Interim Report
for the six month period ended 30 September 2025
We enter the second half of the year with greater confidence than at this time last year, while acknowledging that although economic instability affecting much of the labour market has eased,
it has yet to show a sustained turnaround.
Jason Cherrington, Group CEO
CEO'S INSIGHTS - 3
FINANCIAL STATEMENTS - 8 DIRECTORY - 21
CEO's Insights
Jason Cherrington, Group CEO
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ACCORDANT GROUP INTERIM REPORT FY26
CEO's Insights
At our Annual Shareholder Meeting in August this year I highlighted the
unwavering determination of our people to endure prolonged and frustrating economic conditions.
On reflection I should have also noted their ability to ensure the efficient and effective execution of our plans,
enabling the Group to weather an overall decline in revenues whilst retaining talent and ensuring strong financial disciplines remain firmly in place.
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ACCORDANT GROUP INTERIM REPORT FY26
I am especially pleased to
see Executive Search business Hobson Leavy continue to deliver strong year-on-year top and bottom-line growth.
This execution has resulted in a return to profit for our white-collar segment in H1 FY26, stability in our blue-collar segment despite a more challenging environment for our construction and manufacturing clients, and improved cash generation from overall operating activities across the Group.
It forms the foundation for a stronger end to the FY26 financial year, whilst also
looking to more favourable trading conditions in the FY27 financial year.
As we publish this report, we do so just days after the release of the unemployment rate for the September 2025 quarter edging up to 5.3% as widely predicted. Time will tell if the labour market is officially turning the corner this quarter, though as we know, unemployment is a lagging indicator.
Business confidence has been lumpy in the first half of our financial year, with only some sectors on their way to recovery. From our insights at the coalface, overall optimism
for 2026 is certainly rising amongst many of our clients.
Accordant Group revenue for the last 6 months declined by 8% year-on-year,
marking a notable improvement compared to the 21% decrease recorded in H1 FY25.
This signals an easing of hiring freezes across the country, with some signs of recovery becoming evident, in addition to the positive indicators noted earlier this year around greater tender activity within our blue-collar
business and a significant increase in senior level appointments.
I am especially pleased to see Executive Search business Hobson Leavy continue to deliver strong year-on-year top and bottom-line growth, and we predict this will remain thanks to strong capability and their reputation in seeking and appointing the best executive-level talent across a broad range of industries. The addition of two new partners into the business also ensures we have strong scalable plans in place now and into the future.
Generalist recruiter Madison also grew its revenue over the last six months - a
combination of volume projects and a ramp-up of their professional services capability contributing well to that result. This growth is a testament to the team's agility and ability to scale in response to client needs. Clients are indicating a stronger intent to hire permanent staff next year. Our Temporary and Contractor offerings provide an appropriate stop gap solution where needed in the meantime.
JacksonStone & Partners, still facing the ongoing challenges of government entities' restriction on spending, have started to see an uplift in Permanent hiring over the last three months - and most notably in the September period. Contractor appointments also continue to trend up this year and are now well ahead of the same period last year. Both highlight a steady strengthening of pipeline. For JacksonStone and indeed many
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