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.
Adapt IT’s latest results for the six months ended December 2020 should further reassure shareholders. Not only has the software and services firm managed to keep revenue and operating profit stable during a very tough economic period, but it has repaid a further R57-million of debt from cash flows. As a result, net gearing reduced from 69% to 42% in the interim period.
The three business segments that delivered strong Ebitda growth were Education, which saw an increased demand for e-learning solutions and grew by 15%, Financial Services and Communication. Cash generated from operations after working capital changes amounted to R124-million, up from R74-million in the first half of 2020. Cash and cash equivalents of R142-million were available at the end of the period.
Acquisitions, which have been a cornerstone of the company’s growth over the last decade, will most probably resume in the next financial year, he adds.Huge will release an offer circular by 6 April, following which the Adapt IT board will make its recommendation to shareholders known, by no later than 23 April.
“Telecoms companies are under pressure as their services are increasingly commoditised,” says Dunsdon. “They need to diversify into higher-margin businesses like software.”
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