Mar 10 2021

Sit tight, says Adapt IT

by Stephen Gunnion
...Read More
Mar 10 2021

BUSINESS MAVERICK: Adapt IT bounces back — and now has to deal with an unsolicited offer from Huge Group

by Daily Maverick
BUSINESS MAVERICK: Adapt IT bounces back — and now has to deal with an unsolicited offer from Huge Group Small-cap shares are a bit unloved on the JSE right now, but software company Adapt IT has survived the tough climate of 2020 and is aiming for growth. Shareholders and unwelcome suitors have noticed. It took small-cap software company Adapt IT a lot longer to recover from the beating that listed shares took in March 2020. That was when investors took fright at the looming coronavirus pandemic, causing global markets and the JSE to plunge by 25% or more over four days. While markets had almost fully rebounded by late July, Adapt IT was still hovering at R1.17 in late September, well off the R3.70 at which it started the year.But that changed in the same month when the company released its results for the year to 30 June 2020 which reassured investors that it was not going down the tubes, it was cash-flow positive and could manage its debt. Don't want to see ads?Since then the share...Read More
Mar 09 2021

With debt under control, Adapt IT plans a return to acquisitions

by Duncan McLeod
Sbu Shabalala...Read More
Mar 09 2021

Adapt IT debt strategy pays off, cuts debt interest by R8m

by Samuel Mungadze
Adapt IT CEO Sbu Shabalala...Read More
Mar 09 2021

Adapt IT underlines South Africa challenges in muted earnings

by Staff Writer (Business Tech)
Adapt IT on Tuesday (9 March) reported a 2% drop in revenue for the six months ended December 2020, to R707 million, due to ongoing challenging and weaker trading conditions particularly in South Africa – which remains the group’s primary market, constituting 73% of total revenue. Profit from operations, however, improved by a percent, to R79.83 million. “The Covid-19 global pandemic caused repeated shutdowns or slowdowns in certain of our client segments resulting in project volume decline and delays, with project based revenue suffering longer lead times,” it said. Earnings before interest, tax, depreciation and amortisation (EBITDA) was R128 million, marginally down from R129 million in 2019. The impacts on earnings in the current period included an increase in bonus provision of R16 million, a negative foreign exchange movement of R10 million, and an increase in the allowance for expected credit losses of R7 million resulting from client segments most impacted by Covid-19, it...Read More
Mar 01 2021

Arm wrestle on the table

by Paul Booth
The US, UK and EU will open probes into Nvidia’s $40 billion acquisition of Arm. Accenture’s continued acquisition/investment spree dominated the international ICT market last month. At home, it was Huge’s bid for Adapt IT. Key local news Skynamo acquired mSeller, a UK-based mobile field sales technology provider. Altron is looking to divest some of its non-core businesses such as Altron Document Solutions, Altron Arrow and Altron People Solutions. Ellies Electronics is liquidating its manufacturing segment within the group on viability grounds. The Huge Group has made an R800 million offer for the shares of Adapt IT, a specialised software and digitally led business solutions provider. The MTN Group will sell its 20% shareholding in Belgacom International Carrier Services SA (BICS) to Belgian state-controlled telecoms firm Proximus for R1.8 billion, and the Administrative Court of Damascus (Syria) has placed MTN Syria under a judicial guardianship. Net1 has sold its remaining...Read More