The owner of UK-based professional legal education provider BPP blamed the boom in on-line providers for a recent spate of poor financial results. According to the Education Investor website, shares in Apollo Group fell dramatically as the US education giant reported its unfavourable first quarter income in its financial year.
The group posted an income of $113 million in the three months ended 30 November 2012, representing a 24 per cent drop on the $149m recorded a year earlier.
Revenue also fell by 10 per cent to $1.06 billion, from $1.17 billion during the same quarter in 2011.
Apollo acquired BPP Professional Education in 2009. The London-based firm is currently in talks with the government regarding a plan to create an apprenticeship scheme to train solicitors.