Highlights

  • Accordant reports H1 revenue of USD 82 million with NPAT at USD (1.1) million.
  • Net operating cashflow improves to USD 2.5 million during the six-month period.
  • White Collar segment returns to profit after three consecutive loss-making periods.

Accordant Group Limited (NZX:AGL) reported a reduced after-tax loss of USD (1.1) million for the six months ended September 2025. The period saw revenue decline 8% to USD 82 million as economic conditions remained subdued. Management noted that wider confidence indicators showed early improvement, though the trajectory of a broad-based economic rebound remained uncertain.

The Group emphasised financial discipline throughout the period, maintaining a detailed assessment approach on business decisions aimed at enhancing profitability. Improvements were recorded in net operating cashflow, which increased to USD 2.5 million. Accordant also reduced its term debt by USD 3 million compared to March 31, 2025.

Segment Performance Reflects Mixed Market Dynamics

The White Collar segment returned to profit after three reporting periods of losses, marking a notable shift in performance. Executive Search activities delivered increased revenue and profitability, highlighted by gains across specialist search firm Hobson Leavy. Madison recorded modest revenue growth, supported by volume-driven projects and contingent service offerings utilised by clients in a constrained market environment.

Blue Collar revenue declined 4.6% as AWF processed a greater number of short-term assignments. Despite softer trading conditions, the division secured several key tenders, creating a pathway for potentially improved full-year outcomes. Management also noted early indications that some clients intend to increase permanent hiring in Accordant’s second half.

Operational Developments and Strategic Priorities

Accordant reaffirmed its ongoing commitment to Health & Safety, recently meeting revised criteria under the new ACC AEP (Accredited Employer Programme) assessment. The Group maintained its investment in technology, integrating AI tools across its business units with further enhancements planned to support productivity and client experience.

Management stated that the remainder of the second half would maintain focus on discipline and efficiency to ensure the Group can capture benefits from any recovery in business and consumer sentiment. While recovery trends varied across the sectors served, Accordant reported indications of improvement across its diversified operations, with priority placed on efficiency, opportunity realisation, and debt reduction.

Share Performance of AGL

AGL was trading at NZD 0.2950 per share as of 10 November 2025.