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 half year results, released 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.