Adapt IT H1 HEPS up 74% to 6.19 cents

IT services and specialist solutions provider, Adapt IT Holdings (ADI) on Wednesday (8 February 2012) reported headline earnings per share (HEPS) 74% higher at 6.19 cents per share for the six months ended December 2011, from 3.56 cents previously.

Revenue increased by 8% to R92.3 million and profit from operations was 12% higher at R7.2 million, R6.5 million in 2010, the group said.

Interim earnings per share (EPS) improved by 80% to 6.19 cents per share.

“The minority buyouts of the previous financial year made a significant positive contribution to earnings growth,” Adapt IT said.

ITS Holdings increased its revenue and profitability through its focus on the higher and further education sector while Apply IT improved its performance through securing offshore clients in the resources sector, the group said.

It noted that the continued tough trading conditions in the sugar industry negatively impacted on the profitability of Adaptit however, the environment is anticipated to improve going forward.

The Adapt IT Group said it continued to pursue its long-term strategy to deliver sustainable above average returns to shareholders by focusing on a combination of organic and acquisitive growth.

The acquisition of BI Planning Services in January for a consideration of R17.25 million, “further enhances the group’s product offerings and provides access to customers within the financial services sector. The group will seek further significant earnings enhancing acquisitions,” it said.

“The group continues to grow its footprint in the broader African and International markets and maintains its tight focus on improving profit margins, seeking greater operational efficiencies and engaging positively with all its stakeholders in order to meet their expectations.

“We envisage the second half of the year to remain challenging, however, we are favourably positioned to take advantage of the opportunities presented by our markets,” Adapt IT concluded.

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Adapt IT H1 HEPS up 74% to 6.19 cents