APM secures UK contract and provides business update.

APM Human Services International Limited (ASX: APM) has shared significant update that it secures a lucrative AU$720 million contract for delivering Functional Assessment Services in the London, South-East, and East Anglia region over a five-year period. Financially, APM projects its 2023 Underlying NPATA to fall within the range of AU$175 million to AU$180 million, with cash conversion for the second half of FY23 expected to exceed 80%.

The company's net leverage remains consistent with the previous half-year figures. APM extends average tenure across key programs through new contract awards, retenders, and extensions, resulting in a base tenure of over 3 years for its major contracts, excluding future options. In terms of board updates, Nev Power joins as the Lead Independent Non-Executive Director, while Ben Wyatt assumes the role of an Independent Non-Executive Director on the Remuneration and Nomination Committee.

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