Accordant Group FY26 Half Year Performance

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

Tel 09 526 8770
accordant.nz
NZX release
10 November 2025
Strong financial discipline limits Accordant Group first half loss.
• Revenue $82 million, NPAT $(1.1) million
• Net operating cashflow improves to $2.5 million
• White Collar returns to profit
• Strong growth in Executive Search

Accordant Group Limited (NZX:AGL) today announces a reduced after-tax loss of $1.1 million for the
six months to September 2025.
Revenue reduced by 8% to $82 million amid continuing difficult economic conditions.
Accordant Group CEO Jason Cherrington said, while there were some signs confidence is improving,
the timing of a broad-based economic recovery remains unclear.
“Accordant has maintained tight financial discipline, scrutinising each decision for its potential to
contribute to improved profitability.”
Positive indicators of progress included an improvement in net operating cash flow, to $2.5 million, and
a $3 million reduction in term debt since March 31, 2025.
Accordant’s White Collar segment returned to profit following three reporting periods of losses.
The cautious economy saw Blue Collar revenue ease back 4.6% as AWF undertook a greater number
of shorter-term assignments. The division had a stable six months regardless, securing a number of
key tenders to set the scene for a stronger result for the full year.
Executive recruitment saw strong growth in revenue and profitability, especially for specialist search
company Hobson Leavy, whilst revenue rose modestly at Madison, contributed by volume projects with
contingent services offering a “stop gap” for clients in a tough market.
Cherrington noted some clients were signalling intent to do more permanent hiring in the second half of
Accordant’s financial year.
JacksonStone & Partners, while still facing a tight government rein on public sector expenditure,
recently saw some uplift in permanent and contractor appointments.
Accordant’s industry-leading Health & Safety commitment was underscored recently when the Group
met all the revised criteria for the new ACC AEP (Accredited Employer Programme) assessment.
The Group continues to invest in technology, enabling AI alongside existing platforms.
AI Assistants have been rolled out across the divisions and further work is under way to improve
productivity and client experience.

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

Tel 09 526 8770
accordant.nz

“Over the remainder of the second half, Accordant will maintain its focus on discipline and efficiency, so
that we’re able to gain the maximum benefit from recovery in business and consumer confidence,”
Cherrington said.
“While recovery is not progressing at the same rate across all sectors we serve, the Group is buoyed
by indicators of some improvement across our multi-faceted businesses. We will continue to focus on
realising efficiencies, maximising opportunities and reducing debt as our operations trend up.”
Cherrington further added “At our recent ASM, we discussed current debt levels and were pleased by
the shareholder response both at the meeting and subsequently, encouraging us to raise capital. We
will therefore look at our debt reduction options next year, with a combination of trading and capital
injection.”

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 for announcement to the market
Name of issuer Accordant Group Limited
Reporting Period 6 months to 30 September 2025
Previous Reporting Period 6 months to 30 September 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$82,067 -7.70%
Total Revenue $82,067 -7.70%
Net profit/(loss) from
continuing operations
($1,122) 21.97%
Total net profit/(loss) ($1,122) 21.97%
Interim/Final Dividend
Amount per Quoted Equity
Security
The Board has resolved not to pay an interim dividend
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
-$0.73236816 -$0.64616211
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to Interim Financial Statements
Authority for this announcement
Name of person

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

10/11/2025
Unaudited financial statements accompany this announcement.

---

Interim Report
for the six month period
ended 30 September 2025

We enter the second
half of the year with
greater confidence than
at this time last year,
while acknowledging
that although economic
instability affecting
much of the labour
market has eased,

it has yet to show a
sustained turnaround.
Jason Cherrington,
Group CEO
CEO’S INSIGHTS – 3
FINANCIAL STATEMENTS – 8
DIRECTORY – 21

CEO’s Insights
Jason Cherrington, Group CEO
3

At our Annual Shareholder Meeting
in August this year I highlighted the
unwavering determination of our people
to endure prolonged and frustrating
economic conditions.
On reflection I should have also noted
their ability to ensure the efficient

and effective execution of our plans,
enabling the Group to weather an overall
decline in revenues whilst retaining
talent and ensuring strong financial
disciplines remain firmly in place.
CEO’s Insights
4
ACCORDANT GROUP INTERIM REPORT FY26

