Adapt IT’s interim profit, earnings decline
JSE-listed Adapt IT has posted a double-digit decline in profit and earnings for the six months ended December 31.
The group’s profit for the period contracted by 31% to R26-million, while it headline earnings per share (HEPS) and normalised HEPS decreased 23% and 10% to 18.93c and 31.18c respectively.
A difficult trading environment, the adoption of International Financial Reporting Standard 16 and higher finance costs impacted on the financial results for the half-year, the company highlights.
Earnings before interest, taxes, depreciation and amortisation (Ebitda) remained flat at R106-million, with an Ebitda margin of 15%.
During the six months to December 31, revenue increased by 10% to R721.2-million.
“Adapt IT achieved a 10% growth in revenue . . . aided by the contribution from strategic acquisitions made in the previous financial year, while weaker trading conditions in South Africa continued to weigh on the organic growth for some divisions reliant on Adapt IT’s primary market,” Adapt IT CEO Sbu Shabalala explained.
While organic revenue declined by 1%, acquisitions contributed a positive 11% to revenue growth through the contributions of Strive Software for two months, Conor Solutions for six months and the Wisenet group for six months, and created additional geographic diversification of revenue.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Complete range of security sealing solutions including security seals bags and labels.
VISIT SHOWROOM
Sulzer South Africa, established in 1922, partners with critical industries like power, oil & gas, water, mining, and chemicals to boost...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
