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Ambition Group announces revenue increase of 6%

Gross profit was up slightly from $190m to $192m, but the gross margin % reduced from 47% to 45% due to the split between temporary (lower margin) and permanent recruitment revenues.

The Group Is working through a strategic management and organisational restructuring plan and Is making extremely good progress with this project.  During the period, $09m of restructuring costs were incurred.

Earnings before interest, tax, depreciation and amortisation (EBITDA) excluding restructuring costs increased by 73% from $0.3m to $0.6m, reflecting the benefits of business transformation Initiatives completed.

Profits from the Australian operations increased to $0.2m and the UK operations moved from a loss in the prior corresponding period to a profit of $0.1 m. The Asian operations made a small profit despite initial start-up losses from the Tokyo office, with the Kuala Lumpur office already profitable.

The net loss after tax for the period was $08m, compared with a net loss of $04m in 201 3. with the $0.9m in restructuring costs significantly impacting results.

The Group Is continuing its focus on a small number of disciplines listed above (alongside an
executive search offering and some work in supply chain and business support). The objective is
gaining intense market knowledge which allows true value-add advice to be provided to clients
and, most importantly, knowledge of and access to the hard to find candidates who do not sit
on a data base or respond to online advertisements.

Significantly simplified and streamlined approach to management.
During the period, there were some fundamental changes made to the management structure
of the Group. Country Managing Directors &CcedilMDs”) now report directly to the Co-Founder Executive
Chairman, Nick Waterworth. These MDs have greater responsibility for their respective
operations with full local accountability. Short-tern incentives are tied to local performance
and long-term incentives are tied to shareholder returns.

Growing our Asian network.
The Group recognises that significant growth prospects exist in Asia where it has been
established since 2001. At the end of last year, new offices were established in Kuala Lumpur
and in Tokyo. Resources will be provided to these country leaders to enable them to grow their
businesses quickly but prudently to take advantage of the favourable dynamics in those
markets.

Operational review

Ambition Group Limited undertakes permanent and contracting recruitment In three main areas:

. Information technology

• Accounting/Banking

• Sales/marketing

We have offices in Australia. United Kingdom, Hong Kong. Singapore, Malaysia and Japan. Ambition was established In 1999 and listed on the Australian Securities Exchange at that time. The Group operates through the Ambition, AccoubtAbility  and Watermark  brands. The latter two brands only operate in Australia,

The Group employs 231 staff through offices In Sydney. Brisbane, Melbourne and Parramatta In Australia I-long Kong. Singapore, Kuala Lumpur and Tokyo in Asia, and London in the United Kingdom.

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