Accordant Group Limited

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 FY27 half year results, released on 28 October 2026:

Accordant Group reports revenue growth for first half of FY27

• Revenue $88.5 million, up 8% on prior year

• Cash from operating activities improved to $2.8 million, up 11% on prior year

• After-tax loss of ($234k), down from ($1.1 million) on prior year

• Net bank debt $21.5 million, down from $28.5 million at 31st March 2026

Accordant Group Limited (NZX: AGL) today announced revenue growth of 8% for the first half of FY27 compared with the corresponding period last year, as the economy continues a mixed recovery.

Revenue from the Blue Collar segment rose by 4% to $37.1 million, while White Collar revenue grew 11% to $51.4 million. Both segments contributed to the improved group profitability.

After tax loss improved to ($234k), down from ($1.1 million) in the same period last year.

Group CEO Jason Cherrington said, “the Group’s stronger financial position this year reinforces our continued focus on efficiency and whilst the upcoming election has created some uncertainty among clients, our guidance provided during the capital raise earlier in the year currently remains unchanged.”

Net bank debt reduced this financial year by $7 million, to $21.5 million at 30th September 2026 – a combination of the capital raise successfully completed in May and a stronger trading performance in the first half of the year.

“Our immediate priorities remain so far as improving profitability, further reducing debt, and ensuring the Group is positioned to realise growth in areas of the market that are more buoyant,” Cherrington said.