Accordant earnings squeezed as slow visa processing weighs on blue-collar workers

Accordant's net profit fell to $2m in the 12 months ended March 31. (Image: Getty)

Tue, 30 May 2023

Recruitment firm Accordant reported a 34.1% decline in annual profit as its blue-collar contracting arm was hampered by a backlog of visa applications and it faced high claims costs from its self-cover plan for workplace injuries. Net profit fell to $2 million in the 12 months ended March 31, from $3m a year earlier, with revenue edging up 2.7% to $227.4m. Accordant’s AWF and The Work Collective blue-collar contracting posted a segment profit of $321,000 in the year, down from $904,000 a year earlier, with revenue falling 4.9% t...

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