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Media Release: Half year results headlined by 89 percent revenue increase


  • Revenue of $596.7m (+88.9% PCP). Organic growth contribution of +21.3%

  • Normalised EBITDA of $32.5m (+50.5% PCP). Organic growth contribution of +11.8%

  • Normalised NPATA 1,2,3 of $20.8m (+49.5% PCP)

  • Normalised NPATA 1,2,3 per share of 20.6 cents (+40.9% PCP)

  • Interim dividend per share of 7 cents

  • 82.6% of Normalised EBITDA was converted to operating cashflow

  • Reaffirm FY23 earnings guidance with Normalised EBITDA of $62m - $66m based on the continuation of current economic conditions; we expect to be at the upper end of guidance.

PeopleIN (ASX: PPE) today reported record group revenue for the half year to 31 December of $596.6 million, an increase of 89 percent on the same period last year.

Chief Executive Officer Ross Thompson said PeopleIN continued to successfully implement its strategy, resulting in another strong result for the period.

“We’re pleased to announce a record result, driven by strong organic growth across our core businesses and favourable industry tailwinds, including record low unemployment,” Mr Thompson said.

There were two primary drivers of growth for the business during the period. Demand for staffing services increased in our key sectors and locations, while acquisitions in the second half of last financial year contributed to the full six months and exceeded performance expectations.

The number and diversity of PeopleIN’s clients and critical demand for their services, means the Group’s core business of recruiting talent remained resilient, even in times of economic uncertainty.

Mr Thompson said organic growth is a key focus for the business with several targeted initiatives delivering pleasing results in the first half.

“Diversifying our client base and cross selling amongst our family of brands were key drivers of organic revenue growth. With the employment rate projected to remain relatively low for the foreseeable future, we’re also leveraging our international recruitment experience to secure staff from offshore for a broad range of industries.”

1. Earnings Before Interest, Tax, Depreciation and Amortisation (“EBITDA”) and Net Profit After Tax and before Amortisation (“NPATA”) are non-IFRS terms which have not been subject to audit or review but have been determined using information presented in the Company’s Interim Financial Reports.

2. Normalised Earnings Before Interest, Depreciation and Amortisation (“Normalised EBITDA”) and Normalised Net Profit After Tax and before Amortisation (“Normalised NPATA”) represents the statutory NPAT and statutory EBIT adjusted for one-off expenses including costs associated with acquisitions, costs of employee options and performance rights and the associated tax deduction of these expenses. A reconciliation back to statutory EBIT and NPAT is contained in the Directors Report which forms part of the Interim Financial Report.

3. Normalised numbers have not been subject to audit or review and are based on numbers contained in the Company’s Interim Financial Reports.


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