• EBITDA of $5.4 million, up 6.6% from prior corresponding period
• NPAT of $1.8 million, up 80% from prior corresponding period
• EPS of 1.27 cents per share, up 87% from prior corresponding period

Ashley Services Group Limited (ASX: ASH) today announced a statutory after-tax profit ('NPAT') of $1.8 million for the half year to 31 December 2024, an increase of $0.8 million (80%) from the prior corresponding period ('pcp'). Group revenue was $266.2 million, down 8.5% from the pcp, due mainly to a decline in construction and engineering revenues in Victoria. EBITDA, excluding non-cash impairments, was $5.4 million, up 6.6% from the pcp. The Labour Hire division saw EBITDA of $6.7 million, down 24% from the pcp, while the Training division had EBITDA of $1.0 million, down from $2.0 million in the pcp. The company's operating cash flow for the half-year was an outflow of $2.2 million, with a $3 million seasonal build-up in trade and other receivables. Net debt increased to $19.65 million as of 31 December 2024. The company announced an increased interim dividend of 0.8 cents per share, up from 0.5 cents in the prior corresponding period.

The company still expects EBITDA for FY25 to be similar to that achieved in FY24, which was $11.9 million, excluding the net non-recurring expenses.

The company's focus remains on growing revenues in higher margin sectors and delivering sustainable margin improvements across all sectors. The company has secured multi-year contracts with key customers in the supply chain, retail, manufacturing, and horticultural sectors, and has commenced labour hire in the mining sector in the Pilbara. The company's training business has also commenced delivery of two important fee-for-service courses, and the company is progressing a project to commercialize its workforce management system.