This execution has resulted in a return to
profit for our white-collar segment in H1
FY26, stability in our blue-collar segment
despite a more challenging environment for
our construction and manufacturing clients,
and improved cash generation from overall
operating activities across the Group.
It forms the foundation for a stronger
end to the FY26 financial year, whilst also
looking to more favourable trading conditions
in the FY27 financial year.
As we publish this report, we do so just
days after the release of the unemployment
rate for the September 2025 quarter edging
up to 5.3% as widely predicted. Time will
tell if the labour market is officially turning
the corner this quarter, though as we know,
unemployment is a lagging indicator.
Business confidence has been lumpy in the
first half of our financial year, with only some
sectors on their way to recovery. From our
insights at the coalface, overall optimism
for 2026 is certainly rising amongst many
of our clients.
Accordant Group revenue for the last
6 months declined by 8% year-on-year,
marking a notable improvement compared
to the 21% decrease recorded in H1 FY25.
This signals an easing of hiring freezes across
the country, with some signs of recovery
becoming evident, in addition to the positive
indicators noted earlier this year around
greater tender activity within our blue-collar
business and a significant increase in senior
level appointments.
I am especially pleased to see Executive
Search business Hobson Leavy continue to
deliver strong year-on-year top and bottom-
line growth, and we predict this will remain
thanks to strong capability and their reputation
in seeking and appointing the best executive-
level talent across a broad range of industries.
The addition of two new partners into the
business also ensures we have strong scalable
plans in place now and into the future.
Generalist recruiter Madison also grew
its revenue over the last six months – a
combination of volume projects and a ramp-
up of their professional services capability
contributing well to that result. This growth is
a testament to the team’s agility and ability to
scale in response to client needs. Clients are
indicating a stronger intent to hire permanent
staff next year. Our Temporary and Contractor
offerings provide an appropriate stop gap
solution where needed in the meantime.
JacksonStone & Partners, still facing the
ongoing challenges of government entities’
restriction on spending, have started to see
an uplift in Permanent hiring over the last
three months – and most notably in the
September period. Contractor appointments
also continue to trend up this year and are
now well ahead of the same period last year.
Both highlight a steady strengthening of
pipeline. For JacksonStone and indeed many
I am especially pleased to
see Executive Search business
Hobson Leavy continue to
deliver strong year-on-year
top and bottom-line growth.
5
ACCORDANT GROUP INTERIM REPORT FY26

of our other businesses, there is increased
potential from the new “economic benefit
to New Zealand test” introduced to the
government procurement rules. The new test
strengthens our position as a New Zealand
business relative to many foreign-owned
competitors.
For Absolute IT, although pockets of growth
were evident, the IT recruitment market has
had another challenging start to the year and
has remained softer in comparison to other
sectors. Significant IT projects across many
clients remain on hold and are somewhat
linked to business confidence and the
investment needed to reactivate them.
Despite operating on a significantly leaner
cost base this year, the team remains focused
and well positioned for future growth,
anticipating increased demand driven by the
signalled technology investments planned for
next year. There has been increased positivity
from the sector more recently, technology
being a key pillar of the government’s strategy
for economic growth, though the timing of
any significant increase in tech sector hiring
remains an unknown.
Whilst revenue from the blue-collar segment
was marginally down on the same period last
year, the AWF team are delivering on more
assignments and have a greater number of
employees on our books, confirming the
decline is due to shorter assignment lengths
rather than reduced demand. Having most
recently secured a number of key tenders
across the market this year, AWF is well placed
to deliver on a better second half of the year
and are hopeful of a more positive peak period
of trading that begins imminently.
Net cash provided by our operating activities
in H1 FY26 improved compared to the same
period last year, signalling even greater
efficiency across the Group. This enabled a
reported reduction in borrowings of $3 million
compared to FY25, reflecting our continued
focus on financial discipline and cautious
capital deployment.
The Board have resolved to not pay a dividend
as we continue to focus on profitability and
debt reduction in the immediate term.
As overviewed in the Annual Report 2025,
our commitment to Health & Safety sets
us apart in the industry. We recently had
our annual ACC AEP (accredited employer
program) assessment under the new
Assessment Tool, which replaced the prior
Audit Standards. We are pleased to have
met all the revised criteria, an achievement
which is testament to AWF’s capability as an
Accredited Employer. This reflects our
robust systems of care and the diligence
of our people who are keeping safety and
wellbeing at the forefront.
We enter the second half of the year with
greater confidence than at this time last year,
while acknowledging that although economic
instability affecting much of the labour market
Our commitment to Health &
Safety sets us apart in the industry,
and reflects our robust systems
of care and the diligence of our
people who are keeping safety
and wellbeing at the forefront.
6
ACCORDANT GROUP INTERIM REPORT FY26

