• FY25 revenue down 7.3% due to project delays and state funding cuts
• Q1 FY26 revenue up 17% and NPAT up $1.9m
• EBITDA margins improved 1pp in key sectors

Ashley Services Group Ltd held its 2025 Annual General Meeting, with Chairman Ian Pratt providing an overview of the company's financial performance for the year ended 30 June 2025 (FY25). The results were negatively impacted by the completion of projects and delays in commencing new work in the construction, traffic and engineering businesses in Victoria, as well as state government funding reductions within the Victorian training business and challenges generating increased fee-for-service training revenues. As a result, revenue for FY25 was $515.9 million, down 7.3% from the prior year. NPAT for FY25 was $2.17 million, and the company declared dividends of 0.8 cents per share.Chief Financial Officer Paul Brittain then presented the unaudited results for the first three months of FY26 (Q1), which showed a significant improvement. The Group delivered record revenues of $150.3 million in Q1, up 17% from the prior corresponding period, and EBITDA of $3.74 million, up $2.9 million. NPAT was $1.65 million, up $1.9 million from the Q1 loss in FY25.Managing Director Ross Shrimpton provided a strategic update, highlighting that EBITDA margins improved by 1 percentage point in the supply chain, retail and manufacturing labour hire sectors, with key customer contracts renewed and operational efficiencies delivered. The company also secured several new customers in FY25 in these sectors, with hours worked up 11% in Q1. Horticulture revenues increased 14% in Q1, and construction revenues in Victoria were up 61% due to new projects commencing. Training revenues also increased 12% in Q1, mainly due to growth in rail training and increased revenues in Queensland.

The company reported record revenues of $150.3 million in Q1 FY26, up 17% from the prior corresponding period, and EBITDA of $3.74 million, up $2.9 million. NPAT was $1.65 million, up $1.9 million from the Q1 loss in FY25.