JSE-listed Adapt IT Group, an IT services and specialised solutions provider, has announced outstanding interim results for the period ended 31 December 2012.
Turnover increased 53% from R88,7-million in 2011 to R135,9-million, with the education sector contributing 41%, mining and manufacturing sector 42% and financial services sector 17% of the turnover.
Headline earnings per share increased 35% from 6.19 cents to 8.35 cents with profit before tax increasing by 54% to R14,3-million from R7,2-million in 2011, representing a NPBT margin of 11%. Operating profit has increased to R11,7-million, up by 61% from R7,2-million.
Adapt IT Group CEO, Sbu Shabalala says he is pleased with the group’s interim performance.
“Our consistent growth and good results are products of our long-term strategy that aims to deliver sustainable returns to shareholders by focusing on a combination of organic and acquisitive growth,” says Shabalala.
A noteworthy acquisition was that of Swicon360 that added R10-million in turnover to the reporting period; a deal that was effective from 1 October 2012 and worth R11,7-million.
“The integration is progressing as planned, with Swicon360 providing additional depth and expertise in SAP technology and solutions to the Adapt IT Group. The acquisition is extending value-added services to our existing customer base in the mining and manufacturing industries and has greatly aided to remove barriers of entry into new sectors, while strengthening our presence in Gauteng,” explains Shabalala.
“We anticipate a successful second half of the year. The economic and trading environment is improving both in South Africa and globally. Adapt IT is better positioned to take advantage of future software and services opportunities due to our increased service diversity and sector reach,” Shabalala concludes.
Turnover increased 53% from R88,7-million in 2011 to R135,9-million, with the education sector contributing 41%, mining and manufacturing sector 42% and financial services sector 17% of the turnover.
Headline earnings per share increased 35% from 6.19 cents to 8.35 cents with profit before tax increasing by 54% to R14,3-million from R7,2-million in 2011, representing a NPBT margin of 11%. Operating profit has increased to R11,7-million, up by 61% from R7,2-million.
Adapt IT Group CEO, Sbu Shabalala says he is pleased with the group’s interim performance.
“Our consistent growth and good results are products of our long-term strategy that aims to deliver sustainable returns to shareholders by focusing on a combination of organic and acquisitive growth,” says Shabalala.
A noteworthy acquisition was that of Swicon360 that added R10-million in turnover to the reporting period; a deal that was effective from 1 October 2012 and worth R11,7-million.
“The integration is progressing as planned, with Swicon360 providing additional depth and expertise in SAP technology and solutions to the Adapt IT Group. The acquisition is extending value-added services to our existing customer base in the mining and manufacturing industries and has greatly aided to remove barriers of entry into new sectors, while strengthening our presence in Gauteng,” explains Shabalala.
“We anticipate a successful second half of the year. The economic and trading environment is improving both in South Africa and globally. Adapt IT is better positioned to take advantage of future software and services opportunities due to our increased service diversity and sector reach,” Shabalala concludes.