INFOTECH: Adapt IT Delivers Sound Results & Bold Plans for the Future
Recent Gauteng Business News
The Group declared its 9th dividend of 2,84 cents per share, representing a four times cover ratio.
The Adapt IT Group is made up of three subsidiaries, namely Adapt IT Solutions, ITS and ApplyIT, all of which provide a variety of specialised IT solutions and services across a range of business environments.
Adapt IT Shows Resilience
Sbu Shabalala, CEO, Adapt IT Holdings says that despite challenging market conditions, the company showed a resilient financial performance this year. We continue with our sustainable growth and diversification strategy of organic and acquisitive growth and we have progressed in gaining market share and attracting new customers ensuring a leadership position within the markets we service. He says that the group seeks further earnings enhancing acquisitions, of a sizeable nature, that will complement existing businesses and improve customer and product diversity.
Shabalala says achievements in the past 12 months include being ranked as the most empowered ICT company listed on the JSE in April this year. The group also increased interest in education service provider ITS Holdings to 100% by acquiring 49% non-controlling interest and full integrating the ITS business. ITS has successfully aligned with the group both strategically and from a governance perspective, said Shabalala. In addition, ITS outperformed expectations reporting a 42% increase in profit before tax of R14,7 million (2010: R10,3 Million).
Adapt IT Looks to Improve
We believe the group is well placed to show a marked improvement on its performance in the 2012 financial year, says Shabalala. We enjoy the benefits of a strong financial position, a recurring revenue model and low capital expenditure requirements, which position our company for long-term success.
Shabalala says that the long-term objective for investors is to enhance shareholder value through growing profit sustainably. The Adapt IT group will continue to generate cash, prudently manage its financial position, and continuously acts to improve operating efficiencies and streamline operational processes going forward.
Business News Sector Tags: Infotech|