APM up on maiden half-year

APM Human Services has tabled its first half-yearly report since debuting in a $982 million IPO last year, reaffirming its commitment to a dividend while posting a $42.7 million net loss.

Revenues for the Megan Wynne-founded business stood at $613.7 million as at December end, a 29 per cent increase on the prior corresponding period of $473.1 million.

Bur APM delivered a $42.7 million statutory net loss for the period, which it said included IPO and capital restructuring costs of about $93.6 million.

Excluding these factors, the company said its pro forma net profit after tax before amortisation increased 38 per cent to $77 million, which it attributed to its growth in domestic and international segments.

“The strength of APM’s business was highlighted by the revenue and earnings growth during the first half,” APM Group chief executive Michael Anghie said.

“The result was underpinned by organic growth and recent contract wins, combined with successful strategic acquisitions.”

APM acquired physiotherapy and home care business Lifecare for $68 million in December last year.

While it didn’t make an official dividend declaration, APM said its directors intended to pay a final dividend for FY22 of between 40 per cent and 60 per cent of pro NPATA generated between January 1 2022 to June 30 2022.

APM shares closed the day up 10.9 per cent to trade at $2.95.

It listed on the ASX in November at $3.55 per share.