• Revenues down 5.01% to $572.6M due to declining economic activity
• Profit after tax down 173.79% to -$3.928M due to changes in contingent consideration and IT costs
• Normalised EBITDA of $19.304M, 4% down on prior period but 16.4% up on H2 FY24

PeopleIn Ltd has reported its financial results for the half-year ended 31 December 2024, with revenues down 5.01% to $572.6M and profit after tax down 173.79% to -$3.928M compared to the prior corresponding period. The decline in revenues was attributed to decreased billing hours due to declining economic activity and lower business confidence among customers. However, the company was able to maintain stable earnings, with normalised EBITDA of $19.304M, which was 4% down on the prior period but 16.4% up on the second half of FY24. The company has continued to drive efficiencies and realign its cost base, reducing overheads by a further $4M since the same time last year and a total of over $15M over the past two years. This, along with optimising its resource pool to improve billing rates, has enabled PeopleIn to increase its net revenue to EBITDA margin to 25.9%, well above major competitors.PeopleIn expects the current economic conditions to continue for at least the next six months, but is confident its quality team, sector diversity, lean operations and strong cash position will enable a rapid return to strong organic growth as business confidence improves. The company sees several exciting growth opportunities, including expansion in the Defence sector, pursuit of major multi-discipline contracts, and growth in its community and health businesses.Overall, while the first half of FY25 has been challenging, PeopleIn has demonstrated its resilience and ability to navigate the tough economic environment, setting the business up well for future growth opportunities.

PeopleIn expects the current economic conditions to continue for at least the next six months, but is confident its quality team, sector diversity, lean operations and strong cash position will enable a rapid return to strong organic growth as business confidence improves in FY26.