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Ashley Services disappoints after Linc acquisition disaster

The December half-year was a challenging one for Ashley Services, with managing director Ross Shrimpton describing the company's Linc Personnel acquisition as "disappointing" and a risk that didn't deliver the expected reward.

As Shortlist previously reported, Ashley Services had informed the market that it would write off the entire value ascribed to the customer relationships from the Linc acquisition during the December half.

This, together with margin pressure and flat revenue growth in its main labour hire business, trimmed net profit right back to $1 million for the half, down from $6.1 million in the previous corresponding period...