APM targets $3B revenue after $400M US expansion
Key points
- APM completed $400 million in back-to-back US acquisitions of WorkCare and Medcore.
- Full-year revenue slipped 1.7% to $2.5 billion, while net losses narrowed to $124.5 million.
- The purchases will boost group revenue above $3 billion and expand its North American presence across 450 sites.
Perth-based disability and employment services group APM expects annual revenue to exceed $3 billion, following $400 million in North American acquisitions.
The performance follows a 1.7% fall in annual revenue to $2.5 billion, while net losses narrowed from $166.6 million to $124.5 million.
The company stated that the transactions will expand its North American network to more than 2,000 staff across 450 sites.
WorkCare contributed $44 million in revenue during its first quarter under new ownership, while Medcore brings an estimated annual turnover of over $400 million.
Private equity group Madison Dearborn acquired the Perth-founded employment and disability services provider in October 2024.
The business previously faced multiple profit downgrades during its time on the public market due to strong post-pandemic employment trends.