Adapt IT sees improved earnings

JSE-listed technology group Adapt IT says it expects its headline earnings per share to increase by between 24% and 29% when it announces its annual financial results later this month.

“Although JSE listing requirements do not compel us to disclose these anticipated changes, we value transparency with our investors and other stakeholders. We take this opportunity to communicate on how the Covid-19 pandemic has affected our business and our responses to manage this,” Adapt IT chief executive Sbu Shabalala said in a statement on Thursday (1 October).

The group also expects earnings per share (EPS) to increase between 9% and 14%.

Adapt IT provides specialised software and digitally-led business solutions in the education, manufacturing, financial services, energy, communications and hospitality sectors.

Shabalala believes the group’s diversification helped it during the pandemic and the national lockdown.

“While some divisions, particularly our hospitality business, performed at reduced capacity due to Covid-19 regulations; other divisions found opportunities to expand,” he said. “The business is stable and intently focused on trading through the future uncertainty as the effects of the pandemic continue to unfold.”

Adapt IT expects to publish its audited financial results on 26 October.

Read: Adapt IT’s earnings feel the weight of South Africa’s economy

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Adapt IT sees improved earnings