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Highlights

  • AGL’s FY25 revenue declined by 22.2% YoY due to recessionary conditions and reductions in government expenditure that impacted hiring activity.
  • The company recorded a loss before income tax of NZD 4,297 million due to a fall in operating expenditure by NZD 6 million.
    • AGL is focusing growth on higher fee-earning and strategic contingent services to support clients amid the current economic cycle.

Accordant Group Limited (NZX: AGL) is a New Zealand recruitment firm that specialises in providing temporary staffing, contractor services, and permanent recruitment solutions.

In the financial year 2025 (FY25), the company’s revenue declined by 22.2%YoY to NZD 165,237 million, compared to NZD 212,385 million in FY24, due to recessionary conditions and reductions in government expenditure that impacted hiring activity. During the reported period, revenue from the group’s blue-collar segment declined by 12% YoY, while its white-collar segment experienced a 25% drop in public sector revenue, largely due to continued cuts in government expenditure.

In FY25, loss before income tax declined to NZD 4,297 million from NZD 10,153 million in FY24, due to an NZD 6 million fall in operating expenditure, which partially offset the decline in trading performance through tight cost management, certain initiatives, and rightsising where required.

Cash and cash equivalents increased to NZD 2.97 million in FY25, compared to NZD 2.09 million in FY24. Direct costs decreased to NZD 1.22 million in FY25, compared to NZD 2.09 million in FY24.

Company Outlook

AGL is confident in the breadth of its services and is focusing growth on higher fee-earning work and strategic contingent solutions that support clients through the current economic cycle.

The company informed that Hobson Leavy has started 2025 on positive note where demand remans significant. Furthermore, the company banks on its banking relationship as it works towards restoring profitability.

The company’s management highlighted that the prolonged and deep recession as a key factor, stating that a dividend will not be considered until the company sees performance improvement supported by a more stable economic outlook.

Top 10 shareholders of AGL

The top 10 shareholders of AGL have around 72.79% shareholding in the company. Simon Alexander Hull holds the maximum stake in the firm with a shareholding of nearly 53.64%, followed by Peter Hanbury Masfen, with 6.59% shareholding.

Stock Information

AGL shares closed at NZD 0.27 per share on 3 June 2025 with a market cap of NZD 9.15 million. In the past three months, AGL’s share price has witnessed a decline of ~27.02%. 52-week high of AGL is NZD 0.86 and 52-week low is NZD 0.27, respectively. 

Support and Resistance Summary

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 03 June 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.