has eased, it has yet to show a sustained
turnaround. The focus on efficiencies across
the entire Group remains acute. Every decision
and strategy scrutinised over the changeable
and challenging market conditions of the past
couple of years has positioned us strongly.
As the economy improves alongside rising
consumer and business confidence, as well
as from more certainty with the government’s
action plans, Accordant is poised to deliver.
We also continue to look further than the
tried and trusted in order to innovate for short-
and medium-term returns. As mentioned at
our recent ASM in August, our workstream
enabling proven AI capability alongside our
existing tech stack is progressing well.
AI Assistants have now been rolled out across
all our business units, and further work is
underway to refine our existing automations
and chatbot functionality. Transparent, ethical,
and responsible use of AI is at the core of
our approach. This investment in technology
is a key part of our strategy for ongoing
productivity enhancements and outstanding
client experience.
As a locally domiciled organisation focused
on the New Zealand market, we have a deep
understanding of the challenges our clients
and candidates have had to face. We have
had to battle in the same trench. While the
market remains inconsistent in the near
term, we remain committed to supporting
New Zealand’s staffing needs and are well-
positioned and appropriately resourced to
seize growth as demand lifts.
Our national footprint, sector diversity, and
ability to deliver across both permanent and
contingent staffing solutions continues to give
us a unique advantage in delivering with speed
and scale for our nuanced local needs.
Our businesses have demonstrated resilience
and adaptability. The same can be said of
our people and we look forward to seeing
Accordant emerge even stronger as the
economic recovery gains momentum.
Jason Cherrington,
CEO
Our workstream enabling
proven AI capability
alongside our existing tech
stack is progressing well.
7
ACCORDANT GROUP INTERIM REPORT FY26

Financial
Statements.

Accordant Group Limited
Condensed consolidated statement of comprehensive income
For the six month period ended 30 September 2025 (unaudited)
GROUP
6 months to
30 September
2025
(unaudited)
6 months to
30 September
2024
(unaudited)
$’000$’000
Revenue from contracts with customers82,02988,909
Other income3844
Direct costs(752)(549)
Employee benefits expense(51,122)(56,227)
Contractor costs(24,342)(25,922)
Depreciation and amortisation expense(2,045)(2,290)
Other operating expenses(3,887)(4,425)
Finance costs(1,488)(1,511)
Loss before income tax(1,569)(1,971)
Tax benefit / (expense)447533
Net loss after income tax(1,122)(1,438)
Other comprehensive income for the period––
Total comprehensive income(1,122)(1,438)
Earnings per share
Total basic earnings per share (cents/share)(3.3)(4.2)
Total diluted earnings per share (cents/share)(3.3)(4.2)
The notes to the interim condensed consolidated financial statements form an integral part of these financial statements
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY26
9

Accordant Group Limited
Condensed consolidated statement of financial position
For the six month period ended 30 September 2025 (unaudited)
GROUP
30 September
2025
(unaudited)
30 September
2024
(unaudited)
31 March 2025
(Audited)
$’000$’000$’000
Assets
Non-current assets
Property, plant and equipment1,2641,7271,447
Right of use assets10,0196,8145,671
Intangible assets – goodwill31,55331,55331,553
Intangible assets – other13,53814,60614,012
Total non-current assets56,37454,70052,683
Current assets
Cash and cash equivalents1,0581,9272,978
Trade and other receivables15,02517,11517,404
Taxation receivable243433118
Total current assets16,32619,47520,500
Total assets72,70074,17573,183
Equity and liabilities
Non-current liabilities
Deferred tax liabilities9552,3591,158
Borrowings28,00026,50031,000
Lease liabilities8,4214,7514,216
Contingent consideration–968–
Total non-current liabilities37,37634,57836,374
Current liabilities
Trade and other payables14,07715,31814,594
Contract liabilities182138198
Provisions172195115
Lease liabilities2,0212,6211,956
Total current liabilities16,45218,27216,863
Total liabilities53,82852,85053,237
Net assets18,87221,32519,946
Capital and reserves
Share capital30,86830,86830,868
Treasury shares(632)(632)(632)
Group share scheme reserve535660487
Retained earnings(11,899)(9,571)(10,777)
Total equity18,87221,32519,946
For and on behalf of the Board who authorise the issue of the financial statements on 10 November 2025:
SIMON BENNETT BELLA TAKIARI-BRAME
Chair Chair, Audit & Risk Committee
The notes to the interim condensed consolidated financial statements form an integral part of these financial statements
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY26
10

