Adapt IT earnings surge

JSE listed Adapt IT group, has reported a 39% rise in turnover in interim results ended December 2013, to R189.6 million.

Interim headline earnings per share improved 65% to 13.74 cents, from 8.35 cents in 2012, with operating profit up 75% to R20.5 million.

“We are pleased to report another set of good results in a challenging trading environment” said Adapt IT Group CEO, Sbu Shabalala.

Adapt IT said that the education sector contributed R60 million towards overall turnover, with the manufacturing sector R68.4 million, energy sector R28 million and financial services sector R33.2 million.

During the reporting period, Adapt IT acquired the Aquilon companies, a provider of consulting and systems integration for the Oil & Gas sector.

Aquilon added R28 million in turnover for the reporting period; a deal that was effective from 1 October 2013 and worth a maximum purchase consideration of R98 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,” Shabalala said.

He added that 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.

Sbu Shabalala
Sbu Shabalala

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Adapt IT earnings surge