AGL - Accordant Group. was previously AWF Madison, Allied...

[winner69]

Snoopy ….if you haven’t already it seems you should break your rules and buy AGL twice in a row

When it was nearly 2 bucks not that long ago I didn’t expect it to go down to 117

Downtrend seems relentless

And labour market booming still

[Snoopy]

Snoopy ….if you haven’t already it seems you should break your rules and buy AGL twice in a row

When it was nearly 2 bucks not that long ago I didn’t expect it to go down to 117

Downtrend seems relentless

And labour market booming still

No I can't break my rules Winner. Looking really hard for something else to buy, but nothing yet quite ticks the value box. AGM later this month on the 21st for Accordant. 'Our Jase' will be able to enter the market again and top up his CEO shareholding at that point. We might even get some positive news.

Meanwhile I have decided to side with you guys and vote against the pay rise of that greedy Todd Turner's board. I mean +40%? What were they thinking? Maybe we could make a counter offer of paying for Toyota Prius uber rides to monthly board meetings or something? Mind you, I could be open to bribery.

What about if we shareholders press for free track day at Hampton Downs with director Grant Baker's collection of Ferraris? Would you be a starter for that? We might even send Grant Baker to Italy for the weekend to stop him worrying about his cars. Suddenly that 40% pay rise for Turners board members is sounding surprisingly reasonable......

SNOOPY

[winner69]

Saw AGL top of NZX leaderboard this morning

Hadn’t realised share price had gone as low as $1.13

[silverblizzard888]

CEO Jason Cherrington is relentless in his buying of the company's stock. Hes done a lot of buying since June, business must be good. Expecting a good interim report with that enthusiasm.

2022
4/11/22 bought 7083 shares at $1.80 each (total owned 7,083)
18/11/22 bought 7917 shares at $1.80 each (total owned 15,000)
22/11/22 bought 1214 shares at $1.80 each (total owned 16,214)
2023
13/6/23 bought 55,131 shares at $1.448 each (total owned 71,345)
12/9/23 bought 24,940 shares at $1.16 each (total owned 96,285)
13-15/9/23 bought 3,774 shares at $1.21 each (total owned 100,059)
26/9/23 bought 4000 shares at $1.165 each (total owned 104,059)

[winner69]

Recruitment outfits in Oz going broke

If happened in NZ probably good for Accordant …less opposition / possible cheap acquisitions?

https://www.smh.com.au/business/the-...06-p5ea8q.html

[Snoopy]

Recruitment outfits in Oz going broke

If happened in NZ probably good for Accordant …less opposition / possible cheap acquisitions?

https://www.smh.com.au/business/the-...06-p5ea8q.html

A quick review on those Oz job agencies that have run into trouble:
1/ 'The Nudge Group' https://thenudgegroup.com/:
"Designed to work with start-ups, scale-ups and accelerated growth businesses, The Nudge Group is a disruptive force within the recruitment industry, offering a system known as “the nudge experience.” "
I can see why 'scale ups' and 'accelerated growth opportunities' might be on the back burner in the current economic climate. Unemployment in Australia is still low at 3.7%, so that is not a a good climate for employees who are let go to reinvent themselves as a start up.

2/ 'Digital Gurus Recruitment' https://www.digitalgurus.online/
"Digital Gurus is a fast-growing, award-winning branch of The ReThink Group, a provider of resourcing solutions and recruitment to the IT industry. Excelling in the business and technology sectors across the UK and Dubai, Digital Gurus, which was formed in 2005 as ReThink Recruitment, was named best IT recruitment agency in 2007 and has continued to grow since then. The 150 staff are all shareholders in the company, which motivates them to provide the most professional and effective service to clients and candidates possible."

The above surprised me as I thought that computer software was a real growth area in Australia supported by tax breaks. However, I know that an agency cannot create more high tech job candidates quickly, and many agencies chasing the same people may not end well:
"National insolvency firm Mackay Goodwin director Grahame Ward, who is the administrator for Digital Gurus, said times were challenging for recruiters amid fierce competition for new candidates." (Snoopy comment: It is also possible that changes in the Digital Gurus UK market office may have affected the outlook).

As far as Accordant is concerned, they have been having 'lack of job candidate' issues with their 'AbsoluteIT' subsidiary. But that is well known and publicised.

3/ The SMH article then talks about 'multiple labour hire businesses' getting into trouble and quotes Grahame Ward again who says
“Some industries such as logistics, construction, childcare, and nursing appear to be struggling now to attract local candidates.”

Medical job recruitment is the one area where Accordant do not have a presence.

Further from the SMH article:
'The federal government’s changes to visas have made it easier for migrants to fill in-demand roles and plug skills shortages."

Accordant does recruit from overseas countries. So I don;t see the above comment applying to them.

The SMH article again:
“The high share of blue-collar workers in the construction industry means the blue-collar workforce will likely bear the brunt of the labour market slowdown."
"Duet Recruitment, ARI Recruitment, Collar Up Recruitment, GRB 365 Recruitment and PG Labour Services, have called in administrators as their work dries up."

Accordant's AWF blue collar division is certainly in the doldrums. But a lot of their workforce are farm workers, and it looks like summer fruit in NZ will be due for a good season.

From what I can tell none of those agencies listed as going into receivership have a presence in New Zealand. The article does highlight headwinds that are affecting Accordant in NZ that we already know about. But repeating information that we already know shouldn't have any decremental effect on the AGL share price going forwards.

SNOOPY

[silverblizzard888]

According to Xero theres some decent job growth numbers, should bode well for AGL.

"Despite weak sales, jobs growth remained strong - rising 7 percent year-on-year - while wages increased 3.5 percent."

https://www.rnz.co.nz/news/business/...the-belts-xero

[winner69]

Going to be a year of two halves …..best to come they say after making just over $1m in first half

http://nzx-prod-s7fsd7f98s.s3-websit...653/405987.pdf

[percy]

Going to be a year of two halves …..best to come they say after making just over $1m in first half

http://nzx-prod-s7fsd7f98s.s3-websit...653/405987.pdf

I have my doubts.

[winner69]

I have my doubts.

Surprised how upbeat they are …. but all those immigrants and the new government will see through