Adapt IT grows interim profit by 50%

JSE-listed Adapt IT, a provider of specialised software solutions and IT services, reported a 19% turnover increase to R310 million for the half-year period ended December 2015.

The company said organic and acquisitive growth contributed 13% and 6% respectively.

Operating profit increased 50% to R53 million,  while interim headline earnings per share increased by 42%.

“We have been consistent in pursuing diversification through an organic and acquisitive growth strategy which has contributed to this positive set of results for Adapt IT,” said Adapt IT CEO, Sbu Shabalala.

Adapt IT’s is well diversified across the four major sectors in which it operates, improving resilience to adverse economic cycles as are currently being experienced in the manufacturing and the oil industries.

The geographic diversification has resulted in South Africa representing 72% of turnover, with 10% from other African countries and 18% from global customers. Adapt IT’s strong annuity income provides long-term sustainability.

“Despite the challenging market conditions, our outlook remains positive as we continue to build on the strong well-diversified foundation, to create a sizeable leading ICT business that delivers above ICT sector average growth and returns.” said Shabalala.

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Adapt IT grows interim profit by 50%