Ashley Services Group Reports Sharp Downturn in FY24

Ashley Services Group Ltd. (AU:ASH) has released an update.

Ashley Services Group Ltd. reported a substantial decline in financial performance for FY24, with underlying EBITDA dropping 41% to $11.9 million and NPAT plummeting by $10.05 million to $1.35 million. Despite a slight revenue increase, the company’s earnings per share fell by 88%, leading to a significant cut in dividends from 6.0 cents in FY23 to just 0.74 cents for FY24. Factors contributing to the downturn include non-recurring expenses from the acquisition of Linc Personnel Pty Ltd and underperformance in labour hire margins and profitability from Owen Pacific Workforce.

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