Ashley Services Group Limited (ASX: ASH) with a review of the fiscal year ended 30 June 2024 (FY24), acknowledging it as a challenging year. Despite reduced demand in supply chain, retail, and manufacturing sectors, the company retained major clients, secured long-term contracts, and added new customers. However, margins declined due to inflationary pressures and reduced government incentives. Diversification efforts faced hurdles, including project delays in construction and engineering, higher operational costs at Owen Pacific Workforce, and the decline of Linc.
Non-recurring expenses of AU$3.24 million, largely from goodwill impairments, contributed to an NPAT of AU$1.35 million. The company declared FY24 dividends of 0.74 cents per share, reflecting a 79% payout ratio. Looking ahead, FY25 is expected to remain challenging in Victoria’s construction sector, with reduced public funding impacting the training division. Strategic adjustments are underway to drive resilience and growth.
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