AdaptIT showing steady growth
SHARES in AdaptIT Holdings remained untraded yesterday at 50c, after the technology company issued results showing the merger of InfoWave, AdaptIT and ApplyIT was progressing at a steady pace.
Interim figures for the six months to August 31 showed revenue up 37%, from R27,3m to R37,5m, with attributable profit also up 37% from R3m to R4,2m. Headline earnings per share of 4,36c were 23% up from 3,55c.
CEO Sbu Shabalala said the integration of the businesses was going well and it would continue to grow by offering a broader spectrum of software and technologies to its clients in eight countries.
“The past six months have seen our company focusing internally to consolidate and ensure operational efficiency,” he said. “Our aim has been to look after existing customers first and foremost and grow sustainably from a strong base.”
Its objectives now were to increase its operational efficiency, defend its markets, grow organically and pursue acquisitive growth into new markets, he said. The timing of the merger had helped AdaptIT cope with the tough economic climate by forcing it to look at its operational efficiency and internal alignment. The interim results reflected some positive growth and made the company one that was worth watching for the future, Shabalala said.
When it issued its results for the year to February, the directors said the merging of the businesses was already paying off as its earnings began to rise. This was despite some operational challenges, including skills retention.
The group supplies business software, outsourcing and consulting services focusing on Oracle, Microsoft and open source technologies.
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