Listed ICT group Adapt IT on Tuesday reported a marginal decline in revenue for the six months ended December 2018, to R669.35 million, from R678 million in the prior year, due to a depressed economic environment in South Africa.<\/p>\n
Turnover declined to R667.2 million, from R676.2 million, while profit from operations was up a fraction, to R86.3 million, from R86.2 million before.<\/p>\n
Headline earnings per share for the six months to December 2018 grew 1% to 29.89 cents from 29.70 cents, and normalised HEPS grew 5% to 40.81 cents, it said.<\/p>\n
Adapt IT’s South African offices are in Johannesburg, Durban and Cape Town, and international offices in Mauritius, Botswana, Ireland, Kenya, Australia and New Zealand.<\/p>\n
The group provides software solutions to the education, manufacturing, energy, financial services, communications and hospitality sectors, employing over 1,000 technology professionals.<\/p>\n
Adapt IT’s turnover contribution:<\/p>\n
Turnover from continuing operations for the six months ended December 2018 increased by 4% to R667 million, Adapt IT said.<\/p>\n
“There was no organic growth from continuing operations due to the challenging economic environment persisting in the South African market, particularly low project turnover in the Energy and Hospitality sectors.”<\/p>\n
Earnings before interest, tax, depreciation and amortisation (EBITDA) from continuing operations increased by 10% to R118 million representing an improvement in EBITDA margin to 18%, it said.<\/p>\n
On 9 January 2019, Adapt IT announced that it has entered into agreements to acquire the Wisenet Group –\u00a0 a provider of cloud-based SaaS Learning Relationship Management platforms to vocational training institutions in Australia.<\/p>\n
Looking ahead, Adapt IT said it continues to pursue a diversified growth strategy aimed at creating a global specialised software business, through a combination of organic growth and strategic acquisitions.<\/p>\n
“Despite the current market conditions, our medium and longer-term outlook is optimistic as we continue to build upon the strong foundation we have established to create a sizeable, scalable, leading ICT business,” it said.<\/p>\n