Adapt IT delivers strong interim results


Adapt IT Holdings Limited has over 420 employees operating out of business divisions in Durban, Johannesburg, Pretoria and Cape Town and is led by a core team of executives. Adapt IT provides a variety of specialised turnkey IT solutions and services to the Education, Manufacturing, Energy and Financial Services sectors. Adapt IT has over 320 customers in South Africa, East Africa, Asia, Australasia, United States and Europe; and its services and solutions span the complete IT life-cycle from consulting, application design, through to delivery and support. www.adaptit.co.za

 

Adapt IT – JHB Building

 

Adapt IT

· Turnover increased 39% to R189,6 million (2012: R135,9 million)

· Interim earnings per share up 64% to 13,71 cents (8,36 cents)

· Headline earnings per share up 65% to 13,74 cents (8,35 cents)

· Operating profit is up 75% to R20,5 million (2012: R11,7 million)

Sbu Shabalala - Adapt IT CEO

 

JSE listed Adapt IT Group, a provider of a variety of specialised turnkey IT solutions and services to the Education, Manufacturing, Energy and Financial Services sectors, today announced interim results for the period ended 31 December 2013. “We are pleased to report another set of good results in a challenging trading environment” says Adapt IT Group CEO, Sbu Shabalala.

Turnover for the six months ended December 2013 increased 39% to R189,6million (R135,9 million in 2012) with the Education sector contributing R60,0 million, Manufacturing Sector R68,4 million, Energy Sector R28,0 million and Financial Services Sector R33,2 million of the turnover.

Headline earnings per share increased 65% to 13,74 cents (8,35 cents in 2012). The interim earnings per share is 64% higher at 13,71 cents (8,36 cents in 2012). Operating profit has increased to R20,5 million, up by 75% from R11,7 million.

Shabalala says he believes the future will provide for even more exciting opportunities: “We are building on the strong foundation already established in order to create a sizeable leading ICT business which delivers above sector average growth and returns.”

During the reporting period, Adapt IT acquired the Aquilon companies (“Aquilon”), a provider of consulting and systems integration for the Oil & Gas sector. Forming part of the Energy segment of Adapt IT, Aquilon added R28,0 million in turnover for the reporting period; a deal that was effective from 1 October 2013 and worth a maximum purchase consideration of R98,0 million. “The Aquilon acquisition extended Adapt IT’s services to Africa’s growing energy sector, strengthened the company’s presence in Cape Town and bolstered our SAP® solutions expertise. We have improved our solutions and services to the benefit of our clients and enhanced the ability to deliver meaningful long-term value to our shareholders.”

According to Shabalala, the company will continue to realise synergies between its specialised software businesses to yield higher organic growth and margins, with increasing focus on other African countries. Further strategic, synergistic and earnings enhancing software business acquisitions will continue to be pursued.

In the second half of the year, Adapt IT will increase its focus on transformation as a priority to ensure that the Group aligns with the new Broad-Based Black Economic Empowerment Codes.

“Adapt IT’s success would not have been possible without the continued support of our customers, partners, service providers, members of the board and the employees’ dedication, we are grateful for their continued support.” concludes Shabalala.

 

Source: Adapt IT Holdings Limited

 


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