Ashley Services Group delivers record $602.2m revenue in FY26 with profit up 190%
In its FY26 results presentation released on 27 August 2026, Ashley Services Group (ASX: ASH) reported record revenue of $602.2m for the year ended 30 June 2026, up 16.7% or $86.3m on the prior period.
The company reported net profit after tax (NPAT) of $6.29m, an increase of 189.5%, and declared a final dividend of 1.15 cents per share. Management characterised FY26 as a year of record revenue with improved profits and cash flow across all key metrics.
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FY26 results at a glance
The group statutory results are set out below, with all growth measured period-on-period against FY25.
| Metric | FY26 $m | FY25 $m | Growth % |
|---|---|---|---|
| Revenue | 602.2 | 515.9 | 16.7% |
| EBITDA | 14.7 | 8.7 | 70.0% |
| EBIT | 10.8 | 4.8 | 124.2% |
| NPAT | 6.29 | 2.17 | 189.5% |
| EPS (cents) | 4.32 | 1.51 | 186.1% |
Supporting points from the presentation included:
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Operating cash flow of $7.2m, described as solid given the working capital build tied to revenue growth
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Final dividend of 1.15 cents per share, representing a 60% payout ratio for H2
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EBITDA margin improved to 2.44%, up 0.76 percentage points
Labour Hire drives the growth story
The Labour Hire division was the primary engine behind the result. Revenue rose $86.3m (17%), while divisional EBITDA increased $6m (53%) to $17.3m, lifting the Labour Hire margin to 2.95%, up 0.69 percentage points.
Management outlined the following growth drivers:
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Contract wins across supply chain and retail
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Horticulture revenue up 12%, reflecting continuing growth in product categories and geographic spread
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New project work in the construction and traffic businesses in Victoria, with construction revenue in FY26 almost doubling from FY25
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Margin improvements in supply chain, retail and manufacturing through renewed key customer contracts and system, operational and process efficiencies
The presentation also noted significant improvements in profitability for labour hire in construction Victoria.
Training division rebuilds margins
Training revenue was stable at $15.2m, flat on the prior year, but divisional EBITDA rose $1.4m (87.5%) to $3.0m, marking a margin recovery.
Supporting detail from the update included:
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Growth in traditional ASH training in Victoria and Queensland, offset by funding reductions in Western Australia and a slight decline in rail-related training revenue
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Cost controls and operational efficiencies in ASH Victoria and Queensland
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Improved margin in rail-related training
For investors, EBITDA growth on flat revenue points to operational discipline within the division.
Balance sheet and cash position strengthen
The company reported a stronger financial position at period-end. Net assets increased to $35.5m, from $31.1m at 30 June 2025, while net debt reduced to $9.4m, a $1.8m improvement versus 30 June 2025.
Trade and other receivables rose to $52.3m and trade and other payables to $37.8m, reflecting the higher level of activity across the group.
Operating cash flow of $7.2m absorbed a working capital drag of $3.0m associated with the revenue increase. The presentation clarified that the FY25 investing outflow included $3.3m in final payments relating to completion of the OPW and CCL acquisitions, a prior-year item rather than an FY26 cost.
Multi-year momentum in context
The multi-year trend data positions FY26 as a strong recovery from the softer FY24 and FY25 periods. The table below tracks the group’s key metrics over three years, with FY24 figures excluding one-off non-cash impairment charges as noted in the source.
| Metric | FY24 | FY25 | FY26 | Trend |
|---|---|---|---|---|
| Revenue $m | 556.5 | 515.9 | 602.2 | Record |
| EBITDA $m | 11.9 | 8.7 | 14.7 | Recovering |
| NPAT $m | 4.6 | 2.2 | 6.3 | Strong rebound |
| EBITDA % | 2.14% | 1.68% | 2.44% | Improving |
The $602.2m revenue figure represents a record for the group, with EBITDA and NPAT both rebounding from the FY25 low.
Operational scale and what comes next
The presentation provided a business overview snapshot as at 30 June 2026:
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288 internal staff, up 0.35%
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24 offices, unchanged
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7,828 peak weekly workers, up 0.7%
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10.6 years average tenure with the top 20 customers
The source noted that the peak weekly worker figure excludes the impact of acquisitions completed after 30 June 2026. No values or further details of those acquisitions were disclosed in the presentation.
The post-period acquisitions referenced in the presentation include a logistics labour hire acquisition completed through the Action Workforce subsidiary, structured with payment tied to retained customer sales rather than a fixed upfront sum, which limits dilution risk for existing shareholders.
Taken together, the record revenue, restored margins, reduced net debt and growing dividend point to a business rebuilding profitability following the FY24 and FY25 dip. Any forward view remains tied to the disclosed FY26 results, with the post-period acquisitions representing a factor investors may monitor as future periods are reported.
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