APM shares tanks on weak first half

The news: Shares in APM Human Services have lost more than a third of their value after the services provider posted a slide in first-half profits. APM blamed tough labour market conditions and higher interest and tax costs for the decline in performance.

The numbers: APM shares were trading 39.6% lower at 80 cents by 12:30pm AEDT. Revenue for the half actually increased to $1.14 billion from $853.7 million a year earlier, but profit shrank from $85.4 million to $55 million between the two halves.

The context: Historically low unemployment has reduced APM's client flows into employment services, particularly in Australia and the UK. APM offers human services including vocational training and rehabilitation, employment assistance and community-based support rom more than 1600 site across 11 countries.