Accordant Group Limited
Condensed consolidated statement of changes in equity
For the six month period ended 30 September 2025 (unaudited)
GROUP
Share
capital
Treasury
shares
Group share
scheme
reserve
Retained
earnings
Total
equity
$’000$’000$’000$’000$’000
Period Ended 30 September 2024
Balance at 1 April 202430,868(804)658(8,087)22,635
Loss for the period–––(1,438)(1,438)
Total comprehensive income
for the period–––(1,438)(1,438)
Transactions with owners in their
capacity as owners:
Dividends paid–––––
Restricted shares lapsed ––(55)55–
Share based payments–17257(101)128
Total transactions with owners
in their capacity as owners–1722(46)128
Balance as at 30 September 2024
(unaudited)30,868(632)660(9,571)21,325
Period Ended 30 September 2025
Balance at 1 April 202530,868(632)487(10,777)19,946
Loss for the period–––(1,122)(1,122)
Total comprehensive income
for the period–––(1,122)(1,122)
Transactions with owners in their
capacity as owners:
Dividends paid–––––
Restricted shares lapsed –––––
Share based payments––48–48
Total transactions with owners
in their capacity as owners––48–48
Balance as at 30 September 2025
(unaudited)30,868(632)535(11,899)18,872
The notes to the interim condensed consolidated financial statements form an integral part of these financial statements
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY26
11

Accordant Group Limited
Condensed consolidated statement of cashflows
For the six month period ended 30 September 2025 (unaudited)
GROUP
6 months to
30 September
2025
(unaudited)
6 months to
30 September
2024
(unaudited)
$’000$’000
Cashflows from operating activities
Receipts from customers84,49392,989
Payments to suppliers, contractors and employees(80,616)(90,119)
Net cash generated from operations 3,8772,870
Interest paid on bank overdrafts and loans(1,236)(1,252)
Interest paid on lease liabilities(214)(192)
Income taxes paid118(100)
Net cash provided by operating activities2,5451,326
Cashflows from investing activities
Proceeds from sale of property, plant and equipment910
Purchase of property, plant and equipment(77)(124)
Net cash used in investing activities(68)(114)
Cashflows from financing activities
Dividends paid to share holders of the parent ––
Net repayment of borrowings(3,000)–
Payment of principal on lease liabilities(1,397)(1,377)
Net cash used in financing activities(4,397)(1,377)
Net (decrease) / increase in cash and cash equivalents
held during the period(1,920)(165)
Cash and cash equivalents as at the beginning of the period2,9782,092
Net cash and cash equivalents at end of the period1,0581,927
The notes to the interim condensed consolidated financial statements form an integral part of these financial statements
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY26
12

Accordant Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2025 (unaudited)
REPORTING ENTITY
Accordant Group Limited is a Company limited by
shares, incorporated and domiciled in New Zealand,
registered under the Companies Act 1993 and
listed on the NZX. The address of its registered
office and principal place of business is disclosed
in the directory to the annual report. The principal
services of the Group are the supply of temporary
staff, contractor resource and recruitment of
permanent staff.
BASIS OF PREPARATION
The interim condensed consolidated financial
statements are for Accordant Group Limited ('the
Company') and its subsidiaries (collectively referred
to as 'the Group') and have been prepared:
• in accordance with IAS 34
Interim Financial
Reporting
and NZ IAS 34 Interim Financial
Reporting
;
• in accordance with the requirements of
the Financial Market Conduct Act 2013, the
Companies Act 1993, and the NZX listing rules;
• on the basis of historical cost, as modified by
revaluations to fair value for certain classes
of assets and liabilities as described in the
accounting policies;
• on a going concern basis, which contemplates
continuity of normal business activities and
the realisation of assets and the settlement of
liabilities in the ordinary course of business; and
• in New Zealand dollars (which is the Group's
functional and presentation currency), with
values rounded to thousands ($000) unless
otherwise stated.
The interim condensed consolidated financial
statements were authorised for issue by the directors
on 10 November 2025.
The interim condensed consolidated financial
statements do not include all the information
and disclosures required in the annual financial
statements, and should be read in conjunction with
the Group’s annual financial statements for the year
ended 31 March 2025.
The accounting policies used in preparation of these
interim condensed consolidated financial statements
are consistent with those used in the Group’s annual
financial statements for the year ended 31 March
2025, except for the adoption of any new standards
effective as of 1 April 2025 and the early adoption of
any other standard, interpretation or amendment that
has been issued but is not yet effective.
All mandatory new standards and amendments and
interpretations to existing standards that came into
effect during the current accounting period have
been adopted in the current year.
There are a number of new standards and
amendments to standards and interpretations that are
not yet effective for the year beginning interpretations
that are not yet effective for the year beginning 1 April
2025.
None of these new and amendments to standards
and interpretations have been early adopted by the
Group in preparing these financial statements or been
identified as having a material effect on the Group’s
financial statements in future.
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY26
13

