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Adapt IT posts 53% higher interim turnover

11th February 2013

By: Natalie Greve

Creamer Media Contributing Editor Online

  

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Adapt IT on Monday announced that its turnover for the six months to December 2012 increased by 53% to R135.9-million, while profit from operations increased 61% to R11.7-million, representing a healthy operating profit margin of 9%.

Interim earnings a share and interim headline earnings a share improved by 35% from 6.19c to 8.36c and 8.35c respectively.

Adapt IT noted that its acquisition of technology solutions provider Swicon360 contributed 11% to the growth in turnover. 

The Swicon360 acquisition was in line with the company’s growth strategy to increase its presence in the manufacturing sector and add depth and expertise in SAP technology and solutions. 

“The group continues to realise synergies between its specialised software businesses to yield higher organic growth while pursuing further strategic, synergistic and earnings-enhancing software business acquisitions,” the company said in a statement.

Looking ahead, Adapt IT said the economic and trading environment was improving, both in South Africa and globally and that the group would continue to drive organic and acquisitive growth in line with its strategy to deliver above-average returns. 

Meanwhile, former Adapt IT chairperson Dr Bernard Ravnö retired at the company’s last annual general meeting and was succeeded by fellow board member Craig Chambers.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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