• Statutory after-tax profit of $2.17 million, up 60.9% from prior year
• Revenue of $515.9 million, down 7.3% due to decline in construction and engineering sectors
• EBITDA excluding non-recurring expenses down 26.7% to $8.7 million

Ashley Services Group Limited (ASX: ASH) today announced a statutory after-tax profit ('NPAT') of $2.17 million for the year ended 30 June 2025 ('FY25'), an increase of $0.82 million on the prior corresponding period ('FY24'). Revenue of $515.9 million was down by $40.6 million (7.3%) from the comparative period (FY24: $556.5 million). The decline in revenue was mainly due to a $46 million (43%) drop in construction and engineering revenues in Victoria, driven by completion of projects, delays in the commencement of new projects and industrial relation challenges. Revenues in the supply chain, manufacturing and retail sectors were stable with revenue from new customers offsetting reduced overall demand for casual labour from existing customers. Revenues increased in the rail and horticulture sectors. EBITDA excluding non-recurring expenses was $8.7 million, down 26.7% from the prior year. Corporate costs (excluding interest, depreciation and amortisation) were $1.1 million lower than in the prior corresponding period, due mainly to reduced staffing and insurance costs. The Labour Hire division reported EBITDA of $11.3 million, down 14.4%, while the Training division EBITDA fell 60% to $1.6 million due to funding constraints and a reduction in telecommunications training. The Group's balance sheet strengthened, with net debt decreasing $1.2 million to $11.2 million. No final dividend was declared for FY25, with the Group focused on reducing debt and strengthening the balance sheet to fund expected future organic growth.

The Group expects demand for casual workers from new customers in the supply chain and retail sectors to continue to increase in FY26. The construction and traffic businesses in Victoria are expected to return to historic levels of revenue and profit in FY26 as new project work commenced in June 2025.

The Group is focused on further reducing debt and strengthening the balance sheet to fund expected future organic growth. Significant progress has been made with respect to several key strategic initiatives, which have led to improved performance in the first six weeks of FY26.