PeopleIN's H1 FY24 Financial Results

PeopleIN Limited (ASX: $PPE) has announced its half-year financial results for FY24, with a record revenue of $602.7 million, reflecting a 1% increase compared to the first half of FY23. The company's normalised EBITDA stands at $20.3 million, down 37.7% from the same period last year, primarily due to challenging market conditions and a shift towards more resilient lower-margin work.

Executive Commentary on Financial Performance

Our ability to adapt swiftly to market conditions whilst maintaining our strong sales culture has been key to our resilience. We're focused on continuing to build an agile and efficient sales organisation that leads the staffing industry in Australia. - Ross Thompson, Chief Executive Officer of PeopleIN

Summary of H1 FY24 Results and Outlook

Despite tough market conditions marked by high inflation and rising interest rates, PeopleIN has demonstrated resilience with a record revenue performance. The company has realigned its business activities to reduce costs and remains on solid ground with low levels of debt gearing and stable debtor days. With a focus on sustainable capital management, PeopleIN is well-positioned to capitalize on growth opportunities as markets rebound. The company remains confident in its sector diversity, strong sales culture, and efficient operations, anticipating a return to strong growth footing when interest rates stabilize and business confidence rebounds.