Adapt IT reports 69% rise in profit

JSE-listed Adapt IT Holdings on Monday 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.

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

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

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

“This acquisition has provided entry into the Oil & Gas industry, extending our SAP solution competence, introducing supply chain management solutions and offering Adapt IT excellent future growth potential,” said Adapt IT CEO, Sbu Shabalala.

The group said it is well diversified across its four key operating segments, with the education sector contributing 30%, manufacturing sector 37%, energy 17%, and financial services 16% of turnover.

The group said it has succeeded in its international expansion with 25% of its turnover from foreign business with a specific focus on the rest of Africa.

“We provide software and services to 14 other African countries and a further 6 countries beyond Africa and this is a key factor in diversifying risk and growing our dollar-based revenues,” said Shabalala.

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Adapt IT reports 69% rise in profit