SEGMENT INFORMATION
The Chief Operating Decision Maker (CODM) is the
Group Chief Executive.
The Group has two defined Reporting Segments:
• Blue Collar – AWF operates branches under the
brand names AWF (throughout New Zealand) and
Select (Dunedin) which provide contingent labour
hire associated with infrastructure, logistics,
manufacturing, technical and construction.
The Work Collective (TWC) provides opportunities
for those who face barriers to employment.
• White Collar – 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
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.
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 Corporate office function reported as ‘Central
administration costs and director fees’ provides
governance, compliance, audit, public accountability
and Group funding. The Corporate office also
provides shared services including centrally held
leases, accounting, information technology, human
resources, and marketing expertise, however these
are recovered to the operating segments via a
Management Fee which is included in the reporting
segment profit. 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 CODM.
All revenues from external customers, and non current
assets other than financial instruments, deferred tax
assets, post employment benefit assets, and rights
arising under insurance contracts are attributed to the
Group’s country of domicile.
Accordant Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2025 (unaudited)
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY26
14

Segment revenueSegment profit
6 months
to 30
September
2025
(unaudited)
6 months
to 30
September
2024
(unaudited)
6 months to
30 September
2025
(unaudited)
6 months to
30 September
2024
(unaudited)
SEGMENT REVENUE AND RESULTS$’000$’000$’000$’000
Continuing operations
Blue Collar35,58537,288653668
White Collar46,44451,621442(330)
Total for continuing operations82,02988,9091,095338
Other Income3844
Central administration costs and
directors fees(1,214)(842)
Finance costs(1,488)(1,511)
Profit/(loss) before tax82,02988,909(1,569)(1,971)
Income tax expense447533
Profit for the year82,02988,909(1,122)(1,438)
Revenue reported above represents revenue generated from external customers. Inter-segment sales in
the year were $25,000 (2025: $10,000) 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 (2025: 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.
Accordant Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2025 (unaudited)
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY25
15

30 September
2025
(unaudited)
30 September
2024
(unaudited)
31 March
2025
(Audited)
SEGMENT ASSETS$’000$’000$’000
Continuing operations
Blue Collar19,28421,05622,703
White Collar48,02151,79049,525
Total segment assets67,30572,84672,228
Unallocated assets5,3951,329955
Total assets72,70074,17573,183
For the purposes of monitoring segment performance and allocating resources between segments, the
CODM monitors the tangible, intangible and financial assets attributable to each segment. All assets are
allocated to reportable segments other than cash, cash equivalents, centrally held leases and tax assets
of the parent.
30 September
2025
(unaudited)
30 September
2024
(unaudited)
31 March
2025
(Audited)
SEGMENT LIABILITIES$’000$’000$’000
Continuing operations
Blue Collar9,35410,2859,542
White Collar12,02212,61712,438
Total segment liabilities21,37622,90221,980
Unallocated liabilities32,45229,94831,257
Total liabilities53,82852,85053,237
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, centrally held leases and tax liabilities of the parent.
Accordant Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2025 (unaudited)
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY25
16

6 months to
30 September
2025
(unaudited)
6 months to
30 September
2024
(unaudited)
6 months to
30 September
2025
(unaudited)
6 months to
30 September
2024
(unaudited)
OTHER SEGMENT INFORMATION$’000$’000$’000$’000
Depreciation
and amortisationImpairment
Blue Collar566667––
White Collar1,4001,619––
Unallocated794––
Total2,0452,290––
Non-current
assets
Net additions to
non-current assets
Blue Collar11,09112,143241,866
White Collar40,72942,5431,09231
Unallocated4,554144,6209
Total56,37454,7005,7361,906
Employee
benefits
Contractor
costs
Blue Collar31,59332,920123378
White Collar17,92321,78824,21925,544
Unallocated1,6061,519––
Total51,12256,22724,34225,922
Accordant Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2025 (unaudited)
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY25
17

