,3762.82%
10,001 – 50,00017524.44%3,732,08510.87%
50,001 – 100,000192.65%1,312,4363.82%
100,001 and Over192.65%27,491,49580.09%
716100.00%34,325,542100.00%
Substantial product holders
According to the Company’s records, and disclosures made pursuant to section 280(1)(b) of the Financial Markets Conduct Act
2013 the persons set out in the table below were substantial product holders as at 31 March 2025. The total number of voting
securities (fully paid ordinary shares) of the Company as at 31 March 2025 was 34,325,542. The total number of Restricted Shares
of the Company as at 31 March 2025 was 1,431,000. Accordingly, for the purposes of section 293(1)(c) of the Financial Markets
Conduct Act 2013, the total number of ‘voting products’ of the Company on issues as at 31 March 2025 was 35,756,542.
Number of shares in which relevant interest is held
Name of substantial product holderNumberPercentageDate of notice
Simon Alexander Hull & David John Graeme Cox18,194,59853.01%5/02/2018
Masfen Securities Limited2,404,5927.01%1/06/2021
COMPANIES ACT 1993 DISCLOSURESACCORDANT GROUP ANNUAL REPORT 202577
Twenty largest holders of quoted equity securities
The table below sets out the names and holdings of the twenty largest registered shareholders in the Company as at 31 March 2025.
Investor NameTotal Units% Issued Capital
Simon Alexander Hull & David John Graeme Cox18,194,59853.01
Masfen Securities Limited2,404,5927.01
Ma Janssen Limited1,109,2643.23
Russell John Field & Anthony James Palmer925,2262.70
Accident Compensation Corporation724,9582.11
New Zealand Depository Nominee442,1991.29
Susanne Rhoda Webster426,7501.24
Accordant Group Limited406,8091.19
Peter Abe Hull & Antoinette Ngaire Edmonds372,6961.09
Wynnis Ann Armour & Jocelyn Patricia Dutton354,7031.03
Philip John Talacek & Brenda Ann Talacek300,0000.87
Ross Barry Keenan300,0000.87
Simon James Bennett280,0070.82
Joanna Hickman200,0000.58
HSBC Nominees (New Zealand) Limited160,3720.47
Elizabeth Mary Keenan150,0000.44
Jason Brent Wolland135,9600.40
Jennifer Margaret Cherrington Mowat132,0160.38
Lay Dodd Trustee Services Limited & Patricia Anne Neal129,3800.38
Malcolm John Wade122,0000.36
Auditor fees
The amount of fees paid by the Company and its subsidiaries to the Group’s independent auditor, Deloitte Limited, in the last two
financial years is set out in the table below.
Services provided $000’sFinancial year ended 31 March 2025Financial year ended 31 March 2024
Audit of the full year financial statements280314
Other services$Nil$Nil
Donations
The Company does not donate to political parties. The Company did not make any donations during the financial year.
NZX waivers and exercise of powers
There were no waivers granted by NZX or relied on by Accordant in the 12 months preceding 31 March 2025.
NZX has not taken any disciplinary action against Accordant during the financial year ended 31 March 2025, and there was no
exercise of powers by NZX under listing rule 9.9.3 (relating to powers to cancel, suspend or censure an issuer) with respect to
Accordant during the reporting period.
Credit rating
The Company does not currently hold a credit rating from an accredited rating agency.
COMPANIES ACT 1993 DISCLOSURES78ACCORDANT GROUP ANNUAL REPORT 2025
Directory
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)
Richard Stone (Independent Director)
Bella Takiari-Brame (Independent Director)
Auditor
Deloitte Limited
Deloitte Centre
L15-20, 1 Queen Street
Private Bag 115033
Auckland
Phone: +64 9 303 0700
Fax: +64 9 309 4947
Solicitors
MinterEllisonRuddWatts
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 Corporate Markets (formerly Link Market Services)
PwC Tower
L30, 15 Customs Street West
Auckland
New Zealand
PO Box 91976
Ph: +64 9 375 5998
COMPANIES ACT 1993 DISCLOSURESACCORDANT GROUP ANNUAL REPORT 202579
Registered Office of
Accordant Group Limited
Level 6, 51 Shortland St
PO Box 105 675
Auckland 1143
Ph: 09 526 8770
accordant.nz
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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