• Expected FY25 EBITDA between $8.5-$8.8M, down from FY24
• Delays in new work and funding reductions impacted results
• Significant project work secured in Victoria, expect return to historic levels in FY26
• Generated $1.3M in free cash flow, reduced net debt to $11.2M

Ashley Services Group Limited (ASH) has today announced an update on its expected financial performance for the year ending 30 June 2025 (FY25). The company expects its Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for FY25 to be between $8.5 million and $8.8 million, compared to $8.6 million in FY24 (or $11.9 million excluding non-recurring items). The financial results have been negatively impacted by delays in commencing new work in the construction, traffic and engineering labour hire businesses in Victoria, as well as challenges generating increased fee for service revenues to offset state government funding reductions within the Victorian training business. However, the company has secured significant project work in the Victorian construction related labour hire and traffic business, with workers commencing on customer sites in June 2025. ASH expects this business to return to historic levels of revenue and profits during FY26. The company generated $1.3 million in free cash flows during FY25, reducing its net debt to $11.2 million at 30 June 2025 (from $12.5 million at 30 June 2024). The Board has resolved not to pay a final dividend for FY25, focusing on reducing debt and strengthening the balance sheet to fund expected future growth.

The company expects its construction related labour hire and traffic business in Victoria to return to historic levels of revenue and profits during FY26.