Adcorp Delivers Robust Earnings Growth and Strong Cash Generation in FY2025
Johannesburg, South Africa – 29 May 2025 – Adcorp Holdings Limited today announced its annual results for the year ended 28 February 2025, reporting strong earnings growth, improved margins, and a significantly enhanced cash position—marking a successful transition from restructuring to scalable growth.
Headline earnings per share increased by 61.6% to 135.4 cents, while profit for the year rose 60% to R140.9 million. This was achieved despite ongoing macroeconomic volatility in both South Africa and Australia, with revenue up 2.0% to R13.24 billion and gross profit rising 3.5% to R1.30 billion. Operating expenses were held flat year-on-year, reflecting disciplined cost control and operational leverage.
“We are pleased to report a strong set of results, underscoring the resilience of our asset-light, cash-generative model,” said Dr John Wentzel, Chief Executive Officer. “Our multi-year restructuring is complete, and we are now firmly focused on delivering shareholder value through disciplined execution, strategic expansion, and digital enablement.”
Adcorp’s South African operations delivered a stable performance with margin improvement across all core divisions. The rebranded Staffing Solutions unit achieved double-digit revenue growth, while Contingent Staffing and Professional Services divisions maintained stable top lines and improved profitability.
In Australia, Contingent Staffing posted double-digit growth across all key metrics, supported by new client wins and continued demand for blue-collar and healthcare roles. Professional Services in Australia showed early signs of stabilisation, having undergone a sector-focused restructuring to better align with evolving client needs.
Adcorp ended the year with R444 million in net cash, up from R204 million in the prior year, and declared a final dividend consistent with its long-standing 2x earnings cover policy.
Looking ahead to FY26, Dr Wentzel added: “Our strategic priorities are clear—drive margin uplift, scale high-margin outsourcing services, and advance our transition to a tech-enabled workforce platform. With a clean balance sheet, strong cash generation, and exposure to structurally growing segments, Adcorp is well positioned to deliver sustainable growth and enhanced returns.”
About Adcorp Holdings Limited
Adcorp Holdings Limited is a leading workforce solutions company operating in South Africa and Australia. The Group employs over 1,700 permanent staff and deploys more than 37,000 contingent workers daily. Adcorp is the largest staffing group in Africa and is ranked among the top 100 globally.