Adapt IT in acquisition talks

Shares in Adapt IT advanced 10.74% in early trade on Tuesday after it advised that it has entered into negotiations in respect of a possible acquisition.

The group added 65 cents to trade at R6.70 on the JSE in Johannesburg, putting its market capitalisation at R712 million.

Adapt IT provides solutions and services to the education, manufacturing, financial services and energy sectors.

In August, it reported a 69% rise in operating profit to R49.6 million for the year ended June 2014.

Turnover increased 34% to R406.3 million from R303.4 million in 2013, with headline earnings per share up 55% to 34.55 cents.

Adapt IT lifted its dividend per share by 48% to 8.23 cents, from 5.56 cents before.

During the period under review, it acquired the Aquilon group of companies, which now forms part of the Adapt IT Energy sector.

Adapt IT warned that if successfully concluded, the deal “may have a material effect on the price of the company´s securities” and advised shareholders to exercise caution when dealing in it’s shares.

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Adapt IT in acquisition talks