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 28 May 2026:

Accordant Group halts revenue decline, segment profit grows across white and blue collar

• NPAT loss of $(2.1)m vs $(2.9)m loss in FY25

• Operating Cash Flow improves by $2.3m

• Blue collar revenue growth up in H2 by 18% year-on-year

• Executive Search revenues up 53%

Accordant Group Ltd [NZX:AGL] today announces a $(2.1) million after-tax loss for the year ended 31 March 2026.

Group Chief Executive Jason Cherrington said the Group has entered the new financial year showing positive momentum as organisations cautiously advance their priorities. This was evident in the second half of FY26 delivering a 9% year-on-year increase in revenue against the prior year and after two years of revenue decline. “We rightly accept that we didn’t deliver a great result in the full FY26 year but are encouraged by our run rate in the final quarter, and the first six weeks of FY27.”

“Activity indicators such as job ad volumes improved throughout the year and confidence has begun to rebuild, albeit unevenly.” “Our continued focus on business efficiency helped drive a recovery back to positive operating cash flow of $1.6 million.” The $5.0m proceeds of the recent equity raise were applied to reduce debt levels and interest costs and supports the Group’s outlook alongside improving trading conditions. Whilst white collar revenue fell by 5.0% to $87.9 million, growth in executive search revenue enabled a positive segment profit improvement from the prior year’s loss.