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Johannesburg - Despite being one of the JSE’s underperforming tech firms, local IT solutions company Adapt IT [JSE:ADI] is on track to meet its 2020 target of a turnover of R3bn.
The company reported a 25% increase in turnover to R994m for the year to end-June, compared with R796m during the same period in the previous year.
Earnings before interest, tax, depreciation and amortisation increased by 18% year-on-year to R194.3m.
Normalised headline earnings per share rose by 22% to R118.5m while headline earnings per share lifted 2% to 58.76 cents.
At opening of trade on the JSE, Adapt IT shares stood at R9.05, and by 16:26 it had dropped to R7.80, adding to a significant drop in the share price of almost 44% since the beginning of 2017.
The company has over 800 employees and customers in 40 countries in Africa, Asia, Australasia, Europe, South America and North America, and provides IT solutions to a variety of sectors including education, mining and financial services.
“While the current market conditions are challenging, our outlook remains positive as we continue to pursue a diversified growth strategy aimed at creating a global specialised software business that has annualised turnover of R3bn by 2020 through a combination of organic revenue growth and strategic acquisitions,” said Adapt IT CEO Sbu Shabalala.
Here is what CEO Sbu Shabalala had to say about the results:
