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Adapt IT H1 earnings jump

Adapt IT CEO Sbu Shabalala

Adapt IT CEO Sbu Shabalala

7th February 2014

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JSE-listed Adapt IT on Friday posted 65% higher headline earnings per share (HEPS) and 64% higher earnings per share (EPS) for the first half of the year.

During the six months to December, the specialised turnkey information technology solutions and services group achieved HEPS of 13.74c and EPS of 13.71c, up from the 8.35c and 8.36c reported in the prior corresponding period respectively.

Adapt IT’s operating profit reached R20.5-million during the interim period under review, rising 75% from the R11.7-million recorded during the first half of last year.

Turnover for the six months under review increased 39% to R189.6-million with the education segment contributing R60-million, manufacturing R68.4-million and financial services R33.2-million, Adapt IT group CEO Sbu Shabalala said.

The energy unit contributed turnover of R28-million on the back of Adapt IT’s R98-million acquisition of oil and gas consulting and systems integration firm, Aquilon, in October.

“The Aquilon acquisition extended Adapt IT’s services to Africa’s growing energy sector, strengthened the company’s presence in Cape Town and bolstered our SAP solutions expertise. We have improved our solutions and services to the benefit of our clients and enhanced the ability to deliver meaningful long-term value to our shareholders,” Shabalala said.

Edited by Creamer Media Reporter

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