Oct 26 2020

Adapt IT eyes e-learning growth as shares spike on solid earnings during difficult trading period

by Adapt IT
JSE-listed Adapt IT, a provider of specialised software and digitally-led business solutions, on Monday (26 October) reported a 3% rise in revenue for the year ended June 2020, to R1.48 billion, comprising muted organic growth of -2% and growth from acquisitions of 5%. Headline earnings per share (HEPS) increased by 29% to 72.58 cents per share, and earnings before interest, tax, depreciation and amortisation (EBITDA) improved by 9% to R250 million. “The tough trading conditions in South Africa were a catalyst for Adapt IT to drive operational improvements through significant cost containment measures in segments most impacted by Covid-19. Most operational efficiency projects have been completed, which will result in cost savings in future financial periods,” Adapt IT said. The board decided to suspend the payment of dividends so as to preserve cash amid the fallout from the Covid-19 pandemic. “I am pleased to report that in a year dominated by global macroeconomic challenges and the...Read More
Oct 26 2020

Adapt IT prioritises debt repayment, withholds dividend

by Adapt IT
JSE-listed software services firm Adapt IT says it prioritised the reduction of borrowing and preserving cash for the financial year ended 30 June, and as a result, no dividend was declared. The company says it has shown resilience in a year most businesses were affected by the COVID-19 pandemic and other macro-economic factors. Adapt IT says the tough trading conditions in SA were a catalyst for it to drive operational improvements through significant cost reduction and containment measures in segments most impacted by COVID-19. It says most operational efficiency projects have been completed, which will result in cost savings in future financial periods. “The business cost structures where the market landscape has changed have been right-sized for the current market,” says the organisation. Adapt IT derives almost three-quarters of its revenue from SA. Turning to its debt management strategy, it says net gearing was reduced to 43% from 66%, and all debt covenants were met at 30...Read More
Oct 26 2020

Adapt IT holds on to dividend as Covid-19 pummels economy

by Adapt IT
Group expects a bump from education and telecoms sectors as pandemic boosts demand for online learning and services related to working from home Technology group Adapt IT, which provides software to many different industries, has opted to hold on to its final dividend as Covid-19 batters the SA economy, particularly manufacturing and tourism. The group expects a bump from the education and telecoms sectors as the pandemic boosts demand for online learning and services related to working from home, but says it also wants to be conservative with its cash. The Johannesburg-based company, which provides software solutions to the education, manufacturing, energy, financial services, communications and hospitality sectors, said on Monday that the pandemic had a mixed effect on demand during its year to end-June. Revenue increased 3% to R1.48bn to end-June, before accounting changes that brought leases on to the balance sheet, while earnings before interest, taxation, depreciation and...Read More
Oct 26 2020

Adapt IT shows remarkable resilience amid Covid storm

by Adapt IT
Software services group Adapt IT on Monday published full-year financial results to 30 June 2020 that showed remarkable resilience in the face of the Covid-19 pandemic and lockdown....Read More
Oct 13 2020

Adapt IT shares jump 165.5% in two weeks

by Adapt IT
Following its bullish trading statement....Read More
Oct 07 2020

Adapt IT sees FY earnings rising by 29%

by Adapt IT
South African technology group Adapt IT says it expects its headline earnings per share to increase by between 24 percent and 29 percent when it announces its annual financial results on 26 October. In a trading statement, AdaptIT said although the bourse listing requirements do not compel it to disclose these anticipated changes, it values transparency with its investors and other stakeholders. It expects earnings per share (EPS) to increase by between 9 percent and 14 percent....Read More