APM Reports Flat Results After US Acquisitions
The Perth-founded outsourcing group posted flat financials for its first full year under private ownership.
Updated on Nov. 2, 2026 in Corporate Finance
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APM reported flat financial figures for the 2026 financial year, its first full 12 months in private ownership after being acquired by Madison Dearborn in October 2024. Net profit narrowed to $124.5m from $166.6m, while EBITDA rose 0.3 per cent to $308m after stripping out the impact of the privatisation.
Why it matters
The results reflect the company's push into North America through back-to-back acquisitions totalling about $400 million. The earnings picture shows how the group is balancing expansion against a weaker profit trend that began in late 2023.
APM's net profit fell to $124.5m from $166.6m, while group revenue of $2.5b declined 1.7 per cent. WorkCare contributed $44m in revenue and $900,000 in profit in the final quarter, with the Medcore impact yet to be fully reported.
The players
APM
APM is an Australian outsourcing group, founded in Perth, that is contracted by governments to help unemployed people find work and return injured workers to the labour market.
Madison Dearborn
Madison Dearborn is a US private equity group that acquired APM in October 2024, taking it off the ASX.
The details
APM acquired WorkCare for $US112.8m in March 2026 and Medcore for $US172.5m in August 2026. Once Medcore is folded in, the combined group will have more than 2000 staff across 450 North American sites.
Timeline
October 2024: Madison Dearborn acquired APM.
Late 2023: Profit downgrades began, weakening investor trust.
March 2026: APM acquired WorkCare for $US112.8m.
August 2026: APM acquired Medcore for $US172.5m.
2026-27: Medcore expected to contribute for most of the year.
Market Landscape
APM's profit downgrades from late 2023 came as strong post-pandemic job markets reduced demand for its government-funded employment services. Its North American acquisitions now position the group to compete for work in a larger market with a broader client base.
Australian job seekers and injured workers using government-funded services may see changes as APM's operations expand under new ownership. The group's combined North American workforce of more than 2000 staff signals how its capacity is being redirected overseas.
The takeaway
APM's results show that acquisitions can stabilise earnings even when a core business struggles. Readers tracking Australian employers should watch whether the group's North American growth translates into stronger domestic profits.
What happens next
Medcore is expected to contribute for most of the 2026-27 financial year, which will be the next reported measure of its impact on group results.
Further reading
For more on how corporate deals shape local employers, see Corporate Finance coverage across Australia.
Source note: This article includes information reported by The West Australian.
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