GROUP
6 months to
30 September
2025
(unaudited)
6 months to
30 September
2024
(unaudited)
REVENUE FROM CONTRACTS WITH CUSTOMERS$’000$’000
Revenue earned on temporary placements
Blue Collar35,06436,416
White Collar30,94138,030
Total revenue earned on temporary placements66,00574,446
Revenue earned on permanent placements
Blue Collar306494
White Collar2,2642,896
Total revenue earned on permanent placements2,5703,390
Revenue earned on a retained basis
White Collar3,3762,616
Total revenue earned on a retained basis3,3762,616
Other service revenue
Blue Collar215378
White Collar9,8638,079
Total other service revenue10,0788,457
Total revenue82,02988,909
GEOGRAPHICAL INFORMATION
The Group operates in one geographical area,
New Zealand (country of domicile). All revenues
from external customers, and non-current assets
other than financial instruments, deferred tax assets
and post- employment benefit assets are
attributable to the Group’s country of domicile.
INFORMATION ABOUT CUSTOMERS
No one customer accounts for more than 10.0% of
the Group’s revenue and therefore the Group does
not have a reliance on its major customers (for the
six month period ended 30 September 2024, no
one customer accounted for more than 10.0% of the
Group’s revenue and therefore the Group does not
have a reliance on its major customers).
Accordant Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2025 (unaudited)
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY25
18

Accordant Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2025 (unaudited)
GROUP
RECONCILIATION OF NET PROFIT AFTER TAX TO CASH FLOWS
FROM OPERATING ACTIVITIES
6 months to
30 September
2025
(unaudited)
6 months to
30 September
2024
(unaudited)
$’000$’000
Net profit after income tax(1,122)(1,438)
Adjustments for operating activities non-cash items:
Depreciation and amortisation2,0452,290
(Gain)/Loss on disposal of property, plant and equipment
and intangible assets(2)(4)
Movement in expected credit loss provision(22)(157)
Movement in deferred tax(203)(145)
Equity-settled share-based payments48128
Interest on contingent consideration to the vendor of Hobson Leavy –23
Total non‑cash items1,8662,135
Movements in working capital
(Increase)/decrease in trade and other receivables, and contract assets2,4023,995
Increase/(decrease) in trade and other payables, and contract liabilities (476)(2,878)
(Increase)/decrease in taxation receivable(125)(488)
Total movement in working capital1,801629
Cash flow from operating activities2,5351,326
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY26
19

Accordant Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2025 (unaudited)
DIVIDENDS PAID
On 10 November 2025 the Directors resolved
not to declare an interim dividend for the period
ended 30 September 2025.
On 30 October 2024, the Directors resolved
not to declare an interim dividend for the period
ended 30 September 2024.
On 30 May 2025 the directors resolved not to
declare a final dividend for the year ended
31 March 2025.
FINANCIAL INSTRUMENTS
The carrying amounts of financial instruments at
balance date approximate the fair value at that date.
CONTINGENT LIABILITIES
The bank has issued six (2025: seven) guarantees
on behalf of the Group totaling $756,097 (2025:
$910,575) in support of 5 property leases (2025: 6)
and a surety bond to the NZX.
There were no (2025: no) other contingent liabilities
as at 30 September 2025.
EVENTS SUBSEQUENT TO REPORTING DATE
Other
There were no other material events subsequent to
reporting date.
FINANCIAL STATEMENTSACCORDANT GROUP INTERIM REPORT FY26
20

Registered Office
Level 6, 51 Shortland Street
Auckland 1010
Ph: 09 526 8770
Mailing address
PO Box 105 675
Auckland 1143
Directors
Simon Bennett (Chairman and 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 115 033
Auckland
Phone: +64 9 303 0700
Fax: +64 9 309 4947
ACCORDANT GROUP INTERIM REPORT FY26
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 Pension and Market Services
(formerly Link Market Services)
PwC Tower
L30, 15 Customs St West
PO Box 91976
Auckland
New Zealand
Ph: +64 9 375 5998
21
Directory.

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