Locally-listed ICT company AdaptIT reported a strong financial year, showing growth in profit and earnings.
Despite the good financial results, the company has declared a dividend of only 1.86c per share for this financial year. AdaptIT's turnover grew 33%, to R75 million, and its earnings per share ballooned by 18%, to 9.44c per share.
The company has been steadily consolidating its acquisitions since 2007, which it says led to a decision to bank its dividend cover. “Right now it is the prudent decision to conserve cash and we will look to invest in good business opportunities should they arise, “explains Siboniso Shabalala, Adapt IT's newly-appointed finance director.
AdaptIT has had a strong focus on BEE growth since the appointment of young CEO Sbu Shabalala. He says that focus will continue into the new financial year. “Education and skills development, in spite of the economic downturn, will ensure the correct demographic mix through BEE policies in order to realise growth within the business, as well as the economy.”
According to the company, it will also focus more directly on increasing its public sector activities. Part of its plan for the coming year will be to expand its product offerings. “Over the next financial year, Adapt IT will pay careful attention to the diversification of its business offerings, while keeping in line with its strategy of continually adding value to its existing customer base to ensure healthy client retention in this tough economic climate.”
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