Adapt IT in profit surge

JSE listed Adapt IT reported surge in revenue to R578 million, for the year ended June 2015, from R408.5 million before.

The company grew headline earnings per share by 35%, to 45.43 cents per share.

Operating profit grew 89% to R93.8 million, from R49.t million in 2014, while profit attributable to shareholders was up 52%.

Organic growth was 18% while acquisitive growth added 24% to turnover, bringing total turnover to R575 million, up 42%.

“Organic growth was bolstered by a strong demand in the higher education sector, a sector in which the business has provided specialised software services for 29 years,” said Sbu Shabalala, Adapt IT CEO.

“The common thread in our business is deep vertical industry knowledge combined with the niche software we develop for selected industries.”

Adapt IT acquired telecommunications software provider, AspiviaUnison in September 2014, which was the major driver of acquisitive growth contribution.

AspiviaUnison develops cloud based Communications Management software solutions, deployed in corporates and telecommunications carriers.

A further offshore acquisition in the Education Sector, SMSS (Student Management Software Systems), in New Zealand also contributed positively.

The Adapt IT Software business is well diversified across a number of sectors and geographies, with 77% of revenue coming from South Africa, 10% from the rest of Africa and the 13% from worldwide customers.

“The company is well positioned to continue its growth trajectory by taking advantage of its unique market positioning, its improved market reach and favourable empowerment credentials” Shabalala said.

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Adapt IT in profit surge