Ashley Services Group Ltd. · ASX:ASH
Ashley Services — FY2024 Earnings Presentation
12 slides from Ashley Services's earnings presentation, Aug 29, 2024
Slide 1: FY 2024 Results
FY 2024 RESULTS Thursday 29th August 2024
Slide 2: Group Strategy
Group Strategy FY26 RESULTS and • Sustainable margin improvements across all companies • Majority of revenue secured through long term contracts beyond • Best in class safety systems, customer service, and employee satisfaction TRANSITION IN PROGRESS Integrate Grow system Technical Grow FY25 horticu
Slide 3: Group Structure
Group Structure Divisions Labour Hire Technical Services Training Sectors Professional Engineering Supply Chain Horticulture Retail Healthcare Construction Oil, Gas & Mining Training Services Services Companies and Brands NSW/NZ • Merchandisers • Business • Aged Care Support * • Retail Support Worke
Slide 4: Scorecard – transition in progress
Scorecard – transition in progress Foundational Efficiencies – system, process improvements including AI. AI utilised in recruitment enabling staff reduction to 288. improvements Commercialise industry leading labour management system. Discussions being held with large customer. Acquire and successf
Slide 5: Underlying Performance Trends
UNDERLYING PERFORMANCE TRENDS REVENUE FY19 - FY24 EBITDA FY19 - FY24 600.0 556.5 25.0 549.2 500.0 20.1 449.5 20.0 18.70 383.7 400.0 15.2 336.8 15.0 287.6 11.9 300.0 9.1 9.7 10.0 200.0 5.0 100.0 - 0.0 FY19 FY20 FY21 FY22 FY23 FY24 FY19 FY20 FY21 FY22 FY23 FY24 *FY 24 excludes non-recurring expense –
Slide 6: Performance Trend by Division
PERFORMANCE TREND BY DIVISION REVENUE by Division FY19 - FY24 ▪ Labour Hire FY24 Revenue h$5.1m (1%) on pcp 600.0 16.0 18.2 ▪ OPW contributed $62.8m ($28.4m in pcp) 500.0 11.5 ▪ Underlying hours worked down 8%. No 400.0 9.7 7.3 significant customer losses. Challenging market 300.0 8.0 533.2 538.3 co
Slide 7: Statutory Profit and Loss statement
Statutory Profit and Loss statement FY24 FY23 $000 $000 Revenue 556,538 549,219 Other income 316 87 Fair value gain on redemption liabilities 1,144 - Share of (losses)/profits from associated entities (91) 198 Employment costs (534,298) (517,981) Depreciation and amortisation expense (3,797) (3,159)
Slide 8: Non-recurring expense
Non-recurring expense FY24 FY23 $m $m Linc customer relationship - impairment 1.80 - Linc goodwill - impairment 2.58 - Reduction in redemption liabilities to purchase the remaining 25% of Linc (1.14) - (acquired 31 January 2024 for $0.244 million) and the remaining 20% of the CCL Group (acquired 14
Slide 9: Balance Sheet
Balance Sheet 30-Jun-24 30-Jun-23 30-Jun-24 30-Jun-23 $000 $000 $000 $000 Assets Liabilities Current assets Current liabilities Cash and cash equivalents 137 2,520 Trade and other payables 33,843 42,043 Trade and other receivables 45,522 57,150 Borrowings 8,201 8,189 Current tax receivable 460 14 Cu
Slide 10: Cash flow
Cash flow 12 months to 12 months to 30-Jun-24 30-Jun-23 $ 000 $ 000 Operating activities Receipts from customers 624,160 608,658 Payments to suppliers and employees (612,678) (580,152) Interest received 200 31 Interest paid (2,156) (1,640) Income taxes paid (5,995) (4,099) Net cash from operating ac
Slide 11: Business Overview
BUSINESS OVERVIEW At 23 August 2024 (compared to 23 February 2024 or as stated) 288 Internal Staff down 26 or 8% 1 23 Offices down 2 Weekly Workers at peak 7,267 up 39 or 0.5% 5 4 1 Years Tenure Top 20 Customers 8.7 up 0.5 years 1 1 2 6 1 11
Slide 12: Notice and Disclaimer
Notice and Disclaimer Purpose and Date: This presentation contains general background information about the activities of Ashley Services Group Limited ABN 92 094 747 510 (“ASH”) as at 29 August 2024 (“Presentation Date”). No financial advice: The information in this presentation does not constitute