• Revenue decreased 7% to $46.8 million
• Profit after tax increased 188.7% to $615k
• Gross profit margin improved from 11.8% to 12.6%

Ignite Ltd has reported its 2024 half-year financial results, with revenue decreasing 7% from $50.2 million to $46.8 million and gross profit decreasing 1.1% from $6.0 million to $5.9 million. However, the company saw a marked improvement in gross profit margin, increasing from 11.8% to 12.6% due to continued efforts to improve the margin mix. Employee benefits expense increased by 3.7% due to higher commission payments and the addition of a new Executive General Manager, while other expenses decreased by 23.1% compared to the prior period due to cost efficiencies achieved over the past 12 months. Cash and cash equivalents on 31 December 2024 decreased 14.1% to $3,523k, with net cash used in operating activities for the half-year at $583k. The company's Specialist Recruitment business, which contributes 98.7% of revenue, saw a 6.3% decrease in contingent labour revenue, with 437 active contractors as of 31 December 2024 compared to 507 in the prior period. The company's Technology Solutions business recorded a loss before allocation of corporate overheads of $169k in the half-year, a 225.2% decrease on the prior period due to investment in a new Executive General Manager and the conclusion of client projects. The company remains focused on rewarding its people for productivity, performance, and contribution to profit, and anticipates delivering further half-on-half and year-on-year profit improvement in FY25.

Our focus continues to be on understanding, measuring, and rewarding our people for their productivity, performance, and contribution to profit. Our leaders are committed to continuing the successful turnaround of IGNITE. We anticipate delivering further half on half, and year on year profit improvement in FY25 for our shareholders.