Accordant Group Limited Analysis

Overview

The company was founded in 1988 as Allied Work Force, providing temporary labour services to industry across Auckland.

Over the following years, the company expanded both its services and regional representation to have branches in most centres across New Zealand. It listed on the NZX in July 2005.

In 2013 the Group acquired Madison Recruitment, a leading white-collar recruiter. This enabled the company to widen the range of services it offered - spanning from blue-collar temporary to white-collar permanent recruitment.

Following three further acquisitions, Absolute IT in 2016, JacksonStone & Partners in 2019 and Hobson Leavy in 2023, the company grew its capability further to span all aspects of commercial and industrial recruitment services including permanent, temporary and contractor assignments.

In October 2020, the company renamed from AWF Madison Group to Accordant Group. It has grown to become New Zealand's largest recruitment and resourcing company, and the only staffing provider listed on the NZX.

Today, Accordant comprises five trading entities; AWF, Madison, Absolute IT, JacksonStone & Partners and Hobson Leavy; and collectively these operations include 33 branches, employ close to 200 full time staff and place thousands of people into permanent, contract and temporary roles every year.

In 2019 they also established The Work Collective, an employment initiative that delivers social impact by providing meaningful work opportunities for those who face barriers to employment

Performance

The following information was extracted from Accordant Group Limited's full year results, released on 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.

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).