Salient features


Revenue for the year
decreased by 3% to
R15,3 billion


Cash generated by
operations up 51% to
R390 million
(2017: R258 million)


Underlying EBITDA for
the year increased by 4%
to R387 million


Underlying EBITDA for
Professional Services increased by 15% to R265 million


Underlying EBITDA for Industrial Services Australia increased by 67% to R58 million


Underlying EBITDA for Financial Services increased by 11% to R58 million


Central costs reduced by R101 million from prior year excluding once of costs


R1 billion refinance and disposal of Nihilent

Leadership overview


Gloria Serobe

In July 2017 I was appointed as Chairman of the Adcorp board. Since my appointment the Group has seen much change necessitated by a decline in fi nancial performance over the preceding few years. The Group’s transformation was set in motion by the purchase of a 14,55% stake by Value Capital Partners (VCP). As an activist investor....

Innocent Dutiro

Chief Executive
Officer’s report

Innocent Dutiro

On the 2 October 2017 I arrived for my first day as Chief Executive Officer of Adcorp. I was welcomed by a passionate but uncertain group of employees whom I addressed. The uncertainty was because my arrival was part of a leadership change that had been set in motion in July 2017 when Value Capital Partners (VCP) acquired a stake in Adcorp Holdings and set about the process of rebuilding the Group's performance...

Mark Jurgens

Chief Operating
Officer’s report

Mark Jurgens

FY2018 has been a challenging year for Adcorp in many aspects, but one in which we are evolving our business model to become well poised for the next industrial revolution. Although our strategic change process created a lot of uncertainty in parts of the organisation, the change has been embraced in a positive manner. Following my appointment as the Chief Operating Officer in October 2017,


Chief Financial
Officer’s report

Cheryl-Jane Kujenga

In July 2017 I was appointed as Chief Financial Officer of the Adcorp Group. Since my appointment, the Group has encountered a substantial amount of change set in motion by the purchase of a 14,55% stake by Value Capital Partners (VCP), along with the appointment of an entirely new C-suite...

A partner for now and the future


Our business

  Established 1975  
  Listed 1987  
  Revenue 15,3 billion  
  15% market share South Africa
3% market share Australia
  Entire workforce has access to employee benefits  

Total workforce
85 912

  Permanent employees
3 069
  Permanent outsourced employees*
2 440
  Temporary employees*
76 441
  Independent contractors
3 410
  * Referred to interchangeably as assignees or candidates.  



How we transform from
A to BETTER outcomes

Our Group of companies cover a variety of industries, environments and specialisations, suited to specific permanent, temporary, contract, training and consulting needs.

Our Divisions

Industrial Services
Support Services
Professional Services
Financial Services
Training Services

Our vision

To be the leading workplace solutions provider in South Africa and selected international markets.

We're offering our investors the opportunity to be part of our journey as we grow in a bold new direction – one that will result in the best possible outcomes and shared value creation...

Our strengths
Our strengths
Grow together to transform the core
Our strengths
Leveraging technology to craft
workplaces designed for the future
Our strengths
Ability to manage large contingent
Our strengths
Prioritising and managing what
matters most




We would welcome your feedback on our reporting for 2018 and any suggestions you have in terms of what you would like to see incorporated in our integrated annual report in the future. To do so, kindly contact