• Revenue of $572.6m (-5.0% PCP, +1.0% on H2 FY24)
• Normalised EBITDA of $19.3m (-4.7% PCP, +15.5% on H2 FY24)
• Net Revenue to EBITDA margin improved to 25.9%
• Strong cash collection at 117% of normalised EBITDA, debt ratio reduced to 1.68x

PeopleIN Limited (ASX: PPE) has released its financial results for the first half of FY25. The company's normalised EBITDA for H1 FY25 was $19.3m ($10.2m in Q2), representing a 4.7% decrease on the prior corresponding period (PCP) but a 15.5% improvement on H2 FY24. PeopleIN has remained agile, outperforming its industry peers by continuing to focus on delivering quality client service, driving increased productivity and improving margins. The company's investment in systems has enabled its leaders to make data-driven decisions to optimise its client mix and candidate pool, resulting in a 9.1% increase in overall client billing rates on the prior year. PeopleIN has successfully continued its cost reduction efforts, achieving an additional $3.8m in cost savings since H1 FY24, bringing total savings over the past two years to more than $15m. These savings have been enabled by PeopleIN's systems upgrade program, which has driven operational efficiencies and increased productivity across the group. As a result, its net revenue to EBITDA margin increased to 25.9% which is significantly above its major competitors. The company has also maintained its strong cash collection, reducing debt by $17.4m over the 6 months and reducing its Net Debt/EBITDA ratio from 2.10x at the full year to 1.68x, positioning the business for future growth opportunities.

Economic conditions are expected to remain challenging for the remainder of FY25, particularly with a federal election approaching and business confidence at historically low levels. PeopleIN is confident that its efforts in driving sales and cost efficiencies, as well as its key strategic initiatives that include Defence and PALM diversification, will enable the business to grow sustainably and provide long-term value for shareholders.