APM delivers growth, declares dividends

Global services provider APM Human Services has generated net profit after tax of $178 million after anticipating its earnings were going to take a hit earlier this year.

The multinational human services provider recorded $178.2 million in underlying net profit after tax across its global operations after telling the market it expected a revised result between $175 million and $180 million for FY23.

In May, APM said it was expecting its FY23 earnings growth to be impacted by lower client flow into employment services programs, staff shortages and cost pressures.

In today’s results, APM recorded a 43 per cent increase in revenue to $1.8 billion for the financial year, from $1.3 billion in FY22.

Its earnings before interest, taxes, depreciation and amortization was $363 million, up 19 per cent from $308 million in the prior period.

For its Australia and New Zealand operations, APM’s net profit after tax fell 13 per cent to $85.1 million for FY23 while revenue grew 20 per cent to $816.7 million.

The company declared a final dividend of 5 cents per share, fully franked.

Chief executive Michael Anghie said the company had delivered on the commitments it made at the time of its listing on the ASX in November 2021.

“The 2023 financial year has been pleasing on a number of fronts for APM and its global team,” he said.

“Delivering on our purpose of enabling better lives we are pleased to have supported over 2 million people this year.”

Also in May, APM announced it had secured a $720 million contract to deliver function assessment services on behalf of the Department for Work and Pensions in the UK.

APM’s shares were trading up 1.98 per cent to $1.795 at 12:15PM AWST.