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Adcorp Delivers Revenue Growth and Pays Dividends Amidst Market Challenges

Adcorp Holdings Limited

(“Adcorp” or “the company” or “group”)

Media Release

31 May 2024

Adcorp Delivers Revenue Growth and Pays Dividends Amidst Market Challenges

Adcorp Holdings Limited (JSE:ADR), a leader in workforce solutions, today reported a resilient annual performance for the fiscal year ended 29 February 2024, despite a challenging economic landscape.

The company’s revenue from continuing operations climbed 7.7% to R13.0 billion, reflecting a strong market position and operational fortitude. “This demonstrated the progress we have made in growing group sales, particularly given widespread reductions among local and global workforce solution companies,” says CEO Dr John Wentzel.

This year has been marked by significant accomplishments, including achieving the second consecutive year of revenue growth—a feat that was last accomplished in 2016. However, gross profit saw a slight contraction to R1.26 billion due to margin pressures across several of our brands. In particular our Professional Services in South Africa faced severe market challenges which largely contributed to such contraction. Our Australian operations continued to excel, delivering substantial growth thanks to new contracts and high demand in the manufacturing, industrial, and healthcare sectors.

Our strategic initiatives, including the successful ‘Brandshift Adcorp’ strategy, have positioned us strongly in the market. These efforts have resulted in record customer satisfaction, enhanced employee engagement, and numerous awards across our brands. The group maintained a healthy net cash position of R204 million, excluding restricted cash of R71 million. Adcorp remains debt-free with prudently managed working capital.

Adcorp’s robust financial position allowed the Board to declare a final ordinary dividend of 24.2 cents per share (cps), taking the total ordinary dividend to 40.3 cps for the year. “This is a testament to our commitment to delivering stable dividends, which reflect our confidence in the sustainability of our business model and dedication to providing value to shareholders,” says Wentzel.

Looking ahead, Dr. Wentzel expressed optimism about Adcorp’s strategic direction, citing, ‘Our foundation is solid, and we are poised for continued success. Our resilience and innovative strategies ensure we remain well-positioned to navigate market challenges and seize growth opportunities.’


About Adcorp
Adcorp, a leading workforce solutions provider on two continents, is committed to connecting human potential to the needs of businesses. With a focus on agility, skills, and the future of work, Adcorp aims to foster economic growth and enhance workforce capabilities across industries.

Connect with us through our website or social channels:
Facebook: | LinkedIn: @adcorpgroupza | YouTube and Instagram: @AdcorpGroup

Issued by:

Singular Systems – IR
Michèle Mackey
010 003 0700 / 082 497 9827

On behalf of Adcorp Holdings Limited
Dr John Wentzel, CEO


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